Customer Services in Financial Organisations Market Assessment 2007: Industry

Customer Services in Financial Organisations Market Assessment 2007

Published Date: March 2007

Published By: Key Note Publications Ltd

Page Count: 232

Order Code: R310-1415

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Description

Table of Contents

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Executive Summary
1. Introduction
BACKGROUND
DEFINITION
2. Strategic Overview
MARKET DYNAMICS AND SEGMENTATION: Current Status of the Market; Total Industry Value and Growth; The Largest Sector; The Market with the Highest Growth Rate; The Market with the Lowest Growth Rate
ECONOMIC TRENDS: Inflation; Table 1: UK Rate of Inflation (%), 2001-2005; Unemployment; Table 2: Actual Number of Unemployed Persons in the UK (million), 2001-2005; Household Size; Table 3: Households in Great Britain by Size (%, million and number), 1971, 1981, 1991, 2001 and 2005; Figure 1: Composition of Households in Great Britain (%), 1971, 1981, 1991, 2001 and 2005; Population; Table 4: UK Resident Population Estimates by Sex (000), Mid-Years 2001-2005; Gross Domestic Product; Table 5: UK Gross Domestic Product at Current and Annual Prices (£m), 2001-2005; Household Disposable Income; Table 6: UK Household Disposable Income Per Capita (£), 2001-2005
REGULATORY CHANGE: Basic Bank Accounts; The Banking Code; Markets in Financial Instruments Directive; The Financial Services Authority; Treating Customers Fairly; Financial Capability; Financial Advice; Matters of Concern; Direct Marketing; The Financial Services Consumer Panel; Regulatory Regimes; Financial Ombudsman; Distance Marketing; Financial Services Skills Council; Credit-Reference Agencies
DISTRIBUTION: Table 7: Employment in Major British Banking Groups (000 and index 2002=100), 2002-2006; Table 8: Employment in Building Societies by Working Status, 2002-2006; Table 9: Employment in the UK Insurance Market (000 and index 2002=100), 2002-2006; Figure 2: Employment in the UK Insurance Market (000), 2002-2006
COMPETITIVE STRUCTURE
ADVERTISING
THE CONSUMER
MARKET OUTLOOK
3. Banks
BACKGROUND AND MARKET SIZE
MARKET SHARES: Table 10: Top Nine Banks by Loans and Advances to Customers (£m), 2004-2006; Figure 3: Top Nine Banks by Loans and Advances to Customers (£m), 2006
MARKET TRENDS: Account Aggregation; Electronic Banking and Customer Relationship Management; Individual Voluntary Arrangements; Charges
CONSUMER TRENDS: Face-to-Face Contact; Reliance on Banks
MARKETING ACTIVITY: Advertising; Table 11: Main Media Advertising Expenditure by Banks on Current Account Banking Services by Type of Account (£000), Year Ending September 2006
DISTRIBUTION: Branch Distribution; Table 12: Bank Branch Networks by Number of Branches, Years Ending December 2002-2006; Automated Teller Machines
4. Building Societies and Community Banks
BACKGROUND AND MARKET SIZE: Building Societies; Credit Unions
MARKET SHARES: Table 13: Leading Building Societies by Group Assets (£m), as at 31st December 2005
MARKET TRENDS
CONSUMER TRENDS: Reliance on Building Societies; Financial Services for Local People
MARKETING ACTIVITY: Advertising; Table 14: Main Media Advertising Expenditure by Building Societies (£000), Year Ending September 2006
DISTRIBUTION: Table 15: Number of Building Society Branches (number and index 2002=100), 2002-2006; Figure 4: Number of Building Society Branches, 2002-2006
5. Insurance Companies
BACKGROUND AND MARKET SIZE: Mis-selling
MARKET SHARES: Life Insurance; Table 16: The Ten Largest Life Insurers by Net Premium Income — Global Life Business (£m and %), 2006; General Insurance; Table 17: The Ten Largest General Insurers by Premium Income Receivable — Total World Premium (£m and %), 2006
MARKET TRENDS: Life Insurance Regulation; General-Insurance Regulation
CONSUMER TRENDS: Life Insurance; Belief in Insurance Companies; Belief in Pension Providers; General Insurance
MARKETING ACTIVITY: Advertising; Life Insurance; Table 18: Main Media Advertising Expenditure on Life Insurance by Product Type (£000), Year Ending September 2006; General Insurance; Table 19: Main Media Advertising Expenditure on General Insurance (£000), Year Ending September 2006
DISTRIBUTION: Life Insurance; General Insurance
6. Independent Financial Advisers
BACKGROUND AND MARKET SIZE: Table 20: Total Number of Independent Financial Adviser Firms — All Establishments (number and index 2002=100), 2002-2006
MARKET SHARES: Table 21: Leading Independent Financial Adviser Firms by Sales Staff and Turnover (number and £), 2006
MARKET TRENDS: Depolarisation
