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UK Savings 2016: Forecasts and Future Opportunities

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Summary
 
 Low returns on balances and wages that are under pressure from inflation have made it difficult for UK consumers to grow their savings in recent years. At the same time, a recovery in consumer confidence has prompted a declining propensity to save. Retail deposits are predicted to rise at a CAGR of 4%, to reach £1,484bn by 2019, compared to 8% during 2000-07. Banks will have to use new strategies if they want to significantly grow this source of funding.
 
 Key Findings
 

 - Personal deposits are expected to make a sluggish recovery as the economic outlook remains fragile. The rate advantages offered by fixed-term accounts are steadily falling, making long-term saving less attractive to consumers. However, despite the headwinds providers are helping consumers to save as they look to build a buffer against an uncertain financial future.
 
 - The entry of new challenger banks has induced competition in the savings market. Mobile is increasingly becoming a key channel for retail financial services, either via apps or new secure mobile-optimized sites. Providers must concentrate their efforts to develop mobile-channel capabilities to attract savers cash.
 
 - Banks should take steps to build rewards based on consumers motivations. By giving customers the ability to set goal-based savings targets, banks will be able to better engage with them. For example, in cases where customers have stated that they are saving for a holiday, providers should offer deals on travel insurance and foreign exchange as they close in on their goal.
 
 Synopsis
 
 Understand the developments shaping the UK retail savings market.Inform your future plans with our five-year forecast for retail deposits.
 
 - Discover how market forces will influence customers ability and willingness to save.
 
 - Discover what impact new products, innovations, and strategies will have on the savings market.
 
 - Discover strategies in both product and service areas to improve your savings proposition.
 
 - Learn how to respond to consumers attitudes towards saving and personal finance.
 
 Reasons To Buy
 

 - What are the factors that will affect the savings market in 2016 and beyond?
 
 - Which strategies will be most effective in attracting new retail deposits?
 
 - Which new savings innovations are being introduced to the market?
 
 - How much of an impact will regulatory developments have on the operation of the UK savings market?
 
 - How will consumers desire to increase their savings interact with a challenging economic climate?
 
 - How will the latest consumer behavioral trends affect the products demanded in the retail savings market?
 
 - How can financial services providers acquire new deposit customers?

EXECUTIVE SUMMARY
 The retail savings market continues to grow slowly
 Critical success factors
 RETAIL SAVINGS GROWTH IS SLOWING BUT WILL REMAIN POSITIVE
 Deposit accounts are expected to remain the UKs preferred asset class for saving
 Increasing consumer confidence levels are reducing consumers need to save
 Declining wage growth and a stagnant unemployment rate will restrict savings growth
 Diminishing interest rate differentials between instant-access and fixed-term accounts are acting as a disincentive
 New regulations are aiming to change the UK savings landscape
 The Personal Savings Allowance will boost the savings market
 The FCA has announced new rules to encourage competition and give customers a better deal
 PROVIDERS ARE REACTING TO THE MARKET CHANGES
 Lloyds Banking Group retains its dominance in the UK retail savings market
 Challenger banks are competing on price
 Providers are harnessing mobile capabilities to attract savers
 Santanders ISA app helps consumers be more proactive about saving
 Dyme aims to encourage millennials to save more
 Moven uses gamification to incentivize saving
 Lloyds Banks Swave app encourages consumers to save little and often
 Personal financial management apps can help drive savings behavior
 HSBCs Nudge app helps users save money and be more aware of their spending habits
 FAMILIARITY AND CONVENIENCE WILL HELP DRIVE SAVINGS
 Consumers prefer instant access over fixed-term accounts
 Familiarity and convenience are drivers of provider choice
 Harness consumers personal goals to encourage saving
 APPENDIX
 Abbreviations and acronyms
 Definitions
 Savings ratio
 Methodology
 Verdict Financials 2015 Retail Banking Insight Survey
 Bibliography
 Further reading
 About Verdict Financial
 Disclaimer
 


List Of Figures

 Figure 1: Retail deposits account for half of retail savings and investments in the UK
 Figure 2: Retail deposits will experience sluggish growth up to 2019
 Figure 3: Growing consumer confidence has reduced consumers desire to save
 Figure 4: With no significant pick-up in earnings, consumers capacity to save is expected to reduce
 Figure 5: Interest rates on savings accounts continue to fall
 Figure 6: The new personal savings allowance will positively impact the UK savings market
 Figure 7: Savers have suffered in recent years with a continual rate reduction on cash ISAs
 Figure 8: The lowest interest rates offered by 32 providers of easy-access cash savings accounts
 Figure 9: Lloyds Banking Group holds a quarter of all retail deposit balances in the UK
 Figure 10: Challenger banks offer the best easy-access deals
 Figure 11: RCI Banks Freedom and Fixed term accounts offer top rates in the savings market
 Figure 12: Dyme is the easiest way to start a savings habit using text messaging
 Figure 13: Moven users can track their spending and saving in realtime
 Figure 14: Lloyds Banks Swave app monitors spending and encourages users to save
 Figure 15: The HSBC Nudge app prods customers to spend less and save more
 Figure 16: Nationwide rewards loyal savers with a higher interest rate
 Figure 17: Savers regard instant access to be more essential in a savings account
 Figure 18: Consumers are shifting from fixed-term to instant-access deposits
 Figure 19: Existing relationship and rates offered influence consumers decision when taking out a savings account
 Figure 20: Banks can offer products tailored to consumers needs by linking savings to their goals


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Reports Details

Published Date : Apr 2016
No. of Pages :32
Country :United Kingdom
Category :Finance and Banking
Publisher :Verdict Financial
Report Delivery By :Email
Report Delivery Time :12 to 24 hours after placing the order.

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