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(MoneyNewsWire.Net, September 23, 2017 ) According to this new research report titled “Consumers and Retail Banking- U.K.,” which has been added to the repository of Market Research Hub, although there is a threat to the providers of traditional retail banking from other banks and new firms such as FinTech, the traditional way of retail banking is expected to capture a major share of the market. According to this new report, Consumers and Retails Banking-U.K, the sector of traditional retail banking however, has to face tremendous challenges in the years to come due to implementation of open banking that is extremely easier and consumer friendly and is helping consumers in identifying the other places where they would get better value. This is the reason that consumers, particularly in the U.K., are switching to other banks on a large scale where they would get better interest rates. This situation is likely to have greater impact on the retail banking sector in the U.K in the coming years.
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Trends in the Consumers and Retail Banking Sector – U.K.
After a thorough examination of the consumers and retail banking in the U.K, this research report has listed the following trends:
• Half of the consumer base has no major frustrations with their bank
• Low interest rates polarize consumers
• Nearly three in four people in the U.K. have concerns about switching their banks
• Fees/charges have the biggest influence on the choice of current accounts
• Aggregation could reduce the advantage held by big banks
• Although big banks remain dominant, cost pressures force banks to water down ongoing rewards
• Interest rates are low for young consumers in the priority list
Analysis of Present Scenario in the Consumers and Retail Banking Sector – U.K.
This research report basically inspects the changing preference of consumers in the U.K in retail banking. These days, consumers are receiving a wide scope of selection of how they exactly want to manage their accounts and work together with their banks. This can be possible because of progress in digital channels. According to this new research report, everyone finds mobile and online banking more convenient than the traditional way of retail banking such as physically approaching the branch to avail its services. Banks also get an advantage due to this increasing use of online and mobile banking as they can reduce the number of branches and thereby increase their profitability.
Key Banks in the Consumers and Retail Banking Sector – U.K.
Some of the key banks that have been covered in this report include the Royal Bank of Scotland, Lloyds Banking Group, Santander, Atom Bank, and Monzo.
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Why Should Clients Invest in This Report?
The exclusiveness of this report is the focus on changing preferences of consumers in retail banking. This sector has been well examined and substantiated with relevant facts. This report also take a glance at the recurrence of utilization of various bank channels and examines the tendency of consumers regarding the satisfaction they get from different bank channels. After a detailed study of the entire market, this research report concludes that the consumers and retail banking sector in the U.K is expected to grow tremendously during the assessed period.
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