ReportsnReports.com: New and Emerging Players in UK Retail Banking

Oct. 17, 2011 - PRLog -- Introduction

Several providers have entered the banking market or expanded their presence since the crisis of 2008, with more on the verge of doing so. All are hoping to capitalize on perceived public discontent with the established banks, and regulatory efforts will help to open up the market. However, factors such as consumer inertia continue to present challenges for many entrants.

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Features and benefits
•   Discusses the factors that will work in favor of new entrants, and those that will work against them.
•   Uses results from two separate Datamonitor consumer surveys to evaluate consumer attitudes and behavior towards their banking arrangements.
•   Explores each of the main existing and potential entrants, assessing their performance and strategy to date, as well as their future prospects.
•   Provides estimated shares of the current account market in 2015 for the most significant new and emerging entrants.
Highlights

Several factors will aid new entrants. Many existing banks remain in a weakened state, and balance sheets could be further damaged by possible Eurozone debt write-offs. Regulatory initiatives, such as those concerned with improving the account switching process, and with promoting competition, will further benefit new providers.

The biggest obstacle facing new entrants is market inertia, with UK consumers historically proving unwilling to change banks. Only 5% of consumers have switched in the last 12 months, and the lack of mobility has created a highly concentrated UK Retail Banking Market. In addition, regulatory and capital requirements weigh more heavily on newer providers.

The majority of new entrants will achieve a degree of success and become viable, profitable entities. However, they will remain small in size, and will not provide serious competition for the largest providers. The retail banking landscape is unlikely to be radically altered by the emergence of these new providers.


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