UK Savings Report 2017: 2016 Review, Forecasts and Future Opportunities - Research and Markets

DUBLIN--()--Research and Markets has announced the addition of the "UK Savings: 2016 Review, Forecasts and Future Opportunities" report to their offering.

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.

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 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.

Key Topics Covered:

1. 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

Companies Mentioned

- Aldermore

- Bank of Scotland

- Barclays

- Charter savings bank

- Chip

- FCA

- HSBC

- Halifax

- Leeds Building Society

- Lloyds Banking Group

- Metro Bank

- Mobility

- MySpend

- NatWest

- Nationwide

- Paragon Bank

- RCI Bank

- Royal Bank of Scotland

- Santander

- Savedroid

- Squirrel

- TSB

- Tesco Bank

- Virgin Money

For more information about this report visit http://www.researchandmarkets.com/research/9cpql8/uk_savings_2016

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Related Topics: Retail Banking

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Related Topics: Retail Banking