UK Retail Banking: Consumer Profiles 2023

This report uses data taken from GlobalData's 2023 Financial Services Consumer Survey to break down the UK retail banking market into five distinct profiles based on age, relationship status, and preference for digital or traditional providers. Each of these profiles is then analyzed individually to describe the unique features of its preferences and product holdings. This analysis facilitates the provision of actionable steps that providers could take that would cater to the wants and needs of customers fitting a given profile.

Based on the consumer profiles covered in this report, a few general results can be gleaned. For example, most customers conduct their banking digitally, either on a mobile app or on their provider's website. However, despite the digitization of retail banking, consumers generally still hold a reasonably strong preference for the use of branches when it comes to big tasks such as applying for a mortgage. However, the advantage of this report lies in the findings that are unique to individual profiles. Customers who match the profile of Janet, a Generation X, emerging affluent customer, are among the most digitally active and the unhappiest with the current digital offering offered by their bank. This shows that as older customers become more digitally literate, traditional banks will need to evolve their services to keep up with digital-only banks to ensure they retain their large customer bases.

Scope

• Across almost all consumer profiles, online and mobile banking were the two most commonly used channels.
• Several consumer profiles showed a strong preference for branch access for certain banking activities.
• Loyalty rewards are a common complaint and area of dissatisfaction.
• Young, single consumers who prefer to use alternative providers are least satisfied with their bank's integration of digital and nondigital services than other features of their bank's digital offering.

Reasons to Buy

• Understand how consumer preferences vary between different types of consumer.
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
• Identify the areas for improvement that matter to particular consumers.
• Benefit from the provision of actionable steps that can help your business target specific customer profiles.