Banks - the key to closing the savings gap?

Banks - the key to closing the savings gap?

Of all the financial services organisations, banks arguably have the most enviable relationship with customers. The majority of people still rely on their bank for day-to-day financial transactions. Banks know their customers at a level of granularity that most other financial services businesses can only dream of.

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KPMG in the UK

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Banks - the key to closing the savings gap?

As new digital channels open up and the savings industry evolves banks could be the key to closing the savings gap.

Key findings:

  • Organisations that build propositions around customers’ entire financial needs have an opportunity to seize the financial services market
  • Banks’ long-term saving proposition have to be more about building a customer-focused service
  • Banks’ increased customer focus puts them well ahead of many product specialists looking to develop ‘direct to consumer’ channels
  • There is a clear political shift towards individual responsibility for long-term savings
  • The transformation of the UK’s approach to saving will require a financial business at the heart of the change, such as retail banks.

SAVING GENERATIONS

For a financial world that’s built to last.

 
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