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Contents
Report homepage
Research Methodology
Contents
Issues in the Market
Future Opportunities
Market in Brief
Internal Market Environment
Broader Market Environment
The Consumer Environment
SWOT Analysis
Current Accounts and Overdrafts
Savings Accounts and ISAs
Unsecured Personal Loans
Credit Cards
Mortgages
General Insurance
Companies and Products
Brand Communication and Promotion
Brand Elements
Channels to Market
The Consumer – Product Ownership
The Consumer – Choosing a Provider
The Consumer – Cross-selling
The Consumer – Attitudes towards Providers
The Consumer – Target Groups
Appendix – The Consumer
Appendix – The Regulatory Environment
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Retail Banking Overview - UK - November 2009
Retail Banking Overview - UK - November 2009
Charges, credit crisis and churn - The Retail Banking Overview
The weak economy and low consumer confidence has prompted people to cut back on spending, become more demanding and value-oriented - all in all a more difficult proposition.
Helped by the work of aggregators and a more cost-conscious consumer mindset during the recession, people are increasingly switching their provider.
The total gross income of the major banks (MBBG members) fell by 16% in 2008, from £100.8 billion to £84.8 billion, as a result of the recession.
The weak economy and low consumer confidence has prompted people to cut back on spending, become more demanding and value-oriented - all in all a more difficult proposition.
Helped by the work of aggregators and a more cost-conscious consumer mindset during the recession, people are increasingly switching their provider.
The total gross income of the major banks (MBBG members) fell by 16% in 2008, from £100.8 billion to £84.8 billion, as a result of the recession.
UK banks saw bad debts increase significantly in 2008, rising by 15% from £6.5 billion to £7.5 billion. This has lead to tighter lending criteria in the mortgage and consumer credit markets.
In 2009, Mintel estimates that gross advances on unsecured personal loans will fall by 27% to £27.4 billion (lending fell by 28% in 2008).
According to the FSA’s MLAR statistics, gross mortgage advances fell by 54% in H1 2009 compared with the same period in 2008, standing at just £66 billion.
Online banking has become increasingly popular, with the total number of transactions made by registered customers having risen by 420% since 2002.
According to our own consumer research, Lloyds TSB, Halifax and Nationwide are the leading providers when it comes to cross-selling other financial products to their existing current account customers.
Our research also shows that three fifths of people are happy with the service provided by their existing current account provider, with just 9% of people currently considering switching.

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