The Halifax Brand

danedin

I was wondering if anyone knows what is planned for the Halifax brand?

Bank of Scotland seems to have become Lloyds TSB Scotland v2.0 (with the same product range in areas like current accounts) but Halifax doesn't seem to have followed this path.

I know that Bank of Scotland will become the main Lloyds Bank business in Scotland once they sell off Lloyds TSB Scotland but I don't see where Halifax fits into this?

JuicyJesus

It's being kept around. Lloyds TSB (soon to become Lloyds Bank again) is going to be the bank for people who want a long term relationship from their bank, whereas Halifax is being kept around as the bank for rate chasers.

danedin

ok, that's interesting. thanks for shedding some light on that!

Joe_Bloggs

If the Halifax is for rate chasers (very MSE) then what are Lloyds Bank customers meant to be ? Placid compliant zombies or something else entirely.
J_B.

JuicyJesus

Joe_Bloggs wrote: »

If the Halifax is for rate chasers (very MSE) then what are Lloyds Bank customers meant to be ? Placid compliant zombies or something else entirely.
J_B.

As above, people who want a long term relationship and who value service and flexibility over price. They're positioning it as being a bit more blue chip than Halifax.

Joe_Bloggs

From a dissertation snippet.
The percentage of Lloyds customers who still use their accounts is:-
32% 1-3 years
29% 3-6 years
15% 6+ years

This infers 24% less than 1 year.
I can understand Lloyds aspiring to customer retention, high customer lifetime value through the long term customer relationship mantra but they haven't had much success to date.
J_B.

innovate

Joe_Bloggs wrote: »

I can understand Lloyds aspiring to customer retention, high customer lifetime value through the long term customer relationship mantra but they haven't had much success to date.
J_B.

Yes - - but isn't is somewhat bizarre that bankers, of all creatures, in this day and age, think ordinary people would stick with them because they value the relationship with a bank?

Good luck to any of them who think millions of consumers are daft.

GooliesOfFire

All bank movements really confuse me now. First Santander and Natwest, RBS, A&L, Abbey and now Lloyds TSB and Halifax, Bank of Scotland.
I've got unused Lloyds TSB account (Edinburgh branch). Will it become Lloyds Bank, or something else?

callum9999

innovate wrote: »

Yes - - but isn't is somewhat bizarre that bankers, of all creatures, in this day and age, think ordinary people would stick with them because they value the relationship with a bank?

Good luck to any of them who think millions of consumers are daft.

Loads of people do that - First Direct would infact go bankrupt if they didn't. They offer to pay you £100 if you leave them within a year, so presumably the majority of people don't. Valuing the "service" from the bank over the £100.

pqrdef

JuicyJesus wrote: »

It's being kept around. Lloyds TSB (soon to become Lloyds Bank again) is going to be the bank for people who want a long term relationship from their bank, whereas Halifax is being kept around as the bank for rate chasers.

And then of course there's Birmingham Midshires for the real rate tarts, and AA-branded-BM for the tartiest tarts of all.