Post Office today announces the launch of its new brand, Post Office Money, which will bring together all of its multi-award winning financial products under one umbrella. This is a significant step to cement the Post Office as one of the UK’s leading financial service challengers and continues its successful joint venture with the Bank of Ireland.
With over three million customers for banking and insurance products and nine million for foreign currency, the launch of Post Office Money will enable Post Office to stand out from its competitors and be more recognisable to people looking for a great mortgage, current account, savings, travel insurance, foreign currency or anything else on their financial ‘to do’ list.
Post Office Money will announce new and competitively rated products over the coming months as well as improved customer experiences making it easier for them to buy or manage their financial needs.
With the Post Office network already undergoing a massive transformation with extended opening hours and 2,500 branches opening on Sunday, Post Office Money customers will be able to gain access via one of Post Office’s 11,500 branches or online, making it one of the most accessible financial service providers in the UK.
Post Office Money research highlights that choice of access remains a big factor when choosing a financial provider, with one in three (30 per cent) of the population looking for convenient branch locations or a high street presence when choosing a financial provider. While online access (28 per cent) is a must, 16 per cent say they want to speak to someone at least once a month, and nearly one in five people (19 per cent) felt they would prefer to speak to someone when it comes to significant financial decisions such as taking out a mortgage.
Nick Kennett, Director of Financial Services at Post Office Money, said: “Consumers want a choice about how they manage their money; at Post Office Money our customers have access to an unrivalled network as well as online and phone, combined with multi-award winning products. We have been listening to our customers and know that people are facing some big financial decisions, and through the new Post Office Money we want to become their first choice when thinking about a mortgage, credit card or a safe haven for their savings.”
Research shows that 2015 is going to be a seminal financial year for many people as they seek to take control of their money by saving more, finding a new mortgage or switching to a new current account. Many are planning to move, buy their own home or re-finance their mortgage (18 per cent), while one in eight (13 per cent) say they will consider switching current account provider . Post Office Money wants to be the solution for these people.
Nick Kennett: “Post Office Money is committed to providing customers with an offering that is fair, accessible and helps them manage their financial needs. We have a great range of award winning products and we want to ensure that as many people know this as possible, including those who might not have previously considered the Post Office.”
Notes to Editors
1 Research conducted by Opinium on behalf of the Post Office between 14th to 17th November 2014. 2,003 online interviews of UK adults over the age of 18.
About the Post Office
The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.
The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit www.postoffice.co.uk.
Bank of Ireland has supported customers in the UK for many decades and is the exclusive financial services partner to the Post Office. Bank of Ireland primarily operates in the UK through its wholly owned and separately incorporated subsidiary Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Activities related to the Post Office partnership are conducted within this entity and as such, all retail deposits up to £85,000 with the Post Office are protected under the UK’s Financial Services Compensation Scheme. At 31 December 2013, Bank of Ireland (UK) plc had a loan to deposit ratio of 86% with customer deposits of c. £21 billion utilised to fund customer lending of c. £18 billion (primarily comprising c. £13 billion of UK residential mortgages).