Datamonitor identifies the defining force of the next decade to be the
consumer. Empowered and better informed consumers will have tougher demands
towards all FS products and services. Instant information and the advancement
of technology will only increase the need for consumer centric strategies. At
the same time austerity measures and a lack of confidence in FS brings new
fears and challenges.
Features and benefits
• Prepare for the demands of consumers in 2020 by understanding the
consumer trends which will emerge over the next decade.
• Stay ahead of the pack by learning what steps can be taken now to
adapt to evolving consumer priorities.
• Adapt to new consumer demands by understanding the effects that the
big changes of the recession and ensuing spending cuts will have on UK
consumers.
Highlights
For providers to compete successfully in 2020 they will have to use consumers'
personal information effectively to create adaptable and tailored products.
Personalization will be a key trend, however, providers will have to ensure
that consumers' personal information is kept safely as data losses will result
in significant brand damage.
The spending cuts implemented to cut the Government' s budget deficit will
affect all consumers. FS providers will have an opportunity to fill the gaps
left in public services. An increased uptake of products including healthcare
cash plans and child saving products will be seen as consumers become
increasingly self-reliant.
Mobile banking will start to replace the online channel as the functionality
of mobile phones continues to grow and consumers become increasingly dependent
on their phones. Contactless technology in phones will be commonplace, with
mobile payments starting to replace cash and card payments.
Your key questions answered
• What will the financial services sector in the UK look like in
2020?
• How will emerging consumer trends shape the FS sector and how can FS
providers start targeting these now?
• What threats and opportunities will present themselves in the coming
decade?
• What effect will factors including the austerity measures and
technological advances have on consumer demands?
Table of Contents
DATAMONITOR VIEW
SUMMARY
UK FINANCIAL SERVICES IN 2020
Presentation content
Keywords
APPENDIX
Methodology
Datamonitor consulting
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