Use of packaged accounts will diminish unless banks can rebuild trust in the quality of bundled products warns Collinson Latitude

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Branded approach recommended to choosing suppliers for AVAs

Incorporating recognised and trusted brands helps consumers feel confident that their packaged account products can be relied upon and trusted to give them peace of mind.

Incremental revenue experts Collinson Latitude today warned of the dangers of the low perceived value for products contained within added value accounts or packaged bank accounts, where benefits are included with the account for a fee.

The recent negative publicity surrounding some of the added-value benefits held within these accounts, including cases where customers have been found to be ineligible for the benefits included, such as travel insurance , is having an erosive effect on the consumer view of such accounts. Customers often do not fully believe that the products within their packaged account will be useful or of acceptable quality, which causes them to buy unnecessary additional cover to supplement the ones they have already paid for.

Collinson Latitude, a leading provider of technology and content to support packaged accounts, today called for banks to pay increased attention to the quality of the products contained within their added value accounts . The firm recommends that banks should work with known reputable partners, and promote the brand names of those partners within their products to help bank customers recognise the quality of the benefits within the package they are receiving.

Rob Graham, responsible for financial services strategy for Collinson Latitude says: “There is evidence of a lack of trust among the British public about the contents of packaged account bundles that they get from their banks. Our view is that we need to provide consumers with branded products that inspire confidence, just as the ‘Intel inside’ campaign has helped consumers to feel confident about the quality of the chips inside their computers. Incorporating recognised and trusted brands such as Columbus Travel Insurance or the RAC helps consumers feel confident that their packaged account products can be relied upon and trusted to give them peace of mind. Only with quality partners and trusted brands can banks begin to restore their customers’ faith in their own brands and their packaged accounts.”

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Victoria Sisson
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