Author: Mintel Group Ltd.
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Consumer Attitudes towards Financial Services Innovation - UK - February 2017
Overview
 
What you need to know 
Open banking has the potential to change the dynamics of retail banking in the UK. The opening up of banks’ APIs (Application Programming Interfaces) should help to spark further innovation in the financial services sector, as the UK’s leading banks aim to protect their vast customer bases, whilst digital-only challengers look to make the most of new opportunities to engage with a wider audience.

Brands are most likely to focus their attention on the development of online and mobile channels, however, consumers are just as likely to say that banks should focus on in-branch or face-to-face innovation over digital advancements.

Whilst digital dominates when it comes to the day-to-day management of financial services, those making big financial decisions still prefer the reassurance of speaking to somebody in person.

As a result high street providers would be wise to consider slimming down branches instead of continuing the recent flurry of closures, whilst FinTech start-ups need to find ways of delivering services that provide access to in-person advice and guidance. 

Scope of this Report
By drawing on Mintel’s exclusively commissioned research, this Report investigates consumer attitudes towards financial services innovation with a focus on the retail banking sector. 

The key areas of innovation covered within the Report are those that are deemed to have the highest levels of consumer awareness and interest either now or in the near future, namely:

●	Open banking APIs
●	Online and mobile banking features and security
●	Mobile payment services
●	Finance management and budgeting apps
●	Artificial Intelligence in financial services (eg robo-advice, chatbots)
●	Telematics.

The research gives an overview of consumers’ current usage of digital financial services, in addition to their interest in new innovations. We also look at consumers’ attitudes towards data sharing and analyse their views about the security of online and mobile banking systems. 

Next the Report assesses the ways that providers could encourage people to share their information with banks and third parties ahead of the introduction of the open banking reforms. Finally the research looks at consumers’ attitudes towards different banking channels and ways of interacting with providers, in addition to their thoughts on online banking sites and features.

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