Post Office Ltd rebrands financial services in bid for market share
The UK’s Post Office Ltd has rebranded its financial services as Post Office Money.
The state-owned company said it was bringing together all of its financial services under the new brand, in a bid to become one of the leading financial services providers in the UK by 2020.
Post Office Ltd, which serves more than 17m customers a week, provides financial services in partnership with the Bank of Ireland.
It says it already has more than 3m customers for banking and insurance products, and 9m for foreign currency.
It said the Post Office Money brand will allow it to stand out from its competitors and be more recognisable among customers. Services will be available across the network of 11,500 UK post offices, and online.
The changes come as Post Office Ltd continues its major transformation and modernisation programme. Post Office Ltd makes about £279m in revenue from financial services a year, out of its total £979m.
Nick Kennett, director of financial services at Post Office Money, said: “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.”
Post Office said its research suggested that nearly one in three of the population are looking for convenient branch locations when choosing a financial provider, with 28% looking for online access.
The company said it believed 2015 would be a “seminal” financial year for many people seeking to take control of their money by saving more, finding a new mortgage or switching to a new current account.
“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,” said Kennett.