Latest Intelligence on Current Accounts

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Type Product title / description Pub Price
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Vitamins, shampoo, bank account

GoBank in the US is encouraging customers to open current accounts on impulse. While this may reduce short-term customer acquisition costs, in the long term, this strategy may backfire.

Published By Datamonitor
17 Jul 2013
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Virgin Money rocks the banking world

The UK government has confirmed that Virgin Money will buy Northern Rock, with the sale due to be completed at the beginning of 2012. This will create a new entrant with the potential to contend with the largest players almost overnight. However, the amalgamation of the two providers will not be without obstacles as customers from both sides start to witness change.

Published By Datamonitor
18 Nov 2011
CommentWire
CommentWire

UK government: making financial services digestible

As part of its recent white paper on banking reforms, the British government has suggested ways in which the financial services industry can re-engage with consumers, including the introduction of a color-coded system more commonly found on food labels. While the suggestion has drawn some criticism, the proposed system should at least lead to greater innovation and competition within the industry.

Published By Datamonitor
14 Jul 2009
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UK government brings bank charges back into the public eye

The UK's recently-elected coalition government has made the abolition of 'unfair' bank fees and charges one of its key policies going forward. However, it is unclear how the government intends to enforce such legislation, and while the move appears to represent a good deal for consumers, there are significant downsides for both the industry and individuals.

Published By Datamonitor
21 May 2010
CommentWire
CommentWire

UK current accounts: not the full package

While Britons pay up to GBP200 a year in fees for packaged current accounts, new research from Alliance and Leicester has shown that few customers make good use of the facilities offered. However, while these accounts may indeed not suit everyone, they do bring with them a raft of secondary benefits that this research may have underestimated.

Published By Datamonitor
26 Sep 2005
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UK current account market heats up

Current accounts are becoming less of a commodity, with several UK providers now offering products with generous terms and rewards. This, combined with aggressive marketing and easier switching, has helped to refresh what used to be a staid market.

Published By Datamonitor
24 Apr 2014
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UK consumers do not see the value of packaged accounts

Datamonitor's research reveals that consumers are concerned that packaged accounts do not offer enough value. For the packaged account market to grow banks need to either allow customers to pick and choose the features they want or design accounts to fit the needs of their target market.

Published By Datamonitor
01 Nov 2012
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UK banks announce the latest successful year in the fight against fraud

Credit and debit fraud has experienced the largest decline in online transactions since the introduction of online banking and e-retailing to Britain. This is due to the heavy investment from the payment industry in new fraud detection technology.

Published By Datamonitor
10 Oct 2011
CommentWire
CommentWire

UK banking: premium services will only succeed with the right benefits

Fee-based current accounts are now offered by many big FS players, but UK consumers appear unwilling to use them. Recent Datamonitor research shows that it may be the benefits themselves that are not attractive; therefore, offering the right extras will help to draw in consumers and strengthen the relationship they have with their bank.

Published By Datamonitor
24 Sep 2010
CommentWire
CommentWire

UK banking charges: regulator's tough stance risks nullifying consumer benefits

In a letter to the banking industry, the OFT has made it clear that the GBP12 limit on credit card penalty fees will not be applied automatically to overdrafts, as the regulator has not yet carried out enough research into this market. However the regulator is still likely to push for a general reduction in overdraft fees, raising the possibility that the banks may look elsewhere for profits.

Published By Datamonitor
22 May 2006

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