United Kingdom (UK) Retail Banking Analysis by Consumer Profiles (Older Gen Z, Gen X, Millennial, Older Millennial, Younger Millennial and Boomers)

United Kingdom (UK) Retail Banking Analysis by Consumer Profiles (Older Gen Z, Gen X, Millennial, Older Millennial, Younger Millennial and Boomers)


This report - which is part of a series of UK content including country analysis and competitor benchmarking - looks at six different customer personas in the UK market. It offers a deep dive into their financial goals, unmet needs, and banking preferences while providing actionable steps for financial providers to take to achieve high levels of retention and cross-sell effectively and accordingly.

Based on the consumer profiles covered in this report, a number of general results can be gleaned. For example, most customers conduct their banking digitally either on a mobile app or on a provider’s website. However, despite the digitization of retail banking, consumers generally still hold a reasonably strong preference for the use of branches when it comes to big tasks such as applying for a mortgage. However, the advantage of this report lies in the findings that are unique to individual profiles. Customers who match the profile of Joe, an 18-34-year-old lower emerging affluent first-time worker, are among the most likely to pay for premium features. They are also more likely than most to want to make use of digital channels regularly but also value branch services when conducting the majority of their banking needs.

  • Across almost all consumer profiles, online and mobile banking were the two most commonly used channels.
  • Several consumer profiles showed a strong preference for branch access for certain banking activities.
  • Loyalty rewards are a common area of dissatisfaction.
  • Young, single consumers who prefer to use alternative providers are the less satisfied with their bank’s integration of digital and nondigital services than other features of their bank’s digital offering.
  • Mass affluent customers are likely to be more willing to pay for preferential cashback than any other premium feature that a bank could offer.
Reasons to Buy
  • Understand how preferences vary between different types of consumers.
  • Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
  • Identify the areas for improvement that matter to particular consumers.
  • Benefit from the provision of actionable steps that can help your business target specific customer profiles.

Cluster methodology
Older Generation Z: Joe The young saver
Joe has a strong preference for alternative providers. He is looking to build up his savings for extra cashflow and to afford a deposit on his first house.
Younger Millennial: Chloe - The deposit saver
As Chloe approaches 30, she is desperately trying to buy her first home on her own. She has no dependents and is looking to build her wealth before she starts thinking about starting her own family.
Older Millennial: Alison - The debt re payer
Alison and her husband’s goal is to pay off their mortgage quicker. However, with their primary provider, they feel they need more advice and assistance to achieve this. They also would like help understanding how to save for a large purchase more efficiently while having additional cash flow for an emergency.
Generation X: Sandra The concerned parent
Sandra has children under 16 and is concerned about their lack of money management. She would like to be able to link her own account to theirs for better tracking of their spending, but her traditional provider does not offer this.
Boomers: Colin and Barbra - The retired investors
Colin and Barbra have been loyal to their main traditional provider for over 10 years, but with saving rates so low, they need to invest to earn smarter returns, and they are disappointed that their provider cannot offer what they need here.
Millennial: Andrew - The small business owner
Andrew is a young business owner, and his main focus is on building and growing his business in order to create financial freedom in the future for himself and the family he wants to have.

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