Packaged and Current Accounts - UK - July 2013:Latest Industry Size Research Report

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Around one in 13 current account holders have switched their main account provider in the past year. The churn rate could increase over the coming year, with the introduction of a faster seven-day switching service in autumn 2013 and the addition of new products and providers.

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Packaged and Current Accounts - UK - July 2013:Latest Industry Size Research Report

  1. 1. Packaged and Current Accounts - UK - July 2013 Around one in 13 current account holders have switched their main account provider in the past year. The churn rate could increase over the coming year, with the introduction of a faster seven-day switching service in autumn 2013 and the addition of new products and providers. table Of Content introduction report Scope And Product Definitions abbreviations executive Summary the Market size Of The Current Account Customer Base industry Turnover figure 1: Distribution Of Current Account Revenue, By Income Source, 2007 And 2011 revenue Streams growth In Packaged Account Fees market Factors new Packaged Account Rules faster Switching Service To Be Introduced last Oft Review Critical Of Complex Charging Models And Lack Of Market Competition companies, Brands And Innovation largest Providers Of Current Accounts figure 2: Share Of Main Current Account Market, By Top Six Providers (on A Group Basis), June 2013 increased Product Launches adspend Rises Off The Back Of New Product Launches the Consumer current Account Ownership figure 3: Number Of Personal Current Accounts Held, June 2013 product Penetration figure 4: Type Of Current Account Held, June 2013 perceived Relevance Of Common Packaged Account Benefits over Half Of Current Account Holders Access Online Banking At Least Once A Week figure 5: Frequency Of Using Banking Services Provided By Main Current Account Provider, June 2013 past Switching Behaviour figure 6: Proportion Of Current Account Holders Who Have Switched Their Main Account Provider, June Packaged and Current Accounts - UK - July 2013
  2. 2. 2013 reasons To Switch figure 7: Top Five Factors Most Likely To Persuade People To Switch Their Main Current Account Provider, June 2013 what We Think issues In The Market how Many Current Accounts Do People Have? what Types Of Account Do They Hold? what Is The Level Of Customer Churn? what Are The Prospects For New Entrants Into The Market? trend Application trend: Make It Mine trend: Extend My Brand mintel’s Futures: Access Anything, Anywhere market Drivers key Points regulatory Round Up: Recent Developments current Account Complaints Up By A Third In 2012/13 figure 8: Number Of New Complaints Relating To Current Accounts Received By New Cases Received By Fos, 2008-13 increased Margins On Overdraft Lending figure 9: Average Monthly Overdraft Interest Rate, Three-month Libor And Official Bank Rate, March 2007-march 2013 fall In Current Account Fraud retail Deposits Grow By 5% In 2012 figure 10: Retail Savings Balances, By Sector, 2003-12 market Swot Analysis figure 11: Uk Personal Current Account Market – Swot Analysis, 2013 who’s Innovating? key Points surge In Packaged Accounts figure 12: Number Of Packaged Versus Standard Current Accounts Available And Average Packaged Account Fee, 2008-13 Packaged and Current Accounts - UK - July 2013
  3. 3. recent Promotions And New Product Launches santander’s 123 Current Account lloyds Tsb’s Temporary Vantage Offer nationwide Launches Online Current Account And Its First Packaged Account Offering rewarding Loyalty targeting Switchers banks Introduce Charges To Help Customers Stay In ‘control’ new Market Entrants m&s Bank Launches Premier Current Account post Office Enters The Fray market Size And Segmentation key Points number Of Current Accounts Continues To Rise, Driven By The Growth In Multiple Account Holdings figure 13: Estimated Number Of Current Accounts And Current Account Holders – Uk, 2013 one In Seven Accounts Are Of The Packaged Or Premium Variety figure 14: Distribution Of Customer Accounts, By Type Of Account, 2007-13 market Revenue key Points packaged Account Fee Income Reached Over £1 Billion In 2011… figure 15: Distribution Of Current Account Revenue, By Income Source, 2007 And 2011 strong Growth In Packaged Account Fees… equating To Over A Third Of Total Market Revenue figure 16: Average Account Revenue And Share Of Total Revenue, By Type Of Account (all Accounts), 2011 packaged Accounts Generate Double The Revenue On Average figure 17: Average Revenue, By Type Of Account And Income Source (active Accounts Only), 2011 market Share key Points lloyds Tsb Is The Largest Provider Of Current Accounts figure 18: Current Account Provider Rankings, By Share Of Main Current Account Market, June 2013 top Six Banking Groups Control 94% Of The ‘main’ Account Market figure 19: Share Of Main Current Account Market, By Top Six Providers (group Basis), June 2013 survey Background companies And Products lloyds Banking Group Packaged and Current Accounts - UK - July 2013
