“Consumer expectations of financial services providers are growing, giving challengers an opportunity to meet people’s needs where the more traditional providers cannot. However, increasing awareness levels and highlighting their differences will be key to consumer consideration of challengers. Beyond this, they will also need to prove they can get the basics right in order to build consumer trust.”
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Overview
Overview
This report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Overview
Executive Summary
Issues and Insights
Market
Market
Mintel provides a range of market information across categories including: forecasting and share information; internal and broader market environment information; and the issues that affect the market in question.
The Market – What You Need to Know
Market Drivers
Consumer
Consumer
Mintel conducts exclusive and original consumer research for reports, bringing up-to-date and unique insight to topical issues. This research examines the impact of social, economic, cultural and psychological influences on consumers.
The Consumer – What You Need to Know
Awareness of Challenger Brands
Use of Challenger Brands
Awareness of Digital Banks
Likelihood to Consider a New Bank
Most Important Qualities When Choosing a Provider
Interest in Banking Services
Concerns About New Banks
Brand/Company
Brand/Company
Our brand research provides data and informed analysis across a number of consumer metrics including usage, satisfaction, recommendation, momentum and trust. It also explores consumer attitudes towards brands and examines the reasons behind these.
Companies and Brands – What You Need to Know
Market Share
Competitive Strategies
Data
Data
Reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
Appendix – Data Sources, Abbreviations and Supporting Information
29th June 2018
“Recently, TSB has faced some major issues with its online banking services, which will likely compound consumer concerns about challenger banks. However, issues like these give brands an opportunity to showcase their customer service, as brands that respond quickly and visibly will reassure and rebuild consumer trust.” 
31st August 2017
“The opportunities presented by Open Banking will stretch beyond the financial services industry. Retail, utility, leisure and travel companies are among those which could benefit from the release of open APIs by plugging in to banks’ marketplaces to create bespoke offers”.
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Savings products offer challengers an opportunity to get a foothold in the market
