Your Cart Is Empty!
- Personal deposits are expected to make a sluggish recovery as the economic outlook remains fragile. The rate advantages offered by fixed-term accounts are steadily falling, making long-term saving less attractive to consumers. However, despite the headwinds providers are helping consumers to save as they look to build a buffer against an uncertain financial future.
- 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 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.
Understand the developments shaping the UK retail savings market.Inform your future plans with our five-year forecast for retail deposits.
- Discover how market forces will influence customers ability and willingness to save.
- Discover what impact new products, innovations, and strategies will have on the savings market.
- Discover strategies in both product and service areas to improve your savings proposition.
- Learn how to respond to consumers attitudes towards saving and personal finance.
Reasons To Buy
- What are the factors that will affect the savings market in 2016 and beyond?
- Which strategies will be most effective in attracting new retail deposits?
- Which new savings innovations are being introduced to the market?
- How much of an impact will regulatory developments have on the operation of the UK savings market?
- How will consumers desire to increase their savings interact with a challenging economic climate?
- How will the latest consumer behavioral trends affect the products demanded in the retail savings market?
- How can financial services providers acquire new deposit customers?
Table of Contents
The retail savings market continues to grow slowly
Critical success factors
RETAIL SAVINGS GROWTH IS SLOWING BUT WILL REMAIN POSITIVE
Deposit accounts are expected to remain the UKs preferred asset class for saving
Increasing consumer confidence levels are reducing consumers need to save
Declining wage growth and a stagnant unemployment rate will restrict savings growth
Diminishing interest rate differentials between instant-access and fixed-term accounts are acting as a disincentive
New regulations are aiming to change the UK savings landscape
The Personal Savings Allowance will boost the savings market
The FCA has announced new rules to encourage competition and give customers a better deal
PROVIDERS ARE REACTING TO THE MARKET CHANGES
Lloyds Banking Group retains its dominance in the UK retail savings market
Challenger banks are competing on price
Providers are harnessing mobile capabilities to attract savers
Santanders ISA app helps consumers be more proactive about saving
Dyme aims to encourage millennials to save more
Moven uses gamification to incentivize saving
Lloyds Banks Swave app encourages consumers to save little and often
Personal financial management apps can help drive savings behavior
HSBCs Nudge app helps users save money and be more aware of their spending habits
FAMILIARITY AND CONVENIENCE WILL HELP DRIVE SAVINGS
Consumers prefer instant access over fixed-term accounts
Familiarity and convenience are drivers of provider choice
Harness consumers personal goals to encourage saving
Abbreviations and acronyms
Verdict Financials 2015 Retail Banking Insight Survey
About Verdict Financial
List of Figures
Figure 1: Retail deposits account for half of retail savings and investments in the UK
Figure 2: Retail deposits will experience sluggish growth up to 2019
Figure 3: Growing consumer confidence has reduced consumers desire to save
Figure 4: With no significant pick-up in earnings, consumers capacity to save is expected to reduce
Figure 5: Interest rates on savings accounts continue to fall
Figure 6: The new personal savings allowance will positively impact the UK savings market
Figure 7: Savers have suffered in recent years with a continual rate reduction on cash ISAs
Figure 8: The lowest interest rates offered by 32 providers of easy-access cash savings accounts
Figure 9: Lloyds Banking Group holds a quarter of all retail deposit balances in the UK
Figure 10: Challenger banks offer the best easy-access deals
Figure 11: RCI Banks Freedom and Fixed term accounts offer top rates in the savings market
Figure 12: Dyme is the easiest way to start a savings habit using text messaging
Figure 13: Moven users can track their spending and saving in realtime
Figure 14: Lloyds Banks Swave app monitors spending and encourages users to save
Figure 15: The HSBC Nudge app prods customers to spend less and save more
Figure 16: Nationwide rewards loyal savers with a higher interest rate
Figure 17: Savers regard instant access to be more essential in a savings account
Figure 18: Consumers are shifting from fixed-term to instant-access deposits
Figure 19: Existing relationship and rates offered influence consumers decision when taking out a savings account
Figure 20: Banks can offer products tailored to consumers needs by linking savings to their goals
Lloyds Banking Group
Bank of Scotland
Leeds Building Society
Charter Savings Bank
Royal Bank of Scotland
Following are different modes of Licenses.
This license allows only one person to use the report. This person can use the report on any computer and may take print outs of the report but must take care of not sharing the report (or any information contained therein) with any other individual or people. Unless you purchase a Site License or a Global Site License, a Single User License must be purchased for every single person that wishes to use the report within the same enterprise.
This license allows unlimited users to use the report within one company location, e.g. a regional office. These users can use the report on any computer and may take print outs of the report but must take care of not sharing the report (or any information contained therein) with any other individual or people.
A Global Site License (or Enterprise wide Site License or Global License) is a license granted to original purchaser, who can share a report with other employees and authorized Users of the same organization.
The delivery of reports is depends on format & mode of license of report(s). Following are different kinds of formats of report(s) and their delivery options :
Report will be sent to your username email address in PDF, Excel, PowerPoint or any other electronic / softcopy format by publisher.
Delivery Time: 12 to 48 hours [depending on time difference or occurrences of national holidays]
Report will be sent through mail / courier delivery to your shipping address by publisher.
Delivery Time: Less than, few weeks [depending on time difference or occurrences of national holidays]
2. How can I make payment for publications I purchase?
You could be able to make the payment, in following ways:
b. Transfer of fund to our bank account via Bank transfer or Wire transfer
c. Payment via DD or Cheque
3. Is it safe to use my credit card on MarketinfoResearch?
Your personal information and online tranaction on Marketinfo Research is secure, private, and tamper-proof. All credit card payments are processed through secure and trusted payment gateways.