1. Market Research
  2. > Financial Services
  3. > Banking
  4. > Retail Banking Market Trends

UK Savings 2016: Forecasts and Future Opportunities

  • April 2016
  • 32 pages
  • GlobalData
Report ID: 3713801

Summary

Table of Contents

Search Inside

Summary
Low returns on balances and wages that are under pressure from inflation have made it difficult for UK consumers to grow their savings in recent years. At the same time, a recovery in consumer confidence has prompted a declining propensity to save. Retail deposits are predicted to rise at a CAGR of 4%, to reach £1,484bn by 2019, compared to 8% during 2000-07. Banks will have to use new strategies if they want to significantly grow this source of funding.

Key Findings
- Personal deposits are expected to make a sluggish recovery as the economic outlook remains fragile. The rate advantages offered by fixed-term accounts are steadily falling, making long-term saving less attractive to consumers. However, despite the headwinds providers are helping consumers to save as they look to build a buffer against an uncertain financial future.

- The entry of new challenger banks has induced competition in the savings market. Mobile is increasingly becoming a key channel for retail financial services, either via apps or new secure mobile-optimized sites. Providers must concentrate their efforts to develop mobile-channel capabilities to attract savers' cash.

- Banks should take steps to build rewards based on consumers' motivations. By giving customers the ability to set goal-based savings targets, banks will be able to better engage with them. For example, in cases where customers have stated that they are saving for a holiday, providers should offer deals on travel insurance and foreign exchange as they close in on their goal.


Synopsis
Understand the developments shaping the UK retail savings market.Inform your future plans with our five-year forecast for retail deposits.

- Discover how market forces will influence customers' ability and willingness to save.

- Discover what impact new products, innovations, and strategies will have on the savings market.

- Discover strategies in both product and service areas to improve your savings proposition.

- Learn how to respond to consumers' attitudes towards saving and personal finance.


Reasons To Buy
- What are the factors that will affect the savings market in 2016 and beyond?

- Which strategies will be most effective in attracting new retail deposits?

- Which new savings innovations are being introduced to the market?

- How much of an impact will regulatory developments have on the operation of the UK savings market?

- How will consumers' desire to increase their savings interact with a challenging economic climate?

- How will the latest consumer behavioral trends affect the products demanded in the retail savings market?

- How can financial services providers acquire new deposit customers?


Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 60 Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

Amrita helps you find the right report:

Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

Purchase Reports From Reputable Market Research Publishers

IDC MaturityScape Benchmark: Omni-Experience Digital Transformation in Retail Banking in Asia/Pacific, 2017

  • $ 4500
  • Industry report
  • June 2017
  • by IDC

This study presents the results of IDC Financial Insights' 2017 Omni-Experience Digital Transformation in Retail Banking in the Asia/Pacific MaturityScape Benchmark Survey. This study should be viewed ...

IDC PlanScape: Core Modernization to Create the Connected Bank

  • $ 4500
  • Industry report
  • September 2017
  • by IDC

This IDC study discusses a guiding principles tool for core modernization projects to assist financial institutions that are considering or already going on this journey."Core system modernization has ...

Australian Retail Deposits: Forecasts and Opportunities

  • $ 3495
  • Industry report
  • July 2017
  • by GlobalData

Australian Retail Deposits: Forecasts and Opportunities Summary Retail deposit market in Australia has had years of strong growth, surpassing AUS$1TN for the first time at the end of 2016. Growth is slowing ...


ref:plp2016

Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.