UK Savings 2016: Forecasts and Future Opportunities

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.

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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.

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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?

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This release was published on openPR.