TABLE OF CONTENTS
Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
Datamonitor concludes that new providers will have only a limited impact on the market 2
Non-traditional players seeking to enter the banking market face mixed prospects 2
The case for non-traditional players 4
The case against non-traditional players 9
Introduction 17
The banking crisis has created an ideal climate for new entrants 17
The Future Decoded 22
Strengths 22
Weaknesses 40
Opportunities 53
Threats 59
APPENDIX 76
Supplementary data 76
Definitions 83
Methodology 84
Further reading 85
Ask the analyst 85
Datamonitor consulting 85
Disclaimer 85
TABLE OF FIGURES
Figure 1: Consumers with diminished trust in their main bank are willing to look elsewhere 5
Figure 2: Sainsbury’s is using its Nectar loyalty scheme to entice customers 7
Figure 3: Current account market share is concentrated in very few hands 10
Figure 4: Only a minority claim they are willing to purchase financial products from supermarkets 11
Figure 5: Consumers with diminished trust in their main bank are willing to look elsewhere 19
Figure 6: There is a strong link between falling levels of trust in industry and likelihood to shop elsewhere 20
Figure 7: Consumer trust in banks has been badly hit, especially in the US and northern Europe 21
Figure 8: Tesco already offers a wide array of financial products and services 24
Figure 9: As well as having an online presence, Tesco also offers in-store banking facilities 25
Figure 10: Alior is the largest ever bank launch in Polish history 27
Figure 11: The US fashion retailer Nordstrom offers full banking to its customers 29
Figure 12: Through its Greenbee brand, John Lewis markets a wide range of insurance policies 31
Figure 13: O2 has recently introduced two new payment cards 32
Figure 14: Customer satisfaction with credit card providers is much higher for non-bank institutions 34
Figure 15: Sainsbury’s is using its Nectar loyalty scheme to entice customers 37
Figure 16: Tesco has effectively integrated its credit card into its wider loyalty program 39
Figure 17: Is this an appropriate environment in which to sell mortgages and pensions? 43
Figure 18: Current account market share is concentrated in very few hands 44
Figure 19: Non-financial providers currently hold limited appeal for consumers 46
Figure 20: Only a minority claim they are willing to purchase financial products from supermarkets 47
Figure 21: Banks still enjoy levels of trust comparable to other organizations, in the UK and globally 48
Figure 22: ING Direct: When saving doesn’t feel so good 50
Figure 23: Tesco Compare has failed to make inroads into the price comparison market 51
Figure 24: RBS could be forced to sell off its branches in England 54
Figure 25: Across all markets, the current account drives cross-selling of other products 56
Figure 26: There has been a severe contraction in the availability of secured and unsecured credit 59
Figure 27: Deposits held at HBOS fell in 2008, along with consumer confidence 61
Figure 28: Prudential sold Egg to Citi in 2007, having failed to make a success of the venture 64
Figure 29: Marks & Spencer’s Lifestore concept failed to attract customers in sufficient numbers 66
Figure 30: National Savings & Investments prominently emphasizes its 100% Treasury-backed guarantee 70
Figure 31: Abbey is launching a fee-free bank account for its mortgage holders 72
TABLE OF TABLES
Table 1: New providers at a glance 23
Table 2: Tesco outlets in the UK, as of November 2009 40
Table 3: Impact of fall in trust with primary bank on likelihood to investigate other banks 76
Table 4: Current account market share in the UK 76
Table 5: Products consumers are willing to purchase from supermarkets 77
Table 6: Impact of fall in trust with banking industry on likelihood to shop around for financial products 77
Table 7: Extent of fall in trust in banking industry 78
Table 8: Customer satisfaction with credit card providers 79
Table 9: Popularity of non-financial providers for financial products 80
Table 10: Extent of trust in financial institutions (rated on five-point scale) 80
Table 11: ING Direct: savings rates and deposits 80
Table 12: Extent of cross-selling 81
Table 13: Change in availability of credit over time 81
Table 14: Nationwide Consumer Confidence Index 2004–2009 82
Table 15: HBOS: value of total deposits over 2004-2009 83
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