Half of Britons are influenced by brand familiarity when choosing financial products and two in five will resort to buying such products from a high street bank, new research reveals.

According to a report by CoreData Research, 47.9% of individuals say brand familiarity is key to their decision-making process when purchasing financial products.

Brand recognition has a greater impact on choices made by regular consumers as compared to investors. Of the latter group, 31% are influenced by brand while 50% of the consumer group express the same sentiment.

The research reveals that more than two in five of all individuals (44.9%) would turn to their high street bank to buy a financial product. Although banks still reign, independent advice is valued considerably with one fifth of people (21.2%) preferring to seek out an independent financial adviser.

Interestingly, despite the importance assigned to a brand, individuals appear reluctant to admit the impact advertising may have on them. Almost two in five (38.4%) individuals claim advertising has no influence on their decisions.

The positive historical performance also has a strong influence on individuals’ choice of financial product. More than half of investors (54.4%) and regular investors (50.5%) say this influences their choice of product.

Active investors are less likely to buy products from a high street bank and instead are more willing to turn to an independent financial adviser (36.2%), compared to only 19.9% of regular consumers.

Just 8.8% of regular consumers would look to online brokers when considering buying financial products while this proportion sits at 36.9% among active investors.

Some lack of engagement with financial services is highlighted by the fact that over a quarter of people (28.6%) say they would not buy any financial product whatsoever.

While widely known by those in the industry to have no bearing on future performance, positive historical performance is a key factor in individuals’ choice of financial product. More than half say this makes a difference to whether they choose one product or another.

Advertising, on the other hand, appears to have the least effect on individuals’ product selection. Almost two in five (38.4%) claim advertising has no influence on their decisions. займ на карту без отказов круглосуточно займ в тамбовезайм на 100000займ на карту честное слово