UK Retail Banking Country Snapshot Market Research: 70% Share, Size, Tenders, objective, Trends, Analysis, Forecast And Competition

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.

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Key Findings
-?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.

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Synopsis
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.

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