Albany, NY (PRWEB) August 12, 2014
Due to changes in regulatory frameworks and competitive dynamics, retail banking and its current account business have changed gradually during the last decade. Despite initiatives taken by banks to retain customers, the current accounts market in developed economies recorded growing instances of account switching. Improved customer service, attractive reward programs and financial incentives offered by banks are the main factors encouraging customers to switch their primary banks.
View Full Report at http://www.marketresearchreports.biz/analysis/211702
In emerging economies, pricing has been the primary reason for the low volume of banking customers. As pricing is affected by cost pressures and changing customer expectations, banks are adopting a number of product and pricing strategies in the form of loyalty programs, incentives, packaged current accounts and customized product offerings to entice customers. Furthermore, with increasing technological advancements, banks are encouraging customers to use low-cost banking channels to conduct banking transactions, resulting in reduced operating costs and improved profitability.
With rising competition and regulatory pressure, banks in the US are increasing charges on current accounts in order to maintain profitability. Consequently, the percentage of free checking or current accounts dropped from 76% in 2009 to 38% in 2013. This has led customers to switch to banks offering no, or low, monthly fees on basic checking accounts. The UK current account market also recorded a high number of customers switching accounts. Robust customer service mechanisms, branch proximity, flexible banking hours and attractive reward programs are factors enticing customers to switch banks. The switching of accounts was further intensified with the introduction of the Current Account Switch Service by the Payments Council on September 16, 2013, which allows fast and seamless switching to new banks. For the six-month period between October 1, 2013 and March 31, 2014, 609,300 UK current accounts were switched, a 14.0% increase compared to the equivalent period in 2012 when there were 532,500 switches.
Download Detail Report With Complete TOC at http://www.marketresearchreports.biz/sample/sample/211702
Due to firm’s capitalizing on this trend, the current account market has recorded a number of new entrants. T-Mobile, a provider of wireless voice, messaging, and data services launched a mobile-based checking account in the US in January 2014, with low banking charges. Similarly, UK-based retailer Tesco is also launching current account products in the UK through its banking arm, Tesco Bank.
This report highlights the key trends arising in key current account markets following the global financial crisis.
The report gives an insight into current accounts offered by banks in countries such as the US, Canada, Brazil, the UK, Germany, India, Australia, the UAE and South Africa.
The report outlines the various factors affecting consumers' choices of current accounts in these markets.
The report also discusses the key drivers, issues and challenges faced by retail banks when offering current accounts in these countries.
Browse All Insurance Market Research Reports at http://www.marketresearchreports.biz/category/161
Reasons to buy
Gain insights into the current accounts markets of developed and emerging economies in the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Gain an understanding of the amendments brought about in current account markets following the global financial crisis.
Gain analysis of current account markets based on strategies adopted to improve products and product portfolios.
Gain insights into key operational and regulatory trends in key current account markets.
Free checking accounts (accounts with no charges) are diminishing as banks impose fees to improve profitability. According to Bankrate, free checking accounts in the US dropped from 76% in 2009 to 38% in 2013. The average monthly fee of non-interest bearing checking accounts up 25% in 2012 with a monthly fee of US$5.48 with an average balance of US$723 to be maintained to waiver the surcharge fees.
The use of overdraft protection by account holders is rising rapidly in the US, making overdraft protection a major revenue-generating component for banks. Overall, 13 million consumers used overdraft protection in 2010 in the US, generating revenues of US$35.0 billion for banks. Banks offer overdraft protection to avoid the bouncing of checks, or insufficient funds in cases of debit card transactions.
According to the German Bundesbank and IMF forecasts, the German economy is expected to be relatively stable over the next five years, despite the financial uncertainties faced by most European countries. Consequently, consumer spending is expected to grow over 2014−2018. The promotion and development of payment cards will offer substantial growth for the industry. As a result of the Bundesbank’s decision to outsource more of its cash-recycling facilities to private companies, cash is likely to be less attractive for retailers, as cash-handling services were previously provided by the Bundesbank at little or no cost.
