Latest Intelligence on Current Accounts

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Type Product title / description Pub Price
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HSBC: moving in the right direction on social media strategy

An IT hardware failure affecting HSBC's ATMs and card payments tested the bank's social media strategy over the weekend, as consumers took to Twitter to raise the issue and complain. The social media strategy was originally developed as a result of a major outage in November 2011. Transparent communication with consumers in a crisis is vital, and HSBC has put the right plans in place to do this.

Published By Datamonitor
24 May 2012
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Barclays gets ahead of the curve with a new personalized approach to current accounts

In the face of growing concerns regarding the selling of packaged accounts Barclays is being proactive, taking a flexible approach to fee-based accounts. Although Barclays is not offering full flexibility due to the costs of providing more specialized insurance, this approach should help banks to overcome the issues surrounding packaged accounts.

Published By Datamonitor
20 Jun 2012
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A total of 4.8 million Lloyds customers are to be moved to The Co-operative, but will any refuse?

Being transferred to The Co-operative Bank will likely mean that people will not be able to use their existing online and mobile banking facilities, and this may be enough to persuade some customers to stick with Lloyds.

Published By Datamonitor
24 Jul 2012
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Marks & Spencer is targeting its most loyal customers with its new packaged current accounts

Marks & Spencer Bank has decided to charge a GBP15 or GBP20 monthly fee for its new Premium Current Accounts, in return for which customers will receive a range of benefits including vouchers for use instore. The retailer is therefore focusing on its most regular, high-spending customers, and is hoping that the incentives on offer will be enough to persuade them to make the switch.

Published By Datamonitor
27 Jul 2012
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Latest call to end free banking highlights potential of well-designed and targeted paid-for accounts

The chairman of the FSA has indicated support for paid-for current accounts after arguing that free-if-in-credit banking ultimately damages the industry. The reopening of the debate on the viability of paid-for accounts highlights the opportunities available if institutions refine their packaged account offerings to maximize appeal among target consumers, as M&S has done with its premium account.

Published By Datamonitor
27 Jul 2012
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Tesco Bank shuns the "Tesco Value" message with its new mortgage range

After much delay, Tesco Bank has finally confirmed its entry into the UK mortgage market. Starting from August 6, 2012, the bank is offering four products comprising a mix of fixed and tracker deals. However, the less than competitive rates on offer demonstrate a continued strategic shift away from the "Tesco Value" customer.

Published By Datamonitor
08 Aug 2012
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Creativity required to generate fee income from transaction accounts

As banks have been seeking more funding support from local sources to become less reliant on overseas funding, competition for deposits has increased significantly. The government's introduction of the "tick and flick" plan in July further stimulated competition, and banks have been eager to scrap fees for their deposit products to entice customers.

Published By Datamonitor
10 Aug 2012
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Barclays Bank becomes the latest party to advocate an end to "free" banking

The "free if in credit" model of retail banking has come under renewed attack in the UK. Barclays Bank has claimed that the lack of revenue from free accounts drove the major banks to engage in the mis-selling practices that have recently attracted censure. The bank has therefore become the latest in a succession of parties to advocate the introduction of monthly fees to help clean up the market.

Published By Datamonitor
17 Aug 2012
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Reputation is vital for success in banking

Consumers are increasingly influenced by the reputation of banks when choosing to purchase a product. Banks with tarnished reputations will find it more difficult to acquire new customers.

Published By Datamonitor
28 Sep 2012
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Banks' expensive acquisition strategies have left 77% of consumers unconvinced

The UK's biggest banks spent over GBP40m in 2011 on advertising their brands in order to acquire new customers, but their messages do not seem to be having the desired result. They might find more success by developing the services they offer to consumers.

Published By Datamonitor
04 Oct 2012

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