UK Consumers and Financial Management Landscape: Opportunities Abound for Companies Investing in Apps and Tools

Published on : Apr 18, 2018

Albany, New York, April 18, 2018: A new research report, titled, “Consumers and Financial Management-UK-APRIL 2018” has been added to the repository of Market Research Hub (MRH). The research study offers in-depth insights and analysis on the consumers and financial management landscape in the UK. In-depth analysis and insights have been included for the perusal of all the stakeholders.

According to the report, Open Banking continues to gain ground among consumers in the UK, and it is highly likely that it is on the verge of a large-scale implementation. Although a significant percentage of population is still not comfortable using paper-based methods, service providers can provide consumers the support they need to gain a full understanding on the UK consumers and financial management.

The report offers a broad overview on the UK consumers and financial management landscape, offering stakeholders in-depth analysis and insights on the key factors influencing consumer behavior and outlook. According to the report, a significant percentage of millennials are unaccustomed to higher interest rates. However, consumers have a positive perception on their capability to handle financial decisions, with nine out of ten people thinking of themselves as being financially confident.

According to the report, the product switching behavior is significantly high in the insurance products category. Consumers prefer to deal with their financial assets through online and in-branch banking. The research study covers the consumer behavior towards different types of financial assets among consumers across various age groups. As there are gaps in the financial information offered by schools and universities, significant opportunities exist for financial management and consulting companies.

This research study also involves a detailed analysis on the key strategies employed by leading companies in the UK consumers and financial management landscape. The company strategies have been analyzed through traditional banks, digital challenger banks, and building societies. According to the report, many banks are launching innovative apps to impact quality financial education to consumers. For example, First Direct has launched the Artha app in partnership with Bud. On the other hand, Starling Bank is focusing on the concept of marketplace to consolidate its position in the market. Sensing the opportunities in the market, many providers are focusing on launching personal financial management (PFM) apps in the market. The report discusses the strategies adopted by Emma, Bean, and Yolt to consolidate their position in the market.

In addition to holistic and comprehensive insights on the consumer and financial management landscape, the report also delves deep into the financial management tools and services, sources of financial management information, and attitudes towards financial management.

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