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Credit Unions and Retail Banking - Canada - February 2017
Family relationships are an influential factor behind choice of first bank so incentivizing parents to open accounts for their children is a sound strategy.
Investment Trends - US - February 2017
The investment world is being buffeted by several disruptive trends. One is the rise of robo-advisers, which provide algorithm-based investment advice without the help of humans. These allow lower minimum balances, have lower trading costs, and often even offer access to humans. Demographics are also forcing changes, as Baby Boomers are decumulating now rather than investing, more women are earning higher incomes and need more investment advice, and young people increasingly prefer to pay fees rather than commissions. This Report examines these trends and the effects they are having on the investment world.
Wealth in Germany: Sizing the Market Opportunity 2017
Germany’s economy looks set to continue its robust, but moderate growth. However, there are considerable political, economic, and financial uncertainties on the horizon that could significantly impact the country’s wealth market. With lower growth and return prospects, the role of wealth managers in a traditionally risk-averse market will become more challenging. Key Findings - Affluent individuals account for 20% of the German population, holding 74% of liquid assets. This wealth distribution is similar to other developed economies. - A robust economic performance will continue to underpin growth in Germany’s overall retail savings and investments market, which is forecast to grow by an average of 2.9% a year to 2020. However, it is important to highlight the predicted slowdown in
Consumer Payments Country Snapshot: Taiwan 2017
Taiwan has a very unique payment card environment compared to most other markets. While the infrastructure is in place, with Visa and Mastercard introducing contactless payment capabilities from 2008, point of sale (POS) terminal penetration is only about an eighth of Australia, a similar market in terms of size. Established retailers such as department stores, hotels, and retail chains all accept payment cards, but small- to medium-sized merchants operating on very thin margins are turned off by acceptance fees. Key Findings - Growth in the Taiwanese payment card market is essentially driven by pay-now cards. Due to debt averseness, consumers in Taiwan rarely spend on credit unless there are special offers and discounts available from their credit cards to incentivize use. - High intern
Retail Banking Country Snapshot: Poland 2016
Poland has an oligopolistic market for banking services, with the two largest providers PKO Bank Polski and mBank controlling over a third of the current account market. PKO Bank Polski also dominates the market for savings and mortgages. Although online product application is gaining at the expense of branches, uptake is limited by the failure of banks to offer fully digital onboarding. Mobile banking has been eagerly embraced by younger consumers, although usage among this demographic still lags behind online banking. Key Findings - Reputation is consistently the single strongest driver of provider choice, particularly among pre-family consumers. This demographic lacks experience of financial services, and hence gravitates towards familiar, well-known brands. - Borrowers have a strong
Targeting the Over-50s with Life Insurance
The UK’s over-50s population is growing, which means the customer segment is a growing opportunity for insurance providers. Those over 50 are often treated and targeted as one segment, but the market is highly diverse, and a “one size fits all” strategy should be avoided. Individual lifestyles differ due to a number of factors such as whether individuals are retired, whether they have dependent children living at home, their health, and their financial freedom. Acknowledging this should encourage a move away from targeting the singular “over 50s” segment towards focusing on the different life stages associated with growing older. This is important because differences in lifestyle mean the insurance needs of individuals also differ. Insurance providers must acknowledge and use th
The Financial Lives of College Students - US - January 2017
College students are typically just beginning their financial journey into adulthood. Their key financial behaviors are not yet established, and they are still looking for a more traditional banking experience. It is important to realize that investing is still somewhat of a mystery to this age group, but they are actively monitoring their everyday financial account.
