UK Consumer Attitudes towards Challenger Brands market report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Consumer Attitudes towards Challenger Brands market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
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?
Products covered in this Report
This Report examines the UK (United Kingdom) retail banking market for challenger brands. Whilst it does not cover specific product areas, it focusses primarily on challenger banks, particularly those that have launched recently such as new digitalonly banks. To some extent, it also covers insurance, investment and lending markets, exploring awareness of selected brands, and how consumers feel about using challengers for these products.
The Report excludes mobile payments, FX (Foreign Exchange) payments, pre-paid debit cards, crowdfunding, payday loans, private banks, and credit card companies. However, references and comparisons to these brands/sectors may be made where relevant.
What you need to know
New regulations have made it easier for financial services brands to launch and expand. The CMA’s (Competition and Markets Authority) Open Banking solution has been designed to improve competition in the industry, whilst the FCA (Financial Conduct Authority) has a number of initiatives to support new brands and innovation.
Many challenger brands are using innovative approaches and more useful products and services to challenge incumbents’ hold on the market. They are now slowly starting to gain traction, driven by consumer interest and the strength of early adopters’ recommendations.
Going forward, Open Banking will do even more to change how consumers interact with financial services brands, particularly their main bank. It will also make it easier for consumers to find new or less well-known brands that could be more suited to their financial needs. However, people have a number of concerns about using challenger brands, such as how reliable services will be and the security of their data. Inertia is also a major barrier, as people are generally happy with their existing providers and see switching as an inconvenience.
Expert analysis from a specialist in the field
Written by Jessica Galletley, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Financial incentives and competitive prices will incentivise people to choose a challenger over an established provider, and give them a clear financial benefit to doing so. However, consumers need help to filter through the growing number of providers to find those that are most relevant to them.
Financial Services Analyst
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.