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Online Banking in the UK: Sizing the Market Opportunity

United Kingdom online banking market: New market research published

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2014-03-14 00:45:01 - Online Banking in the UK: Sizing the Market Opportunity - a new market research report on

This report explores the balance between maintaining a satisfactory online banking proposition that allows consumers to carry out their day-to-day banking, and the merit of additional online features such as personal financial management (PFM). Ensuring that the relationship with online customers is maintained is vital due to the remote nature of the online channel.

Report Scope

- Refine the design of your online banking platform by learning the key consumer demands from this channel.
- Benchmark your online offering with comparisons of ease of use of online features from the UK´s top providers.
- Boost customer retention by identifying the core target customers for the online channel.
- Maximize the potential of the online channel by ensuring that innovation aligns with customer needs.

Key Highlights

As a



number of top UK providers face upheavals in their customer bases with the sale and purchase of branches, this creates a challenge to retain customers sold off with the branches, or attract new ones. The quality and functionality of the service that consumers receive on their existing online banking platform will play a part in this decision.

The remote nature of online banking weakens the relationship between a provider and customers. This may contribute to the feeling among consumers who predominantly use the online channel that their provider does not understand their financial situation. Providers must address this in order to offer services that align with their customers´ needs.

Consumers who only use the online channel for their regular banking activities are more likely to be self-sufficient when seeking out advice. Providers will want to find ways in which to deliver advice and information effectively through the online channel in order to continue to advise these customers.

Reasons to Buy

- What are the key challenges of the online channel for the top UK providers?
- Is online banking primarily a customer retention or acquisition tool?
- Is there a gap between consumer demand and bank offerings for specific online activities?
- Who is the typical online banking customer?
- What is the potential of the online channel for marketing to customers?

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Mike King
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