Overview of the United Kingdoms’ Financial Services Industry

Key take-outs from the reports

Financial services is evolving, and the launch of new products – most of which are technology-based – is becoming ever-more frequent. While insurance is steeped in tradition, the industry is beginning to change and evolve – which will be necessary to appeal to Evolving Landscapes consumers, many of whom see no room for traditional businesses in the future.

Retail deposits for 2016 are expected to be 6% higher than in 2015. However, market conditions over the next few years are predicted to dampen prospects for future growth. UK retail deposits will increase at aCAGR of 3.3% during 2016-20 to reach £1,606bn by the end of the forecast period.

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 this to develop their products and services to make them more relevant to consumers.

UK Mortgage Market 2016: Forecasts and Future Opportunities
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UK Professional Indemnity Market Review 2016  
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UK IFAs, Investment Managers and Platforms 2017  
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UK Savings: 2016 Review, Forecasts and Future Opportunities 
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Customer Segmentation in UK Insurance:  Evolving Landscapes 
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Targeting the Over-50s with General Insurance
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Targeting the Over-50s with Life Insurance  
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