  4. 4. figure 20: Lloyds Tsb Current Account Range, June 2013 figure 21: Halifax Current Account Range, June 2013 figure 22: Key Annual Financial Data For Lloyds Banking Group, 2011 And 2012 rbs Group figure 23: Rbs And Natwest’s Current Account Range, June 2013 figure 24: Key Annual Financial Data For Rbs Group, 2011 And 2012 barclays figure 25: Barclays’ Current Account Range, June 2013 figure 26: Barclays’ Current Account Pack Range, June 2013 figure 27: Key Annual Financial Data For Barclays Plc, 2011 And 2012 hsbc figure 28: Hsbc’s Current Account Range, June 2013 figure 29: First Direct’s Current Account Range, May 2013 figure 30: Key Annual Financial Data For Hsbc Bank Plc, 2011 And 2012 santander figure 31: Santander Current Account Range, June 2013 figure 32: Key Annual Financial Data For Santander Uk, 2011 And 2012 nationwide figure 33: Nationwide’s Current Account Range, June 2013 figure 34: Key Interim Financial Data For Nationwide Building Society, H1 2011 And H1 2012 new Entrants And Potential Challengers metro Bank m&s Bank post Office virgin Money tesco Bank brand Communication And Promotion key Points current Account Adspend Rises As Competition Hots Up figure 35: Advertising Expenditure On Personal Current Accounts And Related Money-transmission Services, By Product Sub-category, 2011-13 in The Latest Year, Tv Again Claimed The Largest Share Of Industry Adspend figure 36: Share Of Advertising Expenditure On Current Accounts And Related Money-transmission Services, By Media Type, 2011-13 … And Lloyds Tsb Was The Top Advertiser figure 37: Top Ten Advertisers Of Current Accounts And Related Money-transmission Services, 2011-13 a Note About Nielsen Media Research Packaged and Current Accounts - UK - July 2013
  5. 5. channels To Market key Points decline In The Uk Branch Network Continues figure 38: Uk Bank And Building Society Branch Networks, 2003-11 many Branch Closures Are The Result Of Consolidation figure 39: Number Of Branches Operated, By The Top Six Retail Banking Groups, Start 2013 more Will Close In 2013 And 2014, But New Entrants Will Help Reverse The Trend although Branch Usage Has Declined Over The Past Few Years, It Is Still The Most Widely Used Channel figure 40: Methods Used To Access Current Account In The Last 12 Months, 2008 And 2012 branch Visits Occur Much Less Regularly Than Online Logins figure 41: Frequency Of Using Banking Services Provided By Main Current Account Provider, June 2013 current Account Ownership key Points survey Background a Very Small Minority Have No Current Account figure 42: Number Of Personal Current Accounts Held, June 2013 just Over A Third Of Current Account Customers Have Multiple Accounts more Than A Quarter Of Current Account Holders Have A Joint Account figure 43: Segmentation Of Current Account Holders, By Sole Or Joint Account Ownership, June 2013 around One In Seven Have A Packaged Or Premium Account figure 44: Type Of Current Account Held, By Number Of Accounts Held, June 2013 joint Account Holders Are More Likely To Have A Packaged Account figure 45: Type Of Current Account Held, By Sole Or Joint Ownership, June 2013 typical Packaged Account Holder perceived Relevance Of Packaged Benefits key Points breakdown Cover And Id Theft And Card Protection Are Viewed As The Most Relevant By Customers figure 46: Inclusion And Perceived Relevance Of Common Packaged Account Benefits, June 2013 opinions For And Against advocates waverers critics switching Experience key Points one In 12 Account Holders Have Switched Their Main Account In The Past Year figure 47: Proportion Of Current Account Holders Who Have Switched Their Main Account Provider, By Number Of Accounts Held, June 2013 Packaged and Current Accounts - UK - July 2013
  6. 6. multiple Account Holders Are More Likely To Have Switched but Half Of All Account Holders Have Never Switched figure 48: Proportion Of Current Account Holders Who Have Switched Their Main Account Provider, By Sole Or Joint Ownership, June 2013 around A Quarter Of Packaged Account Holders Have Changed Their Main Provider In The Past Three Years figure 49: Proportion Of Current Account Holders Who Have Switched Their Main Account Provider, By Type Of Account Held, June 2013 hsbc Has The Most Loyal Customers figure 50: Proportion Of Current Account Holders Who Have Switched Their Main Account Provider, By When Switch Occurred And Existing Main Account Provider (top Seven Only), June 2013 nationwide Has Highest Percentage Of Recent Switchers to Switch Or Not To Switch switching Motivation key Points two Fifths Of Current Account Holders Would Switch Banks If Their Own Provider Introduced A Monthly Fee figure 51: Factors Persuading Current Account Holders To Switch, June 2013 push Factors Are More Persuasive figure 52: Comparison Of Switching Factors, By Type, June 2013 santander And Halifax Customers Are Most Susceptible To Pull Factors figure 53: Factors That Would Persuade Current Account Holders To Switch, By Main Account Provider (top Seven Only), June 2013 appendix – Market Share figure 54: Main Current Account Provider (top Seven Only), By Demographics, June 2013 figure 55: Customer Profile For The Top Seven Current Account Providers, June 2013 appendix – Current Account Ownership figure 56: Number Of Current Accounts Held, By Demographics, June 2013 figure 57: Segmentation Of Current Account Holders, By Sole Or Joint Account Ownership, By Demographics, June 2013 figure 58: Type Of Current Account Held, By Demographics, June 2013 appendix – Perceived Relevance Of Packaged Benefits figure 59: Inclusion And Perceived Relevance Of Common Packaged Account Benefits, June 2013 figure 60: Benefits Included And Relevant In Packaged Account (top Five), By Demographics, June 2013 figure 61: Benefits Included And Relevant In Packaged Account (next Five), By Demographics, June 2013 figure 62: Benefits Included And Relevant In Packaged Account (final Four), By Demographics, June 2013 Packaged and Current Accounts - UK - July 2013
  7. 7. appendix – Switching Experience figure 63: Most Popular Proportion Of Current Account Holders Who Have Switched Their Main Account Provider, By When Switch Occurred, By Demographics, June 2013 appendix – Switching Motivation figure 64: Factors Persuading Current Account Holders To Switch (top Five), By Demographics, June 2013 figure 65: Factors Persuading Current Account Holders To Switch, By Demographics (next Four), June 2013 figure 66: Factors Persuading Current Account Holders To Switch (final Two), By Demographics, June 2013 figure 67: Push, Pull And Convenience (netted) Factors, By Demographics, June 2013 ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Packaged and Current Accounts - UK - July 2013

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