Travelex reveals nearly 60% of UK consumers want a marketplace from their bank as finance fatigue kicks in


  • 50% increase in fintech accounts held over the last 10 years versus 11% for current accounts from traditional banks
  • 42% of consumers are frustrated with managing multiple accounts with over half considering closing accounts as a result
  • 59% want their bank to consolidate accounts into a single marketplace, only 18% wanted a tech company to deliver this

London 6th December 2017 – Travelex Currency Solutions today released the findings from its new report The Race to Re-bundle the Bank. It revealed that UK consumers have increased the total number of money-related accounts they hold, with more fintech and challenger bank accounts added than those from traditional banks. Consumers are effectively ‘unbundling’ their traditional bank into disparate services from multiple alternative providers. However, consumers – especially millennials – have become frustrated with managing numerous accounts, and are looking to their incumbent bank to consolidate them into a single marketplace.

Banks have been unbundled
The research, based on responses from 1,000 UK consumers, clearly shows an increasingly loyalty-averse public accruing money-related accounts that cater for discrete financial needs.

The average number of money-related accounts held by consumers has increased markedly over the last 10 years. The number of fintech providers used has increased by over 50%, with e-wallets (80%) and international money transfer accounts (29%) showing the biggest gains. In contrast, traditional banks have only seen an increase of 11%.

Younger consumers in particular have more diverse financial lives. Nearly a quarter of respondents under 36 have three fintech accounts or more.

Historically, consumers turned to their incumbent bank for a range of services. With unbundling consumers are increasingly enlisting a plethora of alternative providers to meet their financial needs, even if their bank has a similar offering.

New rules of attraction
The reason for opening additional accounts is driven by a specific financial need. The primary needs that lead people to stray are budgeting, bill payment and specific services like money transfer. Interestingly, only 11% cite the user experience as a reason to look beyond their current provider.

When selecting a particular provider, consumer focus shifts to “cheaper, better, faster”. In this context, the leading factors are the rate/cost of services offered (31%), the speed of service (29%) – which jumps to 40% for 18-25 year olds – and the user experience (23%).

The race to re-bundle
Traditional banks have been unbundled and disintermediated by alternative providers. This has led to ‘finance fatigue’ as consumers struggle to manage multiple accounts. Now they are looking to their bank for a solution.

42% of consumers expressed frustration at their lack of ability to manage multiple accounts from one place and, of those, 55% said they had considered closing accounts because of it. When asked who they wanted to provide a marketplace service that consolidates accounts and providers into a single dashboard, almost 60% said their incumbent bank.

Interestingly, re-bundling accounts would drive consumers to use an even wider range of providers. 59% of consumers would be more likely to use other money-related accounts if they could manage them from a single interface.

“Banks have been unbundled. Our financial lives are now decentralised as alternative providers offer faster, better and cheaper solutions to specific financial needs. However, finance fatigue presents an opportunity for traditional providers as well as fintech players,” said Colin Swain, Global Head of Product and Operations, International Payments at Travelex. “By consolidating and helping consumers to manage their accounts, banks can help make sense of this fragmented financial landscape. In turn, this marketplace approach will encourage people to use an even greater number of services in the comfort that it won’t create more frustration.”

“With traditional providers vying with challengers and even technology companies like Google and Apple to provide this marketplace, the race is on to re-bundle the bank,” concluded Swain.

The report is available for download here: https://currency-solutions.travelex.com/downloads/Travelex White Paper.pdf


About Travelex Currency Solutions
The Travelex Currency Solutions platform reinvents physical and digital cross-border money movement* for financial institutions.

Headquartered in London, Travelex Currency Solutions has a 140-year heritage in foreign currency, pioneering the travellers’ cheques of the past and the digital payments of the future. With a presence in over 70 countries across six continents, Travelex has distilled its expertise and experience into a platform that reinvents physical and digital cross-border money movement* globally to ensure its clients remain one step ahead of the competition. The platform provides financial institutions with a trusted, efficient and accurate international money transfer service, plus secure and reliable banknote delivery of both major and exotic currencies.

The Travelex Currency Solutions platform means financial institutions and their customers can do business across borders as easily as they do locally, while guiding customers through the complexities of AML compliance processes necessary for additional services. Travelex Currency Solutions’ commitment to ensuring compliance with local regulations means it has a dedicated team of 80 compliance professionals, responsible for ensuring ongoing risk management across all the jurisdictions it operates in.

For more information visit: https://currency-solutions.travelex.com/

(*Physical and digital cross-border money movement refers to International Money Transfer)

Media contact
Adam Millar and Elvina Soogun
CCgroup for Travelex Currency Solutions
travelex@ccgrouppr.com
+44 203 824 9200

Have any Question or Comment?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

::::::::::::::::::::::::::::::::::6733:::::::::::::::::::::::::::::::::;;

:::::::::::::::::::::::::::::925:::::::::::::::::::::::::::::::

TRIO STEEL IS ONE OF THE MOST TRUSTED BRAND AND LEADING EXPORTER AND SUPPLIER OF CARBON STEEL, ALLOY STEEL & STAINLESS STEEL PIPES & PIPE FITTINGS MATERIAL. Triosteel is one of the leading Suppliers and Exporters of API 5L Pipe in Singapore. Triosteel also Exports to many countries like Indonesia, Iran, Saudi Arabia & many more. An API 5L pipe is manufactured by adhering to the specifications laid down by the International Organization for Standardization (ISO) 3183.

2780

buy! buy! CHEAP! Telefonie VoIP CHEAP! buy! buy! CHEAP!

2781

buy! buy! CHEAP! Telefonie VoIP CHEAP! buy! buy! CHEAP!

——————————————–

For the 2012 MLB period, we found an totals forecast Joao’s Renowned Over/Under João Zorro Gonçalves, Zcode Totals Pro, System of the time with progressions that have been successful over 98 98% ... We eventually perfected our over/under program ( Zcodesystemexclusive ), although it h-AS has brought years of investigation. Five Steps to Making a Winning MLB Method: 1. Execute appropriate cash management tools. 2. MLB rules that are comprehend. 3.Extensive testing back to make sure successful longterm results ...

——————————————–

There is always a challenge when you're dealing with the Foreign Exchange Market. That's just the nature of the beast. The best thing you can do is to learn about how the market operates as a whole so that you will be ready to meet these challenges. iq option penipu Never be misled by any profit gains in binary options. This is the number-one way traders end up losing their money and ultimately failing. Remember that the same things that make you laugh can make you cry in this market, and you can lose that $700.

——————————————–

Learning Polish has never been this fun and easy as with our podcasts Learn Polish with Polishpod101 Start today and become conversational in Polish in no time

——————————————–

The Best Website Agen Poker Resmi www.sakupoker.com Terpercaya come join

——————————————–

Do you need edmonton phone systems service ? Call complete communications today!

——————————————–

High-tech solutions for easy start-up of your IPTV/OTT-business

——————————————–

——————————————–

If you want to purchase not only one item, you have a chance to enjoy privileges. There is a sale’ tab on the site which offers a fantastic range of reduced counterfeit watches and accessories, such as sunglasses, cufflinks, watch straps and pens. Luxury Jewelry Replica At MCA.MN On Sale You get a 5% discount if you buy two pieces, this discount increases to 10% if you buy 4 pieces or more. There is free international shipping on all orders on this site. We also offer customers a free return anytime with a 100% money back guarantee.

——————————————–