While Metro Bank was the first bank to receive a banking licence in over 100 years, it has been followed by a number of others with Monzo and Starling leading the charge of the latest generation of mobile-only banks. These banks are defined by brightly coloured cards and simple, streamlined interfaces.

However, despite the introduction and growth of these smaller banks and the introduction of the seven-day current account switching service, most consumers simply don’t see the value in changing banks and the long-standing incumbents continue to dominate the sector.

While younger consumers appear more willing to open new accounts, there are signs they’re not closing the old ones. Many are instead opting to hold multiple accounts with each used for a specific part of their financial lives. This means that, while the smaller banks are successfully acquiring new account holders, the incumbents aren’t losing customers at the same rate.

While it was hoped that Open Banking would help prise open the sector to greater competition, its uptake remains limited and the big banks look best placed to transform themselves into platforms for consumers who want to access all aspects of their financial lives in one place.

This Report covers the ‘big picture’ relationships between consumers and retail banking providers. This includes everyday banking products: current accounts, savings accounts and credit cards, as well as loans, mortgages and insurance. The Report explores the strategies of the leading players, new innovations in the market and above-the-line advertising expenditure.

Mintel’s exclusive consumer research explores the relationship between consumers and their main retail bank. This includes the range of products held and their satisfaction with different aspects of the banking experience. It looks at consumers’ switching habits and motivations to switch between banks as well as their preferred method of communication with banks.