CONSUMER TRENDS: Reliance on Independent Financial Advisers
ADVERTISING: Marketing Activity; Table 22: Main Media Advertising Expenditure on Independent Financial Advice (£000), Year Ending September 2006
ISTRIBUTION
7. Automated Teller Machines
BACKGROUND AND MARKET SIZE
MARKET TRENDS: Charges
CONSUMER TRENDS: Preference for ATMs
MARKETING ACTIVITY: Advertising
DISTRIBUTION: Table 23: Number of Cash Machines in the UK (number and index 2003=100), 2002-2006; Figure 5: Number of Cash Machines in the UK, 2003-2006
8. Call Centres
BACKGROUND AND MARKET SIZE: Table 24: Number of Bank Accounts Accessible by Telephone (000 and index 2002=100), 2002-2006
MARKET TRENDS: Staff Training; The Future of the Call Centre
CONSUMER TRENDS: Call-Centre Confidence
MARKETING ACTIVITY: Advertising
DISTRIBUTION
9. Internet Sites
BACKGROUND AND MARKET SIZE: Table 25: Number of Personal Customers Registered to Access Their Accounts by Computer (000 and index 2002=100), 2002-2006
MARKET TRENDS: Authentication; Phishing; Carelessness
CONSUMER TRENDS: Confidence in Internet Sites
MARKETING ACTIVITY: Advertising; Table 26: Main Media Advertising Expenditure on Online Financial Services (£000), Year Ending September 2006
DISTRIBUTION
10. An International Perspective
CONSUMER SERVICES IN FINANCIAL ORGANISATIONS IN THE EU: Changing Bank Accounts; Bank Account Features and Charges; Trust in Internet Transactions; Trusting in Telephone Transactions; Ease of Settling Disputes With Banks and Insurance Companies; Aggressive Marketing; Clarity of Information; Protection of Consumer Rights; Problem Solving; Expectation of Advice from Financial Institutions; Conclusion
11. PEST Analysis
POLITICAL FACTORS: Influence; Profit Versus Customer Welfare; Shareholders and Corporate Control; Pensions; Financial Literacy; Regulation; Competition
ECONOMIC FACTORS: Fees and Taxation; Economic Growth; The Stock Market; SOCIAL FACTORS; Personal Wealth; The Ageing Population and Pension Funds; Consumer Education; Investors; New Loans Vehicles
TECHNOLOGICAL FACTORS: Investment in Technology; Smart Cards; Call Centres; Outsourcing; Application of Technology
12. Consumer Dynamics
OVERVIEW: Summary of Results; Table 27: Summary of Results (% of respondents), 2006
ATTITUDES TOWARDS STAFF EFFICIENCY AND FRIENDLINESS: I Value Speed and Accuracy of Service More Than Friendly Service; I Value Friendly Staff More Than Accuracy of Service; I Do Not Mind Staff Mistakes If They Make an Effort to Put Them Right; Table 28: Attitudes Towards Staff Efficiency and Friendliness (% of respondents), 2006
ATTITUDES TOWARDS CUSTOMER CARE: I Receive No Customer Services from Financial Institutions; I Do Not Think Financial Services Providers Care About Their Customers; I Think That Customer Services Have Improved Over the Last 5 Years; Table 29: Attitudes Towards Customer Care (% of respondents), 2006
ATTITUDES TOWARDS THE FINANCIAL SERVICES AUTHORITY: I Believe That the Financial Services Authority is Committed to Protecting the Consumer; Table 30: Attitudes Towards the Financial Services Authority (% of respondents), 2006
ATTITUDES TOWARDS SERVICES FROM FINANCIAL SERVICES PROVIDERS: I Want My Financial Services Provider to Anticipate My Financial Needs; I Would Like My Financial Services Provider to Offer Me a Choice of Personalised Services for a Fee; Financial Services Providers Charge Too Much for the Level of Service They Provide; Table 31: Attitudes Towards Services From Financial Services Providers (% of respondents), 2006
ATTITUDES TOWARDS PERSONAL SERVICE: I Prefer to Deal With a Cash Machine (ATM) Rather Than Go into a Bank Branch; I Like to Discuss My Financial Affairs With Trained Staff Face-to-Face; Table 32: Attitudes Towards Personal Service (% of respondents), 2006
CONFIDENCE IN CALL CENTRES AND INTERNET SITES: I Feel Confident That Call-Centre Staff Can Handle My Financial Affairs; I Feel Confident That Internet Sites Can Handle My Financial Affairs; Table 33: Confidence in Call Centres and Internet Sites (% of respondents), 2006
RELIANCE ON BANKS, BUILDING SOCIETIES AND INDEPENDENT FINANCIAL ADVISERS: I Rely on My Bank for Organising My Financial Affairs; I Rely on My Building Society for Organising My Financial Affairs; I Rely on an Independent Financial Adviser for Organising My Financial Affairs; Table 34: Reliance on Banks, Building Societies and Independent Financial Advisers (% of respondents), 2006
BELIEF IN INSURANCE COMPANIES AND PENSION PROVIDERS: I Believe My Insurance Company Will Provide Me With the Products I Need; I Believe My Pension Provider Will Deliver the Service I Need; Table 35: Belief In Insurance Companies and Pension Providers (% of respondents), 2006
