financial services

The U.S. student loan industry is heading toward a potential crisis. About a quarter of outstanding student loan borrowers are behind on their payments, according to both a recent research report by the Federal Reserve Bank of New York, as well as Mintel’s consumer survey for this report. At the ...

Small businesses are a critical part of the U.S. economy, accounting for 50% or more of total employment in the U.S., according to the Small Business Administration. With these businesses having been hard hit by the challenging economic environment over the last several years, many are struggling ...

The U.S. life insurance business has been hit hard by the recent recession and the resulting changes in consumer behavior. The percentage of U.S. adults with life insurance is at an all-time low. Millions of consumers feel they either can’t afford life insurance or can do without it. ...

Mobile payments are bringing a whole new perspective to the payments industry, with an avalanche of new players that are using cutting-edge technology. However, for these new innovations to be successful, there must be an awareness of how new rules and regulations may come into play, the dramatic ...

The prepaid and gift card business is experiencing a comeback as the economy slowly recovers from the recent recession. Prepaid cards are among the fastest-growing method of payments, with the number of transactions increasing nearly 23% per year between 2006 and 2009 (source: 2010 Federal Reserve ...

The Canadian mobile payments market has been relatively slow to develop compared to other developed countries. To date, mobile payments, broadly defined, have been mainly centered around contactless credit and debit cards using near-field communications (NFC), although the technology is slowly ...

Mintel's Special Report Series are unique research findings that shed essential light on British attitudes, hopes, fears and desires.

By providing a comprehensive picture of the UK consumer, Mintel's special reports generally make newsworthy material for the national press, television and radio. ...

“Banks currently have the edge when it comes to the payment-related elements of the mobile wallet, but history shows that this is likely to be a pretty fragile advantage.”

– Toby Clark, Head of UK Financial Services Research

Some questions answered in this report include:

• ...

“Our research suggests that many people are baffled by the number of different savings accounts and rates on offer. Any attempts by providers to simplify their product ranges or to introduce applications that help people quickly and easily navigate the maze of choices would be welcomed by ...

“When looking for an IFA only a minority of British adults say they take into consideration two of the key elements of the advice market that the RDR is striving to improve – adviser qualification standards and how advisers are compensated. Instead, most of the emphasis tends to be placed on ...

“Although the buy-to-let sector is a niche investment area, a higher number of people are hoping to become landlords or expand their current holdings than those that have left the market. Increasing demand for rental property and lower interest rates have made buy-to-let an attractive investment ...

“It is an uncertain time for the personal and stakeholder pension market, in light of imminent new pension reform. Workplace auto-enrolment is seen as one of the main challenges but also one of the biggest opportunities that pension providers will face over the next few years.”

– Sarah Hitchcock, ...

“Interest and awareness in telematics-based motor insurance will increase during the next 12 months. Whether or not this type of policy can transfer to the mainstream will depend largely on how well the industry resolves issues surrounding data usage.”

– Deborah Osguthorpe, Senior Financial ...

“The mortgage market looks set to tread water for the time being with no major increases or decreases expected in mortgage take-up or property prices. Mortgage providers, however must brace themselves for a difficult time as the government looks to clamp down further on risky lending and ...

“Although the travel insurance market has performed relatively well, especially considering the wider economy and holiday trends, there is still room for improvement. Competition on price and the high number of policies available has made it more difficult to compare the quality of cover, ...

“Although the current squeeze on household budgets has undoubtedly put a damper on the amount of money people are able to save, the lack of a savings habit among many individuals often comes down to lifestyle choices. By designing savings products and services that take lifestyle into ...

“The landscape is set to change quite dramatically for pension intermediaries in 2012. The arrival of NEST and continued preparations for the RDR will see the marketplace undergo something of a facelift. Other developments such as technological advancements and a more demanding customer are also ...

“Over the past two years car finance providers have improved their finance penetration of private new car sales, which is helping to drive profitability in a difficult trading environment. Maintaining this level of penetration will be crucial to the market’s success going forward.”

– Sarah ...

Since Mintel last examined the savings market in Ireland (March 2010), the challenges facing both consumers and providers have increased. Disposable incomes have fallen significantly, making it more difficult for consumers to save on a regular basis. Many consumers have been forced to dip into ...

Prospects for premium credit cards look more positive than they have in many years. The surge in borrower defaults has dropped sharply, increasing issuer profitability. New government limits on debit card swipe fees make credit cards much more attractive for consumers to use. As a result, ...