The UK has a mature and highly developed retail banking sector, with high levels of ownership across all four key products. The market is also highly concentrated, with a handful of large providers dominating the industry. However, a growing number of entrants are seeking to challenge the incumbents. The growth of digital channels will also affect distribution and servicing.
The top six providers have a 70% share of the UK current account market, and consumers choose their providers on the basis of reputation, branch location, and personal recommendation. Satisfaction levels are higher for digital channels than for human channels: 60% of users are very satisfied with online banking, compared to just 37% for telephone banking.
Good rates, reputation, and having an existing relationship are the main drivers of choice of savings provider, with rate being particularly important to older consumers. Holidays and protection against unexpected events are the biggest reasons for saving. Nationwide has the highest Net Promoter Score of the main providers.
Borrowers are skeptical about non-traditional lenders, with over half stating they do want to use lenders that lack established reputations and only a minority agreeing that online lenders offer better rates or service.
Verdict Financial's "Retail Banking Country Snapshot: UK" reviews the retail banking sector in the UK, with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our Retail Banking Insight Survey.
The report offers insight into:
How consumers in the UK take out and use their financial products, and how this has changed in recent years.
Which providers dominate the current account, savings, mortgage, and loan markets, and what factors persuaded their customers to choose them.
The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Reasons To Buy
Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting the UK retail banking sector.
Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight.
Learn about the impact new entrants and distribution channels will have on the market.
BANK INFRASTRUCTURE & REGULATION
Single User License:
Corporate User License:
Barclays, Halifax, HSBC, Lloyds Bank, Monzo, Nationwide, NatWest, Santander, Starling Bank, Tandem.
Current accounts, savings accounts, mortgages, personal loans, online, mobile
select a license
NEWSLETTER BY CATEGORY
The report sent to us was on the point, and its information was quite extensive, well structured, and well researched. More importantly what we valued was your response time and professionalism. As a leading global consulting firm, our clients expect high quality deliverables in short periods of time, so a reliable research partner is essential. For the price that you have charged the quality of your services were exceptional. We look forward to continue our relationship with your team on future engagements.... "Senior Associate, Booz Allen Hamilton"
This is with regards to your report on India PVC pipes and fitting market outlook industry outlook to 2019. This is a very well written report and accept my compliments on the same.... ... "Mohit Mittal, Consultant, KPMG Advisory Services"
I am pleased to see the very useful and productive information in the report..Very well structured great presentation reflect professionalism in your research studies.... "Mustafa Masood, Financial Analyst , Coldwell Banker Riyadh"
While we still are studying and analysing your reports about Vietnam & Thailand, we would like to convey to your research team that they have done a very good job in compiling so much of information together. We hope to see more of such well researched reports. All the best & keep it up. ... "Prashant Bhagwat,General Manager, Mahindra"
We would like to appreciate Ken Research for their great efforts and wonderful support in providing the Market Intelligence Report for ITPC. The information, statistics and research are well understandable and very clear to the point. We are happy with Ken research for their good client service, on-time delivery of the report and as said the report itself. Thank you Ken research for bringing the valuable output for us. We would be looking forward to have more research with you in the near future. Wish you a success in your business!... "Jestin Mathew, Indonesian Trade Promotion Center"