Students can be a demanding group. Young, educated and tech-savvy students want engaging online and mobile banking services. The innovative platforms offered by digital challengers are therefore a threat to major banks with less interactive services.
Albany, NY -- (SBWIRE) -- 06/13/2017 -- Growing competition demands better education of the students, which has been impacted by the financial condition of their parents. The ultimate solution to gain better education in spite of the weak financial situation is through different student finance schemes. Elaborating the student finance market, Market Research Hub (MRH) has recently added a report titled as "Student Finance - UK - May 2017" to its vast repository. The researched report shows the student finance sector growth, in-depth study by various market factors and the attitude of U.K. student towards student finance.
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It is important to note that the young, educated and tech-savvy students desire for engaging online and mobile banking services. The major finance sectors for the student finance include high street banks that focus on various productive efforts to improve this area. The present study starts with the market summary that evaluate and details size of total student population, as well as first-year student population, undergraduate and postgraduate, 2005/06-2015/16, segmentation by current account provider, March 2017, financial products ownership among students, March 2017, type of current account owned by students, March 2017, and their attitudes towards credit and money management, March 2017.
Further, the issues and insights of the market are detailed that includes the education of the students towards positive uses of the credit, an offering of more useful apps that produce more financial-literate customers and open banking that is a threat to the student banking model. Moreover, the overview of the market, the British student population in various segments of education, the student finance environment in the U.K. colleges and their outlook toward financial conditions are looked upon. The next section details the companies and brands in the student finance market that analyzes the Santander as the leading current account market among students.
Finally, the market competitive strategies, current account provider, the consumer segmentation, and financial product ownership is presented in the report. The various financial ownership includes different scenarios such as only a fifth of students have a credit card, ownership, or awareness. Moreover, the student's attitude towards credit & money management along with their financial activity and concerns are evaluated and provided in the report. The student attitude analysis shows that students are averse to using credit, and only 45% consider student loans to be 'real' debt. Lastly, the financial concern study shows that almost every candidate checks their balance regularly, and almost half plan to save for retirement immediately.
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