UK Retail Banking Sector is Highly Developed, According to Verdict Retail Research Report Recently Published at MarketPublisherrs.com12 Oct 2016 • by Natalie Aster
LONDON – The UK retail banking industry is mature and highly developed, with a high level of ownership across all four major products. The market is also characterised by high concentration, with a trifle of large-scale providers taking the lead in the industry. Nevertheless, a soaring number of entrants are looking to challenge the incumbent players. The rise of digital channels is also expected to impact servicing and distribution.
The top 6 providers grab a share of 70% of the country’s current account market, and consumers choose their providers based on branch location, reputation and personal recommendation. The levels of satisfaction are higher for digital channels than for human channels: 60% of users are very happy with online banking, as against just 37% for telephone banking.
Reasonable rates, reputation, and having a current relationship are the key drivers of choice of savings provider, with rate being of particular importance to older customers. Holidays and protection against unforeseen events are the most essential reasons for saving.
Topical research report “Retail Banking Country Snapshot: UK” drawn up by Verdict Retail gives an insightful review and examination of the retail banking sector on a national level. It particularly focuses on the running account, mortgage, customer’s loans and savings sectors. It includes both market-level data and insights. The study explains how consumers in the country take out and utilise their financial products, as well as how this has evolved in the past few years. It casts light on the leading providers in the various market sectors, and identifies the factors that persuaded their clients to pick them. It also evaluates the degree to which customers are utilising online and mobile channels to research, take out, and make use of their financial products.
More in-demand market research reports by the publisher are provided in Verdict Retail catalogue.