Summary – Read the full update here (including all the links & more)
The latest bulletin from DEMSA provides insights into various topics including the state of the UK economy, personal insolvency options in England & Wales, government proposals around personal insolvency, and insolvency statistics for August 2023. The bulletin also touches upon the importance of reputable customer satisfaction results under the Duty, collaborations, events, and consumer duty virtual training.
Key Points
- The UK economy experienced a significant contraction in July.
- This decline was primarily due to strike actions by NHS workers and teachers.
- UK Finance’s recent Payment Markets Report reveals payment trends from 2022 and projections up to 2032.
- Half of all payments in the UK are now made using debit cards.
- Almost one-third of adults in the UK are registered for at least one mobile payment service.
- 86% of adults utilized some form of remote banking.
- The majority of individuals from all age groups engaged in remote banking in 2022.
- 80% of individuals aged 65 and above used remote banking.
- 95% of individuals aged between 25 to 34 used remote banking.
- Anecdotal evidence indicates a shift in consumer behavior, such as making more frequent smaller visits to certain services.
Key Statistics
- The UK economy shrank more than anticipated in July.
- 50% of all payments are now made via debit cards.
- 30% of adults are registered for at least one mobile payment service.
- 86% of adults have engaged in some form of remote banking.
- 80% of those aged 65 and over used remote banking in 2022.
- 95% of people aged 25 to 34 used remote banking in 2022.
Key Take Aways
- The UK economy is facing challenges, with significant contraction observed in July.
- The shift in payment methods, with a notable preference for debit cards, indicates changing consumer behavior.
- The adoption of mobile payment services and remote banking is on the rise, reflecting the digital transformation of the financial sector.
- Different age groups are adopting remote banking, with even the older generation showing significant engagement.
- Consumer behavior is evolving, with indications of more frequent, smaller transactions or visits to services.
- Access to comprehensive insights and data requires specific subscriptions, emphasizing the value of in-depth industry knowledge.
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