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UK Financial Services in 2020
Datamonitor, March 2011, Pages: 103
The defining force of the next decade is set to be the consumer. Empowered and better informed consumers will have tougher demands towards all financial services products and services. Instant information and the advancement of technology will only increase the need for consumer centric strategies. At the same time austerity measures and a lack of confidence in FS brings new fears and challenges.
Scope of the report:
- Prepare for the demands of consumers in 2020 by understanding the consumer trends which will emerge over the next decade.
- Stay ahead of the pack by learning what steps can be taken now to adapt to evolving consumer priorities.
- Adapt to new consumer demands by understanding the effects that the big changes of the recession and ensuing spending cuts will have on UK consumers.
Highlights:
- For providers to compete successfully in 2020 they will have to use consumers' personal information effectively to create adaptable and tailored products. Personalization will be a key trend, however, providers will have to ensure that consumers' personal information is kept safely as data losses will result in significant brand damage.
- The spending cuts implemented to cut the Government's budget deficit will affect all consumers. FS providers will have an opportunity to fill the gaps left in public services. An increased uptake of products including healthcare cash plans and child saving products will be seen as consumers become increasingly self-reliant.
- Mobile banking will start to replace the online channel as the functionality of mobile phones continues to grow and consumers become increasingly dependent on their phones. Contactless technology in phones will be commonplace, with mobile payments starting to replace cash and card payments.
Reasons to purchase:
- What will the financial services sector in the UK look like in 2020?
- How will emerging consumer trends shape the FS sector and how can FS providers start targeting these now?
- What threats and opportunities will present themselves in the coming decade?
- What effect will factors including the austerity measures and technological advances have on consumer demands?
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