United Kingdom (UK) Retail Banking Analysis by Consumer Profiles (Older Gen Z, Gen X, Millennial, Older Millennial, Younger Millennial and Boomers)

United Kingdom (UK) Retail Banking Analysis by Consumer Profiles (Older Gen Z, Gen X, Millennial, Older Millennial, Younger Millennial and Boomers)

Summary

This report - which is part of a series of UK content including country analysis and competitor benchmarking - looks at six different customer personas in the UK market. It offers a deep dive into their financial goals, unmet needs, and banking preferences while providing actionable steps for financial providers to take to achieve high levels of retention and cross-sell effectively and accordingly.

Based on the consumer profiles covered in this report, a number of general results can be gleaned. For example, most customers conduct their banking digitally either on a mobile app or on a 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 Joe, an 18-34-year-old lower emerging affluent first-time worker, are among the most likely to pay for premium features. They are also more likely than most to want to make use of digital channels regularly but also value branch services when conducting the majority of their banking needs.

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 area of dissatisfaction.
• Young, single consumers who prefer to use alternative providers are the less satisfied with their bank’s integration of digital and nondigital services than other features of their bank’s digital offering.
• Mass affluent customers are likely to be more willing to pay for preferential cashback than any other premium feature that a bank could offer.

Reasons to Buy

• Understand how preferences vary between different types of consumers.
• 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.