UK Savings Market 2020 Forecasts and Future Opportunities

Key Findings
Personal deposits are expected to grow slowly 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.
Low savings rates will impact consumers' inclination to save.

Summary
Retail deposits for 2016 are expected to be 6% higher than in 2015. However, market conditions over the next few years are predicted to dampen prospects for future growth. UK retail deposits will increase at a CAGR of 3.3% during 2016-20 to reach £1,606bn by the end of the forecast period.

Key companies listed in the reportt are FCA, Lloyds Banking Group, RCI Bank, Chip, Mobility, MySpend, Savedroid, Squirrel, HSBC, Nationwide, Paragon Bank, Barclays, Halifax, TSB, Bank of Scotland, Santander, Metro Bank, Aldermore, Virgin Money, Leeds Building Society, Charter savings bank, NatWest, Royal Bank of Scotland, Metro Bank, Tesco Bank.

Browse the complete report @ http://www.orbisresearch.com/reports/index/uk-savings-2016-review-forecasts-and-future-opportunities .

Synopsis
GlobalData Financial's “UK Savings: 2016 Review, Forecasts and Future Opportunities” looks at how the personal savings market will develop up to 2020, analyzes the factors that will determine this outlook, and examines savers' intentions and behavior. It forecasts personal savings deposits up to 2020, analyzes the factors determining the outlook of the savings market, and looks at what providers are doing to improve their performance. The report concludes with analysis of drivers of provider choice and how banks can harness the personal goals of consumers and encourage them to save.

Reasons To Buy
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.
Learn how to respond to consumers' attitudes towards saving and personal finance.

Request a sample of this report at http://www.orbisresearch.com/contacts/request-sample/205863 .

Table of Contents:
EXECUTIVE SUMMARY
1.1. Key findings
1.2. Critical success factors

2 RETAIL DEPOSITS ARE SET FOR SLOW GROWTH
2.1. Deposit accounts are expected to remain the UK's preferred asset class for saving
2.2. Declining consumer confidence has increased the imperative to save
2.3. Wage growth and declining unemployment will encourage saving
2.4. Falling interest rate differentials between instant-access and fixed-term accounts deter consumers from saving

3 REGULATIONS AIM TO CHANGE THE UK SAVINGS MARKET
3.1. PSA was implemented in April 2016 and is helping boost the savings market
3.1.1. The PSA has reduced the relative appeal of ISAs
3.1.2. The cash ISA allowance will rise to £20,000 in April 2017
3.2. New Lifetime ISA being launched from April 2017
3.3. The BoE has extended FLS in an attempt to support the economy after the Brexit vote
3.4. Brexit will have a short-term adverse impact on the savings market
3.4.1. Savings rates will remain depressed, impacting consumers' inclination to save
3.4.2. Inflation is expected to rise, squeezing wages and slowing the economy

4 SAVINGS PROVIDERS CAN ACQUIRE CUSTOMERS DESPITE POOR MARKET CONDITIONS
4.1. Lloyds Banking Group led the UK retail savings market in 2016
4.2. New challenger banks are boosting the savings market with competitive rates
4.3. PFM apps are aiming to drive savings behavior
4.3.1. Chip makes automatic savings decisions for its users
4.3.2. The MySpend app helps consumers spend wisely
4.3.3. Savedroid converts everyday activities into savings
4.3.4. Mobility analyzes bills for potential savings
4.3.5. Squirrel helps consumers save by removing the temptation to spend

5 RATE AND REPUTATION WILL HELP DRIVE SAVINGS
5.1. Goal-based saving will motivate consumers to save
5.2. Online will overtake branches for savings account customer acquisition
5.3. An existing relationship and rate influence consumers taking out a savings account
5.4. Nationwide and Halifax have the best NPS among the main savings providers

6 APPENDIX
6.1. Abbreviations and acronyms
6.2. Definitions
6.2.1. CAGR
6.2.2. Consumer segments as per our 2016 RBI Survey
6.2.3. Savings ratio
6.3. Methodology
6.3.1. GlobalData's 2016 RBI Survey
6.3.2. Future Sentiment Index
6.3.3. Present Sentiment Index
6.4. Bibliography
6.5. Further reading

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