UK Branch Banking Market Report 2022
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The UK Branch Banking Market Report 2022 identifies consumers’ attitudes towards visiting physical branches, the rise of the online banking channel, and the impact of the cost-of-living crisis on the UK retail banking market. This report covers the UK branch banking market size, market forecast, market segmentation and industry trends for the UK Retail Banking market.
UK branch banking statistics show that despite the popularity of online and mobile banking, younger demographics are the most likely to visit branch banks. Customers feel reassured by the presence of actual people – this particularly appeals to those who are less financially experienced.
The shift towards digital banking services and online customer service will continue to accelerate though as more bank and building society branches close. However, some providers may delay closures to help support people through the cost-of-living crisis.
Closures are set to continue as banks look to save costs and focus on digital channels, however, shared hubs will retain access to cash and some basic banking services. Continued closures pose a threat to the UK retail banking market. These purely online channels will be tested if consumers are left with further travel for cash and more complex banking needs.
The rising cost of living, high inflation rates and soaring energy bills will have an impact on the future of branch banking. There could be pressure for banks to postpone planned closures to offer continued support during the cost-of-living crisis as a significant number of people are keen for their bank branch to offer guidance on the rising cost of living.
According to our UK branch banking market research, closures will slow as the UK banking market plateaus. Consumers will still want the reassurance of in-person advice, and customer service. The UK banking industry will change in that an increasing range of services will take place online and via expanded availability of video chat appointments.
UK retail banks have opportunities to reduce waiting times in-branch by focusing on wider availability of self-service machines to cater for basic cash banking, which is the most common reason for branch visits. This will free up counter staff to deal with more complex and tailored customer issues. Banks must offer more bookable appointments through online banking and apps to help customers plan their visit and reduce friction in the process.
Read on to discover more details or take a look at all of our UK Banking and Money Transmission Market Research.
Brands: Lloyds Bank, Halifax, Bank of Scotland, Barclays, NatWest, RBS, Ulster Bank, Coutts, Nationwide, HSBC, Santander, TSB, Virgin Money, Clydesdale Bank, Yorkshire Bank, Handelsbanken, Skipton Building Society, Metro Bank, Principality Building Society, Coventry Building Society, Leeds Building Society, Co-operative Bank, Nottingham Building Society, Danske Bank, West Brom Building Society, Newcastle Building Society, The Cambridge Building Society, Bank of Ireland, Progressive Building Society.
This report, written by Adrian Reynolds, a leading analyst in the Finance sector, delivers in-depth commentary and analysis to highlight current trends in the UK Retail Banking market, and adds expert context to the numbers.
Despite the long-term shift towards digital banking, branches still have a role to play for many consumers. Satisfaction levels remain high despite widespread branch closures in recent years. This will be tested as customers seek further support through the cost-of-living crisis, with less financially experienced younger consumers particularly seeking guidance. With waiting times in-branch a key factor, additional self-service machines will be important alongside wider availability of bookable appointments for more complex issues and advice.
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Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.