Retail Bank Savings in the UK: Forecasts and Future Opportunities
This report offers a forecast of the personal savings market in the UK, analyzes the factors that will determine this outlook, and examines savers’ intentions and behavior. It offers a forecast of personal savings deposits up to 2019, analyzes the factors determining the outlook of the savings market, and looks at what providers are doing to improve their performance. The report concludes with analysis of drivers of provider choice and how banks can harness the personal goals of consumers and encourage them to save.
Identify the size, growth, major segments, and leading players in the retail savings & investments market in the United Kingdom Understand the future growth prospects of the United Kingdom retail savings & investments market Macroeconomic indicators provide insight into general trends within the UK economy
Reasons To Buy
What was the size of the UK retail savings & investments market by value in 2015?
What will be the size of the UK retail savings & investments market in 2020?
What factors are affecting the strength of competition in the United Kingdom retail savings & investments market? How has the market performed over the last five years?
What are the main segments that make up the United Kingdom's retail savings & investments market?
The entry of new challenger banks has induced competition in the savings market. Mobile is increasingly becoming a key channel for retail financial services, either via apps or new secure mobile-optimized sites. Providers must concentrate their efforts to develop mobile-channel capabilities to attract savers’ cash. Banks are using apps and alerts to boost spontaneous saving of small amounts based upon observed spending behavior. These algorithms are in turn encouraging consumers to become more consistent with their savings. Banks should take steps to build rewards based on consumers’ motivations. By giving customers the ability to set goal-based savings targets, banks will be able to better engage with them. For example, in cases where customers have stated that they are saving for a holiday, providers should offer deals on travel insurance and foreign exchange as they close in on their goal.