Post Office is seen as the most trusted and differentiated brand
According to the report, the majority of the surveyed financial brands are not seen to offer anything significantly different to others in the market. Trust is also an area where some financial brands struggle to make an impact. Supermarket money brands, which are key players in the travel money market, have particularly poor ratings for differentiation and trust. However, Post Office bucks this trend.
Post Office is seen as the most reliable and helpful provider
Through our brand trust, we have fostered a reputation for being reliable and helpful. The report cites an example of the way Post Office is helpful to customers is through our Holiday Money Reports. This features an infographic showing the relative cost of typical holiday products such as sun cream or a bottle of beer.
Post Office is convenient for customers
38% of people say that a convenient location is the most important factor when arranging travel money. People want to arrange their affairs quickly and easily and this has been made possible by innovations in technology such as one- click shopping. According to the report, the increase in the number of people citing convenience as the most important factor is a trend that is likely to continue to gain momentum over the next few years and providers are taking this on board. Getting the best exchange rate is important, but convenience is also important factor and may also result in people sacrificing the opportunity to get the absolute best exchange rate possible - fuel costs and time are seen a barrier for trying to get the best rates.
What does this mean for the Post Office?
Though this summer travel season has come with some challenges, a further report from Mintel shows that 19% of customers book their holidays less than 1 month before departure. So millions of customers are yet to travel this summer and with 11,500 branches across the UK, more than any other retailer so we have an important role, building on the great foundations we've already built.