UK Changing Channel Preferences in Retail Banking market report
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Providing the most comprehensive and up-to-date information and analysis of the Changing Channel Preferences in Retail Banking market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
This report discusses the following key topics:
- Consumers have forgiven security concerns to reap the benefits of online banking
- Branches still have a place in modern banking
- Early adopters have significant influence over future innovation
Banking in the UK has changed significantly in the last 15 years. The growth of digital channels offers consumers greater choice over how they manage their accounts and interact with their bank. Online and mobile banking provide more convenience than traditional options such as branch services, and current account holders have taken advantage of this by moving on from a reliance on branches. By moving their customers on to new, remote channels, banks have had the opportunity to reduce their branch networks and significant overheads, increasing profitability.
This report examines consumers changing channel preferences in retail banking. This includes looking at the wider market trends in channel use and a brand-level discussion of what channels are offered by both leading banks and newer challengers. Mintel's exclusive consumer research includes a look at the frequency of use of different banking channels and what tasks they are used for, how people would prefer to bank, and how satisfied they are with their bank's channels. Attitudes towards banking channels are also examined. This includes consumers' approach towards new digital services, branch closures and how people prefer to be contacted by their bank.
Expert analysis from a specialist in the field
Written by Richard Shepherd, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Consumers have made an irreversible switch from traditional banking channels to digital banking. People not only use online banking more than branches, but see it as the preferential choice for everyday banking and are more satisfied with it than any other channel. The challenge for banks is how to prevent the shift online weakening customer relationships and undermining customer loyalty. This will become even more pressing as Open Banking looms on the horizon.
Senior Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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