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UK Packaged and Current Accounts 2014: Global Industry Size, Share, Growth , Research Analysis and Opportunities

Researchmoz added a latest research report on"UK Packaged and Current Accounts 2014 "in their database

 

Albany, NY -- (ReleaseWire) -- 07/22/2014 -- Tesco Bank has finally launched its current account offering. The account performs strongly in a number of areas, and will offer clients the chance to earn interest on balances. One of the main attractions of the newly launched account is the link to Clubcard points.

Browse detail report with TOC:http://www.researchmoz.us/packaged-and-current-accounts-uk-july-2014-report.html

Table of Content

Introduction

Report scope and product definitions
Abbreviations

Executive Summary

The market
Number of current accounts remains relatively stable

Figure 1: Estimated number of current accounts and current account holders – UK, 2014
Market factors

Current Account Switch Service gets off to a good start
In-depth current account comparison service to launch in 2015
Complaints about packaged current account surge in 2013/14
Overdraft market under further investigation by the FCA
Companies, brands and innovations
Several firms vying for the top spot in the current account market

Figure 2: Top 10 current account providers, by share of main current account market, May 2014
Co-op Bank’s image suffers due to high-profile issues

Figure 3: Attitudes towards and usage of brands in the packaged and current accounts sector, April 2014
Who’s innovating?
The consumer
Ownership by type of current account

Figure 4: Type of current account held, May 2014
Attitudes towards paid-for current accounts

Figure 5: Attitudes towards premium and packaged accounts, May 2014
Most popular features and benefits of paid-for accounts

Figure 6: Desirable features of paid-for current accounts, May 2014
Current account switching activity

Figure 7: Main current account switching activity, May 2014
Motivation for current account switching activity

Figure 8: Reasons why consumers have moved their current account in the last five years, May 2014
What we think

Issues and Insights

Tesco Bank finally enters the market
The facts
The implications
Offering customers the chance to choose the perks on their account
The facts
The implications
Impact of branch closures on consumers and switching behaviour
The facts
The implications

Trend Application

A la carte current accounts
The human touch
Mintel Futures: Brand Intervention

Market Drivers

Key points
Current Account Switch Service launched in September 2013
Comparing current accounts will become easier in 2015
Complaints about packaged accounts up significantly

Figure 9: Number of new complaints about current accounts to the FOS, 2012/13-2013/14
Banks making changes to their packaged account offerings

Tesco Bank finally launches current account offering…
…with others also set to enter the market

FCA examines the overdraft market with potential measures to be unveiled in late 2014

Overdraft rates remain high despite low BoE base rate

Figure 10: Average monthly overdraft interest rate, three-month LIBOR and official bank rate, January 2009 – March 2014
Retail deposit balances up slightly in 2013

Figure 11: Retail savings balances from households, by sector, 2004-13

Who’s Innovating?

Key points
Club Lloyds part of Lloyds Bank’s new current account offerings
M&S Bank launches its first fee-free current account
Tesco Bank finally enters the fray and will offer Clubcard points on spending
TSB wants customers to try out the re-launched bank
Cashback and rewards launched by several firms

Market Size

Key points
Number of current accounts remains relatively stable

Figure 12: Estimated number of current accounts and current account holders – UK, 2013 and 2014
Only a minority have paid-for packaged/premium accounts

Figure 13: Type of current account held, May 2014

Market Share

Key points
Several brands jostling for top position in the current account market
Figure 14: Current account provider rankings, by share of main current account market, May 2014

Companies and Products

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