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Unlocking Secrets: Insight from the 2011 UK Retail Banking Survey
Datamonitor, May 2011, Pages: 35
UK consumers are more disengaged than ever from established financial services providers and new entrants are breaking into the market. These factors will combine with the ongoing pressures on household finances and growing consumer sophistication to change consumer attitudes and behavior towards financial products and providers.
Features and benefits
- Presents topline findings from the 2011 UK Retail Banking Survey.
- Provides a snapshot of the UK retail banking market.
- Shows market share, channel usage, behavioral and attitudinal data relating to the mortgage, loans and current account markets.
Highlights
- A third of mortgage holders are on standard variable rates (SVRs). Nearly half of these consumers reverted to their lenders’ SVRs in 2009 or 2010, indicating the extent to which the low base rate has reduced the incentive for borrowers to remortgage
- Consumers are more inclined to research personal loans online than through any other channel. However, when it comes to application and arrangement, face-to-face is still the single most popular means, chosen by a third of borrowers.
- There is a high degree of inertia in the UK current account market. Six in 10 consumers have never switched their account, and over half say that they are very unlikely to switch during the next 12 months. Only 3% of account holders claim they are very likely to change their provider over the next year.
Your key questions answered
- Gain an insight into the payment behavior of mortgage holders, the extent to which they overpay and the likelihood they will fall into arrears.
- Identify the most effective channels for marketing personal loan products.
- Find out what consumers value most in a current account facility and what might persuade them to change provider.
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