Browse All Wealth Management Market Research Reports at http://www.marketresearchreports.biz/category/146
Rural and agricultural industries form a noticeable proportion of the economies in many Asia-Pacific countries. Banks and financial institutions offer current accounts to farmers and the rural population, with minimal fees, as they look to build a presence in unbanked agricultural areas. Agri-current accounts are designed for those in agriculture-related businesses or trading in agricultural commodities.
The expatriate population accounts for significant proportions of the total populations in many Middle East countries. The UAE’s expatriate population accounts for more than 80% of the total population, followed by Kuwait and Oman where the expatriate populations account for 63% and 62% respectively. Saudi Arabia, Qatar and Bahrain have 30%, 27% and 26% of their total population as expatriates.
Related Reports -
Predictive Analytics Market (Customer Intelligence, Decision Support Systems, Data Mining And Management, Performance Management, Fraud And Security Intelligence, Risk Management, Financial Intelligence, Operations And Campaign Management) - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast, 2013 - 2019
View Full Report at http://www.marketresearchreports.biz/analysis/179965
This report analyzes the predictive analytics market on a global basis, with further breakdown into various sub-segments. It provides cross-sectional analysis of the market based on parameters such as geography, end-use industry, software solutions type, applications, and mode of delivery. The analysis provides market estimates in terms of revenue, and forecast for the period 2013 – 2019. The market is going through a growth phase marked with complexity of solutions and low awareness. There are variations in growth patterns across different end-use industries and type of software solutions. These variations exist in terms of technologies used and applications preferred.
Download Detail report With Complete TOC at http://www.marketresearchreports.biz/sample/sample/179965
This report is thereby produced to give a detailed overview of the ongoing trends in the market. It includes review of market dynamics with focus on market drivers, growth challenges (restraints), and opportunities. The value chain analysis and Porter’s five forces analysis included in the report further help in assessing the market situation and competitiveness. Market attractiveness analysis highlights key industry segments and their comparative attractiveness against other segments.
Financial Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2014 - 2020
View Full Report at http://www.marketresearchreports.biz/analysis/211641
Financial analytics is extensively used for research in the equity and corporate bond markets. It plays a central role in the fundamental analysis of any business. Fundamental analysis of businesses implies investigating its financial statements and health, competitive advantages, management, competitors and markets. Financial analytics assist businesses in implementing Business Intelligence and analytical tools to obtain accurate insights from the financial data that is required in formulating business decisions. The Banking, Financial Services and Insurance (BFSI) sector is employing financial analytics for improving standard financial functions namely asset and liability, general ledger, budgetary control, payable, governance, receivable, profitability, compliance management and risk.
Download Detail Report at http://www.marketresearchreports.biz/sample/toc/211641
The development of innovative business models such as business-to-employee, business-to-consumer and business-to-business has extended new opportunities for financial analytics. Additionally, due to technological development and its influence on business processes in an organization along with high degree of automation in financial department for different financial transactions, is expected to drive the market growth.
Enterprise Search Market (Government And Commercial Offices, Banking And Financial Services, Retail, Healthcare And Others) - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast, 2013 - 2019
View Full Report at http://www.marketresearchreports.biz/analysis/210298
Enterprise search is defined as the technique of making the content from databases, data management systems, intranets, emails, and others searchable to the audience. It is a type of software that helps in searching the information within an enterprise. With the continuously increasing volumes of the data generated, it has become significant to store and manage this data. With the loads of databases created every day, it is equally important to develop data retrieving tools to efficiently help in extracting the necessary information whenever required from these databases.
Download Detail Report With Complete TOC at http://www.marketresearchreports.biz/sample/sample/210298
The report includes segmentation of enterprise search market by end user, size of enterprise and geography. Further, it provides current and forecast market size by revenue for the aforementioned categories. Cross sectional analysis for end user and geography segments is also a part of the scope. Factors influencing and inhibiting growth of the market have been analyzed. Porter’s five forces analysis offers insights into market competition.
Marketresearchreports.biz is the most comprehensive collection of market research reports. Marketresearchreports.biz services are especially designed to save time and money of our clients. We are a one stop solution for all your research needs, our main offerings are syndicated research reports, custom research, subscription access and consulting services. We serve all sizes and types of companies spanning across various industries.
Browse Latest Market Research Articles at https://www.linkedin.com/today/author/173774513