Unsecured Loans - UK - January 2017
The unsecured personal loans market has experienced a period of strong year-on-year growth, as record low interest rates and rising consumer confidence have led to a rise in demand. However, the Brexit vote has led to uncertainty about the UK’s economic future, meaning people could be put off committing to long-term financial commitments in the near future
Retail Banks - China - January 2017
Consumer experience now has a much broader definition than solely good customer service attitude. To be outstanding, retail banks need to differentiate on aspects like professionalism and efficiency. It is worth noticing that the benchmark used by consumers is their experience in different categories, so ensuring the performance is competitive across industries is critical
2017: Key Trends in Retail Banking
Several trends will drive developments in retail banking in 2017, including factors as diverse as changes to the regulatory environment, the emergence of artificial intelligence, and the long-awaited entry of new mobile-only providers. Key Findings - The UK and the EU will be at the forefront of moves to practically apply the principles of open banking in 2017, spurred on by regulatory demands. The focus in 2017 will be primarily behind the scenes: banks will collaborate to establish standards and protocols on security, data protection, and accountability. - While open APIs will facilitate access to the additional data needed to provide high-quality data-led insight, it is through AI that such analysis will be provided. From the consumer perspective, AI will manifest itself through the m
Wealth in Hong Kong: Sizing the Market Opportunity 2017
Almost 60% of the Hong Kong adult population is considered affluent, comparable to markets in the developed West like Switzerland, while wealth growth rates still resemble those found in emerging markets. Growth going forward will be moderated by weaker economic performance in China, but with the wealthiest individuals’ (those holding more than $10m in liquid assets) wealth forecast to achieve a compound annual growth rate (CAGR) of 10.24% over the years to 2020, Hong Kong retains much of its allure as a source of new clients for wealth managers. Key Findings - Affluent individuals constituted almost 60% of the total adult population in Hong Kong at the end of 2016, making it a very attractive market for wealth managers. HNW individuals accounted for 1.72% of the population. - Retail s
UK IFAs, Investment Managers & Platforms 2017
Independent financial advisors (IFAs) are a key distribution network for investors in the UK. Product providers will do well to understand the priorities and criteria advisors use in selecting their investment partners and platforms, particularly with a growing tendency to cooperate with discretionary fund managers (DFMs). As nearly all advisors in the UK use a platform (or multiple) to manage their clients’ assets, understanding why certain platforms are favored above others remains crucial. Online access to platforms is important for IFAs, which will continue to leverage digital capabilities to remain relevant. Key Findings - UK fund platforms continue to grow their market share by providing both advisors and direct investors with access to a range of products. In 2015 these platform
SIPPs - UK - December 2016
The SIPP market is increasingly diverging into two separate areas: lower-cost and lower-value platform SIPPs and full-range bespoke SIPPs. Despite the many challenges ahead, there is a place for both plan types. Bespoke providers will have to hold greater levels of capital, and yet more of them may be forced out of the market. But those who remain and employ stringent due diligence processes should be stronger as a result, contributing to a leaner and fitter marketplace.
Insurance Claims and Servicing - Canada - January 2017
Increasing the adoption of usage-based insurance will mean convincing customers to trade in their privacy to obtain benefits such as better rates and a smoother driving experience.
Retirement Planning - UK - January 2017
Too many people have a negative view of retirement, with many expecting their generation’s retirement to be less comfortable than both those who came before and those to follow. However, increases to minimum auto-enrolment contributions are likely to show many that they could afford to save more, hopefully prompting above-mandated voluntary increases to savings.
Consumers, Saving and Investing - UK - January 2017
The convenience of being able to easily access savings and investments online is now just as important as fees charged and rates paid, which means that providers who develop the most effective finance management apps and dashboards will be less vulnerable to competitor price moves.
Commercial Borrowing - UK - December 2016
Post-credit crunch, the industry has faced a wave of new challenges, including unprecedented regulatory changes and, more recently, the uncertainty created following the Brexit vote. Each factor has impacted the sector in a number of ways, requiring lenders to review and develop their positions, while maintaining a more responsible lending approach where the principles of treating customers fairly remains integral.
Wealth in Australia: Sizing the Market Opportunity 2017
We expect 2017 to be a turning point for the Australian wealth market, after growth slowed down over the past few years, with economic concerns having a negative effect on performance. Returning economic strength and more favorable equity market conditions will contribute to stronger retail investment savings growth, which in turn will translate into more robust wealth growth. Between 2016 and 2020 liquid assets held by affluent individuals are forecast to record a compound annual growth rate (CAGR) of 5.9%, representing a sizable opportunity for wealth managers operating in the country. Yet there is notable regional disparity within Australia in terms of wealth distribution, with the vast majority of wealth found on the Eastern seaboard. Key Findings - At the end of 2016, of the approxi
The Cards and Payments Industry in Cambodia: Emerging Trends and Opportunities to 2021
Timetric’s 'The Cards and Payments Industry in Cambodia: Emerging Trends and Opportunities to 2021' report provides top-level market analysis, information and insights into the Cambodian cards and payments industry, including: • Current and forecast values for each market in the Cambodian cards and payments industry, including debit and credit cards. • Detailed insights into payment instruments including checks and payment cards. It also includes an overview of the country's key alternative payment instruments. • Analysis of various market drivers and regulations governing the Cambodian cards and payments industry. • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards. • Comprehensive analysis of consumer attitudes and
Targeting UK Mass Affluents with Insurance
The mass affluent population in the UK is growing, meaning the demographic is an opportunity for providers selling personal insurance. Mass affluents are more likely to be male, have higher household incomes, and be married compared to retail customers. The assets of mass affluents are higher value, making their insurance needs more complex. They have different lifestyles compared to retail customers, meaning they also have different insurance needs. They travel abroad more often, and are more likely to own a second home, a car that requires specialist insurance, and high-value items that require additional cover. The penetration of personal insurance products is higher among mass affluents than retail customers, and they also pay higher premiums. Key Findings - Mass affluent customers a