Lloyds bank to focus on middle class

[Deleted User]

Zanderman said:

Deleted_User said:

Zanderman said:

As Section62 points out, this is a quote from the DM, and anything from the DM needs to be taken with a very big pinch of salt. Not a newspaper I'd ever rely on for accuracy!

The equating of earnings to 'class' is a good demo of that lack of accuracy. It's lazy and/or deliberately provocative journalism. You can be 'middle class' without earning over £75k and you can be 'working class' and earn over £75k.

Similarly the OP suggesting that people earning £75k would want to have private banking is a huge, and probably totally inaccurate, generalisation.  Why assume a desire for private banking and to move away from 'pleb' banking? Normal banking does everything most people, including those earning £75k, need to do. And £75k, whilst it seems a lot, does not necessarily imply high net worth, every penny might go on outgoings.   

I can see it is from the mail, I linked to it. Hence my "if this is true" in my OP.

Well I'd struggle to define myself as working class earning 75k, I struggle now and I don't earn that much.

There is a market for people who want the premier brand of banking and to be separate to the retail customers, that is clear.

Yes, I know you know it's from the D Mail, I was merely stressing the unlikeliness of it being the truth, which was a slightly stronger statement than your 'if'. 

I hate 'class' distinctions - and was making the point that earnings are not necessarily relevant in making them anyway. I would guess that some 'working class' people easily earn £75k, but most, I assume, do not.  Equally many 'middle class' people earn a lot less than £75k.  £75k is not a benchmark for class.  Class is all in the mind, especially the working/middle 'difference'. 

As for the market for private banking - yes, I'm sure there is one, otherwise it wouldn't exist.  But again, an income of £75 is not a trigger for private banking suddenly being a desire or life choice. Normal banking is quite sufficient for most - whatever their 'class' or indeed their income.  

But all this is playing to the DM's click-bait strategy - we're discussing a story that they've put out to trigger completely pointless discussion - and I've fallen for it twice today. I'm out of it now!

A link to Lloyds has kindly been provided.

75K in this case in a bench mark some banks use.

I did try to read the Lloyds report but its all waffle. 

Thrugelmir

[Deleted User] said:

Lloyds Banking Group has hatched a secret plan to turbocharge sales of its services to well-heeled, middle-class customers, The Mail on Sunday can reveal. 
New boss Charlie Nunn has devised a growth strategy putting what the bank has described as its 'mass affluent' customers – typically people earning more than £75,000 – at the centre of its business. 
According to an internal memo, the FTSE100 lender will merge its private banking division, which caters for wealthier individuals, with its more broadly focused consumer relationships arm. 

So the DM hasn't actually seen the full business plan. Just a broad outline and come to it's own conclusions......

Rich2808

Income no longer determines wealth in the UK - assets - including housing wealth - and savings do.

Someone earning £75,000 in London these days who rents would barely be able to afford buy a one bedroom flat in Dagenham!

[Deleted User]

Rich2808 said:

Income no longer determines wealth in the UK - assets - including housing wealth - and savings do.

Someone earning £75,000 in London these days who rents would barely be able to afford buy a one bedroom flat in Dagenham!

Somebody should tell the banks!

[Deleted User]

Halifax is their mass market/challenger brand and Lloyds is their upmarket/traditional brand - with BOS straddling both.

Mass-affluent akin to HSBC or Barclays Premier is probably their weak point as their next step up is Lloyds or BOS Private Banking. 

WillPS

Deleted_User said:

Halifax is their mass market/challenger brand and Lloyds is their upmarket/traditional brand - with BOS straddling both.

Mass-affluent akin to HSBC or Barclays Premier is probably their weak point as their next step up is Lloyds or BOS Private Banking. 

How does Bank of Scotland straddle both in any real sense?

All their advertised products are aligned closely with Lloyds Bank.

Se1Lad

Deleted_User said:

Halifax is their mass market/challenger brand and Lloyds is their upmarket/traditional brand - with BOS straddling both.

Mass-affluent akin to HSBC or Barclays Premier is probably their weak point as their next step up is Lloyds or BOS Private Banking. 

It would appear that there is a gap in their offering compared to some of the other banks.  If they do launch a premier type product, it will be interesting to see how they differentiate it from the other offerings available from Barclays/HSBC etc.

prowla

What does a "premier" banking service offer?

Se1Lad

prowla said:

What does a "premier" banking service offer?

HSBC for example give you free travel insurance and a higher interest free overdraft.  Barclays give you the higher interest free overdraft, but cut their free benefits a while ago.  

You also supposedly get access to better deals on products such as loans or mortgages etc.

When I was a Barclays premier customer I found that I tended to get through on the phone to customer services relatively quickly.  My sister who has a regular account always complained that it took ages to talk to someone.

[Deleted User]

WillPS said:

Deleted_User said:

Halifax is their mass market/challenger brand and Lloyds is their upmarket/traditional brand - with BOS straddling both.

Mass-affluent akin to HSBC or Barclays Premier is probably their weak point as their next step up is Lloyds or BOS Private Banking. 

How does Bank of Scotland straddle both in any real sense?

All their advertised products are aligned closely with Lloyds Bank.

Their products are neither aligned with Lloyds or Halifax.