DUBLIN, Dec. 2, 2019 /PRNewswire/ — The “UK Savings 2019: Review, Forecasts, and Future Opportunities” report has been added to ResearchAndMarkets.com’s offering.
This report provides information and insights on the UK savings market, including details of the recent savings macro market, the competitive environment among incumbent and challenger players, customer behavior and sentiment, an analysis of recent regulatory changes and proposals and a look at the most innovative new players in the savings industry.
The UK savings market has been characterized by a mixture of factors during 2019. Lower GDP and higher real wage growth have created a willingness and ability to save. Similarly, uncertainty over Brexit has led to a flight to safety from stocks and shares ISAs into cash ISAs.
In terms of Net Promoter Score (NPS), First Direct leads the way, Nationwide has steadily fallen since 2017, and TSB collapsed in 2019. Meanwhile, new entrant Marcus by Goldman Sachs (Marcus) plans to introduce a budgeting and money management app for 2020 for upper emerging and mass affluent consumers. Its well-known brand and market-beating rates will put pressure on smaller banks in the short term and larger incumbents in the long term.
- Total deposit growth is forecast to be half of the preceding five years amid falling APRs.
- Cash ISA growth rates are set to outperform non-cash ISAs for the forecast period (2019-23).
- Sustained growth in average real weekly…