Financial Services Market Research

“Consumers see online channels as a starting point for financial advice, but believe that online services lack the professionalism, expertise or authority associated with IFAs or bank-based advice services.”

– Deborah Osguthorpe, Head of UK Financial Services Research

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“These demographic groups are a good audience for financial services institutions who can provide additional services that add value. Quality advisory services—whether in person or online—are one significant way to appeal to these groups that place a lot of emphasis on education, and may have the ...

“Mobile payments have been touted as ‘the next great thing’ for several years now, but even with the increased number of options available, adoption rates are still very low. However, as the various players in the industry begin to sort out the legal, technological and marketing issues, ...

It is now more than five years since Northern Rock collapsed. Since then, the UK economy has experienced once of the steepest recessions on record, and one of the most anaemic recoveries. Consumers’ purchasing power has been eroded by inflation, and wages haven’t been rising enough to compensate.

“Mobile payments have been ‘the next great thing’ for several years now, but with very low adoption rates for even the best-known products, the reality has yet to meet the promise. However, it seems that change is coming, as innovations in the mobile payment space are being announced and piloted ...

“The Funding for Lending Scheme has so far been detrimental to savers. It has made banks less reliant on depositors’ money to fund borrowing, removing the incentive to offer really competitive savings rates.”

– Sarah Hitchcock, Senior Analyst – Financial Services

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“Intermediaries will continue to battle with direct lenders for the lion’s share of the market, with some direct lenders choosing to up-skill their existing sales staff to offer advice. The growth of aggregators provides an opportunity for brokers to win business, but also poses a threat by ...

“Mintel’s data show that consumers are aware that they do not have nearly enough saved for either short-term concerns or for long-term goals such as retirement. In addition, they are not overly optimistic about the housing market, and are not relying on their homes to appreciate in value. What ...

“In an industry as highly competitive as insurance, price—although important— is not necessarily the only important feature for the customer. What the company brings to the table in the form of customer service and ease of transaction is, for many people, at least as important as price. Companies ...