Banking Competitor Profile: Santander
Santander is a leading UK provider, and has achieved notable success in recent years with its 123 Current Account, which has attracted substantial numbers of new customers. It also recently acquired a specialist provider of motor finance, which has boosted its market share in lending. Although Santanderís costs relative to income are in line with those of other banks, price competition has hit its net interest margins, and consequently its return on assets.
This report benchmarks Santanderís performance across current accounts, savings accounts, mortgages, and personal loans against the market.
The report offers insight into -
- How Santanderís customers choose and apply for their key financial products, and how their behavior differs from customers of other banks .
- The extent to which Santanderís customers will recommend their bank, how satisfied they are with service, and how loyal they are relative to other consumers.
- How Santander is faring in terms of market share across the main product areas.
- Santander has seen a substantial increase in retail deposits, fueled by high interest rates on its 123 account. Savers chose the bank due to its interest rates and having an existing relationship. Online onboarding is now as popular as in-branch application, but still lags behind the rest of the market.
- Santanderís share with respect to mortgage balances outstanding has gradually fallen over the analysis period, and balances are lower in absolute terms than at the start of the period. Santander is the only mortgage provider to have a negative NPS, but it is introducing video and chatbot servicing.
- Around one in four customers use online banking every day, more than the market average. However, mobile use is slightly below average. User satisfaction is high across all channels, and Santander has introduced NeoCRM, an advanced omnichannel customer management system.
Reasons to buy
- Gain insight into how Santander acquires new customers in comparison to other providers.
- Build your understanding of how favorably Santanderís customers view their bank and how likely they are to switch.
- Understand how well Santander is performing financially compared to the market.
Table of Contents
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.