MarketResearchReports.biz has announced the availability of a new report in its repository, titled “New Entrants: Mapping the Landscape.” The report offers in-depth examination of the most interesting and potential new entrants in the banking sector in the countries of the U.S. and the U.K. as well as the European region as a whole. The report contains industry figures based on interviews and secondary research.
The report observes that the condition of the market is not entirely friendly for the new banking entrants, owing to strict regulations by various governments, and that only a small chunk of consumers are expressing enthusiasm for banking with new providers. That being said, the report also highlights changing regulations in the EU, the U.K., and in other countries under observation that is making easier for new players to enter the banking sector, and quite a few new banks have begun operations in the U.K at popular locations. Some of the key questions answered by this report are: the regulatory scenario in various countries for the proper accommodation of new entrants in the banking sector, they important propositions and characteristics, and their strategies that can maximize their possibilities of success.
Some of the key findings of the report includes: consumers prefer established providers, the percentage of account switching is decreasing in the U.K., only a few consumers are receptive to fintech providers, slow adoption of banking services by the new entrants, and challenges pertaining to the regulatory developments. The report has also detected the consumer mobility in developed markets is low, with small chunk of consumers open for digital-only banks. Moreover, regulatory bodies in the U.K. and the European Union are initiating policies that promote competition as well as ease the route for start-ups.
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Some of the essential development explored in the banking sector in the U.K. by the report are: third-party products marketplace being built by Starling Bank, desire of Monzo to equip its used with comprehensive information on their expenditure, growing reputation of Atom Bank with competitive product pricing, utilization of data-driven insights by Tandem to advise its customers, and successful targeting of recent migrants by Monese. Along the similar lines, the report notes product expansion through third-party partnerships by N26 in Germany and increased focus on low-cost banking services for low-income consumers by Bee in the U.S.
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The report also contains a dedicated chapter on recommendations for the new entrants of the banking sectors, such as employing of clear propositions, allocation of resources efficiently, tactically targeting underserved market, and increase attention on profitability. The report includes summary of key new entrants in France, Germany, the U.K., and the U.S., and average user scores of various mobile banking apps on Google Play, as of April 21, 2017.