Public ‘don’t trust comparison sites’

Price comparison websites, such as Go Compare and Moneysupermarket, are among the least trusted when it comes to handling customer marketing data, according to a new study, which shows only credit card firms and lenders have a worse record.
The Financial Services Report, commissioned by The REaD Group, quizzed a panel of consumers about how they perceive marketing by financial services providers.
It revealed that independent financial advisors (IFAs) are the most trusted, followed by banks and building societies, supermarkets, and mortgage brokers.
Comparison sites slumped near the bottom, at 6th, followed only by credit card companies and lenders.
The low regard in which comparison sites are held is thought to be as a result of the high volume of marketing communications consumers receive after signing up for a service. In some cases it can trigger a barrage of offers from different brands when insurance renewals, for example, are due.
For businesses hoping to improve brand image and rebuild consumer trust in a fragile economic climate, the report indicates that the consequences of rolling out a poorly targeted campaign could have serious financial implications, as well as cause brand damage.
Some 43 per cent of consumers said they would let a financial services brand know if one of their marketing communications missed the mark, but 18 per cent said it would negatively affect their opinion of the brand, with 13 per cent saying said they would be less likely to use the brand’s products and services in future and 4 per cent saying they would never use the brand’s services again. The study claims that is the equivalent to 15.05 million adult consumers in the UK, with a negative impression of a brand.
REaD Group chief executive Mark Roy said: “The fact of the matter is that good data management encompasses data security; it is mindful of ID fraud, it adheres to best practice guidelines and, above all else, it is responsible. Furthermore, for consumers to have confidence in the organisations using their personal data, it needs to be treated with the respect it deserves.”

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2 Comments on "Public ‘don’t trust comparison sites’"

  1. So, not only do they use really annoying ads to get you hooked, once you’re signed up they bombard you with crap. Nice

  2. Rather annoyingly, I doubt if they care!

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