Banking and Payments

Banking and Payments Market Research

Mintel’s Banking and Payments market research combines the latest market intelligence, industry insights and expert recommendations to help you anticipate what’s next in the Banking industry.

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    With inflation and interest rates likely to remain elevated, it is important that providers offer suitable advice and products to help companies through these times. Lewis Cone, Associate Director - Financial Services ..."
    Although overall current account satisfaction is high, consumers are shopping around and will be enticed to switch by cash joining bonuses and higher savings rates. Adrian Reynolds, Principal Analyst ..."
    “Despite the efforts banks make towards ethical and socially responsible practices, they often struggle to convince consumers that they have a social conscience. Concerns regarding unfair business practices, branch closures and media coverage of unethical practices fuel these negative perceptions. However, with a potential recession looming and unprecedented inflationary pressure,..."
    “Cash switching incentives will become more appealing as consumers look for money-saving opportunities through the cost-of-living crisis. Interest-free buffer overdrafts will be important to help struggling customers and boost loyalty. Despite consumer cost-cutting, there is potential for growth in fee-paying accounts if banks can highlight rewards and net cost-saving opportunities.”–  ..."
    “Despite the long-term shift towards digital banking, branches still have a role to play for many consumers. Satisfaction levels remain high despite widespread branch closures in recent years. This will be tested as customers seek further support through the cost-of-living crisis, with less financially experienced younger consumers particularly seeking guidance...."
    “The financial effects and business disruption of the pandemic have undoubtedly challenged businesses and will continue to scar some for quite some time. While this will lead to increased due diligence, risk aversion and a slowdown in certain types of banking services, it will also encourage business and lender innovation..."
    “Contactless card payments have accelerated due to the pandemic and the increase in transaction limits. Despite cash usage declining significantly, it will continue to play an important role for the foreseeable future with consumers prioritising familiarity. For younger consumers, speed is the key consideration for payments and there is more..."
    “Despite generally high satisfaction levels with current accounts, switching activity has grown in the second half of the year as providers bring back incentives. With more branch closures throughout the year, digital customer service and video appointments will grow in importance, with particular need to raise awareness of these services..."
    “Retail banking providers have faced steep challenges during the pandemic, and have prioritised customers most at risk of difficulty. In general, though, consumers are not fully convinced of their commitment to serving vulnerable customers. This is more to do with a lack of awareness of specialist support, though, suggesting a..."
    “Use of mobile banking is widespread, but it remains much lower than that of online banking, which has long been perceived as the superior digital channel. However, wider consumer trends are boosting ownership and use of smartphones and this will continue to influence this sector, particularly as the world reopens..."
    “It has been a transformative year for the payments sector with the pandemic acting as a catalyst to regulatory, technological and behavioural change. Cash use has plummeted, contactless payments have surged, and consumers have made use of ‘buy now, pay later’ (BNPL) as shopping moved online. While cards now dominate..."
    “Whilst current lending trends are being driven by the government-backed support schemes, once these end, banks will turn to focus on their loan books and are likely to become more restrictive in their lending to certain areas, which will provide an opportunity for alternative lenders to further increase their presence.” -..."