Published on : Jul 31, 2017
Albany, New York, July 31, 2017: Having a bank account is one of the essential things today for every customer. In U.K., the increasing level of income and technological advancements in the banking industry have forced people to use an account for the security of money. Market Research Hub (MRH) has recently broadcasted a new study to its broad research portfolio, which is titled as “U.K. Deposit and Savings Accounts - June 2017”. The study deeply analyzes the U.K. market trends of deposit and savings account, and offers key insights into the market driving factors, innovation in the marketplace, industry development structure and expected market size until 2022.
A financial institution provides checking and savings accounts to individuals, allowing them to deposit or to withdraw money from the bank, which is federally protected. The U.K. banking sector is the largest in Europe and 4th largest in the world. About 2.2 million people work in financial and related services in the U.K. The big four banks including HSBC, Royal Bank of Scotland, Barclays and Lloyds Banking Group manage over 75% of U.K. current accounts and 85% of business accounts. The research finds that LBG is the largest provider of savings and current accounts in the U.K., while nationwide is larger than most rivals when current account balances are stripped out.
In the first part, the study highlights market overview of deposit and savings account covering market segmentation, market factors and consumer preferences; and market growth forecasts during the period 2017 to 2021. More than three-quarters of U.K. adults own a deposit or savings account, and online and digital banking trends have dominated the channel preference for most account activities. Most of the savers are turning to high-interest current accounts to boost their returns and are showing more interest in equity and crowd-lending investment.
The next section of the report presents detailed market segmentation which is analyzed on the basis of product type and preferred channel per activity. As per the study, in real terms, household savings balances grew by 4.3% in 2016 but 2017 could see a fall in the value of retail savings. Interest-bearing sight accounts attract the largest proportion of retail balances. The amount of money saved within the tax-free savings accounts has increased to record levels. The introduction of funding schemes by the Bank of England has also reduced banks’ reliance on retail deposits, removing the pressure to aggressively compete. Online is the preferred channel to manage a saving account in U.K.
Some of the major market drivers observed in this study are:
- Savers hit by double whammy of low-interest rates and rising inflation
- Best returns available on longer-term fixed-rate products
- Situation for savers exacerbated by government funding schemes
- Growth of peer-to-peer lending
At last, the report has profiled leading market players in U.K. along with their key strategies, industry innovation; advertising and marketing activity, market share etc.
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