Table of Contents
Issues in the Market
-
- Key themes in the report
- Report definition
- Consumer section
- Abbreviations
Insights and Opportunities
-
- Talking money
- A little help from my friend
- The big freeze
Market in Brief
-
- Finance consumers given a voice
- Technology paving the way for better current account management
- Credit crunch’s effects felt in current accounts market
- Consumers cash in on aggressive switching tactics
- Increased competition and changes in banking codes driving current account uptake
- Interest rates remain the top factor when choosing current accounts
- A nation of technophiles and demanding divas
Fast Forward Trends
-
- Trend 1: Consumer as Detective
- What’s it about?
- What we’ve seen
- What next?
- Trend 2: Mood from Food
- What’s it about?
- What we’ve seen
- What next?
Internal Market Environment
-
- Key points
- Payment Services Directive set to ease the burden of cashless transfers
- The results so far...
- Calls for industry changes as OFT slams financial services providers
- The banks fight back
- ‘Free banking’ likely to be a credit crunch casualty
- Recent developments
- 2008 UK Banking Code living up to its expectations
- IBF Personal Account Switching Code – three years on
- Heightened protection for RoI consumers
- Stamp duty slash a welcome relief
- Interest rate cuts fuelling consumer anger
- Online banking going from strength to strength
-
- Figure 1: Percentage of respondents who carry out online banking as an internet activity, NI and RoI, 2003-07
- Key players note online banking success
- Growth in number of non-nationals sustaining account uptake
-
- Figure 2: Estimated number of immigrants to RoI, 2000-08
- Figure 3: Estimated international migration inflows, NI, 2000/01-2006/07
-
- Figure 4: Number of births and birth rate, NI and RoI, 2002-07
Impact of the Credit Crunch
-
- Key points
- The recession at a glance
-
- Figure 5: Overview of downturn in global economy, 2008
- Changes afoot in UK and Irish financial institutions
- Nationalisation
-
- Figure 6: Bank ownership, UK, 2008
- Northern Rock
- Bradford & Bingley
- Acquisitions and mergers
- Alliance & Leicester
- HBOS and Lloyds TSB
- Barclays and Lehman Brothers
- Government intervention
- Latest developments in the recession
- The effects on Irish soil
-
- Figure 7: Economic outlook for NI and RoI, 2007-09
- Implications
-
- Figure 8: Number of repossessions on mortgaged properties, UK, 2001-Q3 2008
- Interest rate cuts a relief for homeowners and a worry for savers
-
- Figure 9: Average annual UK and eurozone interest rates, 2003-Jan 2009
Overcoming Financial Exclusion
-
- Key points
- ‘Unbanked’ statistics reflect success of financial inclusion strategies
- Barriers to current account uptake
-
- Figure 10: Banks that offer basic current accounts, NI and RoI, 2008
- Figure 11: Total number of basic bank accounts opened, net of closures, UK, April 2004-April 2008
- Basic bank accounts – opening the gateway to cross-selling
Strengths and Weaknesses
-
- Strengths
- Weaknesses
Who’s Innovating?
-
- Key points
- Big bucks for ‘Big Switch’
- Other banks offering financial benefits
- Rewards for sensible spenders with AIB
- ‘Vantage’ for the advantaged
- Technology paving the way further
- Mobile phone banking
- Contactless cards
- Faster payments quicken payment process
- Makeovers to enhance brand identity
- Funds when you need them most
- Increasing product offerings for the youth market
- New product offerings for 2009
Market Value and Forecast
-
- Key points
- Competition in the marketplace fuelling current account uptake
-
- Figure 12: Number of current accounts in issue, IoI, NI and RoI, 2004-13
- Figure 13: Number of current accounts in issue, IoI, NI and RoI, 2004-13
- Future growth driven by the credit crunch?
- Fall in account values reflective of global economic climate
-
- Figure 14: 12-month averages of amounts held in Irish residents’ current accounts, NI and RoI, 2006-08
Companies and Products
-
- Key points
- An Post
- Abbey National plc
- Alliance & Leicester
- Allied Irish Bank (AIB)
- Bank of Ireland Group
- Halifax (Bank of Scotland Ireland Limited)
- Halifax (Bank of Scotland plc)
- HSBC Bank plc
- Nationwide
- National Irish Bank (NIB) and Northern Bank
- Permanent TSB
- Post Office
- Ulster Bank Group
The Consumer – Current Account Ownership
-
- Key points
- Current account ownership in RoI playing catch-up to NI
-
- Figure 15: Current account ownership, NI and RoI, 2007 and 2008
-
- Figure 16: Breakdown of consumers with no current account, by age and socio-economic group, NI and RoI, 2008
- Females getting to grips with finances
-
- Figure 17: Current account ownership, by gender, NI and RoI, 2008
- Premium and packaged accounts reach their peak?
-
- Figure 18: Percentage point growth of current account ownership (only or main account), by type of account, NI and RoI, 2007-08
- Interest rates remain a key factor in current account choice
-
- Figure 19: Top five most important factors when choosing a current account, NI and RoI, 2006 and 2008
- Locality a new concern for consumers
- Corporate identity and reputation increasingly important
-
- Figure 20: Top five most important factors when choosing a current account provider, NI, 2003-08
-
- Figure 21: Top five most important factors when choosing a current account provider, RoI, 2003-08
- Interest in telephone and internet banking continues to flourish
-
- Figure 22: Agreement with ‘telephone/internet banking facilities’ as an important factor when choosing a current account, NI and RoI, 2003-08
Consumer Typologies
-
- Key points
- NI target groups
-
- Figure 23: Consumer typologies based on aspects that would improve a consumer’s banking experience, NI, 2008
- Opportunists
- Technophiles
- Relationship Seekers
- RoI target groups
-
- Figure 24: Consumer typologies based on aspects that would improve a consumer’s banking experience, RoI, 2008
- Solo Financers
- Finance Divas
- Technophiles
- Neglected Bankers
- Untapped Financers
Appendix
-
-
- Figure 25: Top five activities carried out online, NI, and RoI, 2007
- Figure 26: Number of current accounts in issue, IoI, NI and RoI, 2004-13
-
- Figure 27: Number of respondents with a current account, by demographic breakdown, NI and RoI, 2008
- Figure 28: Type of current account owned (only or main account), NI, 2007 and 2008
-
- Figure 29: Type of current account owned (only or main account), RoI, 2007 and 2008
- Figure 30: Important factors when choosing a current account provider, NI, 2003-08
-
- Figure 31: Important factors when choosing a current account provider, RoI, 2003-08
- Figure 32: Number of current accounts owned, by demographic breakdown, NI and RoI, 2008
-
- Figure 33: Consumer typologies based on aspects that would improve a consumer’s banking experience, NI, 2008
- Figure 34: Consumer typologies based on aspects that would improve a consumer’s banking experience, RoI, 2008
-
- Figure 35: NI clusters, by demographic breakdown, 2008
- Figure 36: RoI clusters, by demographic breakdown, 2008
-
Back to top