The high street still rules in the e-banking arena

The established high street names dominate the list of banks on the Web – perhaps unsurprising given the overall market share they have. Despite garnering plenty of attention over the years, the challenge that the online-only banks, such as Egg and Smile, represent to the established players has stalled. None of them make it into the top ten most-visited banking sites.

The high street banks have taken on board much of the online practices of the Web pioneers – and that, alongside customer inertia which most banks rely on, means few people have got around to moving their main account. Facing up to that fact, First Direct, perhaps the most consistently praised online bank, has swapped carrots for sticks this month and introduced charges for customers not keeping enough money in their account.

Online specialists make far more impact on the insurance market – with Moneysupermarket in particular doing better than major players such as Direct Line and Norwich Union. With little to distinguish between most insurance providers other than price, it is to be expected that those promising to help you find your way through the cluttered market do well – something the AA has consistently based its marketing on, alongside Moneysupermarket and Confused.com.

Elsewhere in the online finance market more innovative companies are gaining ground. Zopa, an online loans exchange site created by Richard Duvall who had previously set up Egg, recently relaunched its website to coincide with a move into the US market. It claims to have signed up over 100,000 members in the UK since it launched in March last year, and has had approaches from people in over 50 countries who want to launch Zopa in their own territories.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here