ATTITUDES TOWARDS COMMUNITY BANKS: I Think My Own Community Should Set Up a Financial Service for Local People; Table 36: Attitudes Towards Community Banks (% of respondents), 2006
13. Company Profiles
INTRODUCTION
ALLIANCE & LEICESTER PLC: Corporate Strategy; New Product and Brand Developments; Advertising; Distribution; Profitability; Table 37: Financial Results for Alliance & Leicester PLC (£000, % and £), Years Ending 31st December 2002-2005; Future Company Developments
BARCLAYS PLC: Corporate Strategy; Barclaycard; New Product and Brand Development; Innovations; Advertising; Distribution; Profitability; Table 38: Financial Results for Barclays PLC (£000, % and £), Years Ending 31st December 2002-2005; Future Company Developments; HBOS PLC; Corporate Strategy; New Product and Brand Development; Advertising; Distribution; Profitability; Table 39: Financial Results for HBOS PLC (£000, % and £), Years Ending 31st December 2002-2005; Future Company Developments
HSBC HOLDINGS PLC: Corporate Strategy; New Product and Brand Development; Innovations; Advertising; Distribution; Profitability; Table 40: Financial Results for HSBC Holdings PLC ($000, % and $), Years Ending 31st December 2002-2005; Future Company Developments
LEGAL & GENERAL GROUP PLC: Corporate Strategy; New Product and Brand Development; Advertising; Distribution; Profitability; Table 41: Financial Results for Legal & General Group PLC (£000, % and £), Years Ending 31st December 2002-2005; Future Company Developments; LLOYDS TSB GROUP PLC; Corporate Strategy; New Product and Brand Development; Innovations; Advertising; Distribution; Profitability; Table 42: Financial Results for Lloyds TSB Group PLC (£000, % and £), Years Ending 31st December 2002-2005; Future Company Developments
NATIONWIDE BUILDING SOCIETY: Corporate Strategy; New Product and Brand Development; Innovations; Advertising; Distribution; Profitability; Future Company Developments
THE ROYAL BANK OF SCOTLAND GROUP PLC: Corporate Strategy; New Product and Brand Development; Advertising; Distribution; Profitability; Table 43: Financial Results for The Royal Bank of Scotland Group PLC (£000, % and £), Years Ending 31st December 2002-2005; Future Company Developments
14. The Future
THE ECONOMY: Population; Table 44: Forecast UK Resident Population by Sex (000), Mid-Years 2006-2010; Gross Domestic Product; Table 45: Forecast UK Growth in Gross Domestic Product in Real Terms (%), 2006-2010; Inflation; Table 46: Forecast UK Rate of Inflation (%), 2006-2010; Unemployment; Table 47: Forecast Actual Number of Unemployed Persons in the UK (million), 2006-2010; Household Disposable Income; Table 48: Forecast UK Household Disposable Income Per Capita (£), 2006-2010
FORECASTS: Bank Branches; Table 49: Forecast Number of MBBG Bank Branches in Great Britain (number and index 2006=100), 2006-2011; Figure 6: Forecast Number of MBBG Bank Branches in Great Britain, 2006-2011; Building Society Branches; Table 50: Forecast Number of Building Society Branches in the UK (number and index 2006=100), 2006-2011; Figure 7: Forecast Number of Building Society Branches in the UK, 2006-2011; Independent Financial Adviser Firms; Table 51: Forecast Number of Independent Financial Adviser Firms — All Establishments (number and index 2006=100), 2006-2011; Figure 8: Forecast Number of Independent Financial Adviser Firms — All Establishments, 2006-2011
NEW DEVELOPMENTS
OUTSOURCING
A NEW MODEL OF CUSTOMER SERVICE
CONCLUSION
15. Consumer Confidence
METHODOLOGY
KEY FINDINGS THIS QUARTER
THE WILLINGNESS TO BORROW: Confidence Slips Slightly; Table A: The Average Amount Consumers Are Willing to Borrow in Order to Purchase Expensive Items at Current and Constant November 2004 Prices (£ and £bn), November 2005-2006; Significantly More Adults Are Willing to Borrow; Table B: The Number of Adults Willing to Borrow in Order to Purchase Expensive Items (000 and %), November 2005-2006
SPENDING FROM SAVINGS: Little Change in Spending from Savings; Table C: The Average Amount Consumers Are Willing to Spend from Savings in Order to Purchase Expensive Items at Current and Constant November 2004 Prices (£ and £bn), November 2005-2006; Saving Grows in Relative Importance; Table D: The Average Amounts Adults Are Confident Spending to Purchase Expensive Items (£ and %), November 2005-2006
16. Further Sources: Associations; Publications; Government Sources; General Sources; Bisnode Sources

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