UK COVID-19 and Financial Services: A Year On Market Report 2021
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The UK COVID-19 And Financial Services: A Year On market report identifies consumer attitudes towards spending priorities, financial wellbeing, future financial plans and COVID-19’S impact on Financial Services in the UK. This market report covers the market size, market forecast, market segmentation and industry trends for the Financial Services market in the UK.
Current Market Landscape
Due to COVID-19’s impact on Financial Services, periods of tight restrictions on personal and business activity have given people the time and the opportunity to consider issues that often get put off, such as finances.
Consumers have valued the reassurance of major brands’ heritage during the crisis, which is one reason why interest in switching has not risen further. The outbreak has allowed incumbent brands, particularly in retail banking, which has given them an opportunity to show that they can be relied upon to support their customers. Banks have done this the most successfully over the last year.
Future Market Trends in Breakfast Cereals
Unsecured credit has been the hardest hit sector in consumer finance. Continued disruption would cause significant damage, while insurers would also come under further pressure from cautious consumers looking to cut their outgoings.
COVID-19 restrictions and hygiene concerns have seen consumers rely on online banking and contactless payments in the past year like never before. In both cases, the pandemic has accelerated existing trends. The success of the online-first approach will embolden banks to continue with plans for brand closures but also offer an opportunity to retain branch networks offering more interactive services such as advice and social spaces.
Read on to discover more details or take a look at all of our UK Financial Services market research.
Brands: Lloyds, Barclays, HSBC, Nationwide, Santander, Virgin Money,
This report, written by Rich Shepherd, a leading analyst in the Financial Services sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
COVID-19 has defined the financial services industry over the last year and its repercussions will shape developments in many markets in the years to come. While most consumers’ finances have remained relatively healthy and opportunities to spend have been heavily reduced, savings have soared. However, lending – particularly in consumer credit – has suffered in the aftermath of retail and hospitality closures. In the long term, the opportunity for online channels and contactless payments to take centre stage during the outbreak will have the biggest impacts on behaviour, while consumers also show a renewed interest in product research and getting the best deal.
Rich Shepherd
Associate Director, Financial Services
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Please Note: All of the figures, graphs, and tables in this sample report have been redacted.