Reports
Sale
United Kingdom Retail Banking Market Size, Share, Growth: By Type: Commercial Banks, Rural Banks, Others; By Function: Bank Account Opening, Deposits and Withdrawals, Debit and Credit Card Issuance, Investment and Insurance, Others; By End User: Individuals, Businesses; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
United Kingdom Retail Banking Market Outlook
The United Kingdom retail banking market size reached approximately USD 44.00 billion in 2023. The market is projected to grow at a CAGR of 1.9% between 2024 and 2032, reaching a value of around USD 52.50 billion by 2032.
Key Takeaways
| Net Interest Income | Shift in Retail Banking Market | Adopted Technology |
| USD 120.7 billion by 2024 in the United Kingdom | Shift towards online banking and digital services in the United Kingdom | Cloud computing technology to ensure business continuity, enhance agility and robustness, and optimise disaster management |
Retail banking, also known as consumer banking, offers financial services such as savings accounts, credit and debit cards, and personal loans, among others, to individuals, families, and small businesses. It offers low-cost funding as well as a secure and stable system of deposits for its consumers.
The United Kingdom retail banking market is being driven by the growing popularity of telephone and online banking and the proliferation of automated teller machines (ATMs). The increasing number of high-net-worth individuals in the country is further propelling the market expansion. Besides, services such as automobile financing, checking and savings accounts, and foreign currency and remittance services, among others, offered by retail banking also fuel the market expansion.
Key Trends and Developments
Migration of financial services to the cloud; the emergence of embedded retail banking; the adoption of cost-cutting measures by retail banks; and the deployment of AI in retail banks are positively impacting the United Kingdom retail banking market growth
| Date | Event |
| May 24th 2023 | JPMorgan Chase’s UK app-based retail bank added nearly 1.6 million customers and a deposit of EUR 15 billion after its 2021 launch. |
| Dec 16th 2021 | Leading retail banks like Barclays Bank UK, Nationwide Building Society, HSBC UK, TSB Bank, Lloyds Banking Group, NatWest, Danske, and Santander collaborated to share services and ensure long-term availability of cash. |
| Jan 27th 2021 | JPMorgan announced the launch of a digital retail bank through its mobile app in the United Kingdom to meet the diverse needs of customers. |
| With growing customer demands for enhanced convenience, retail banks are creating simple, seamless, intuitive, and personalised experiences across in-person and digital channels. |
| Trend | Description |
| Migration of financial services to the cloud | Retail banks are increasingly migrating to cloud infrastructure as it offers decoupled services, scalability, flexibility, and cost-effective services. |
| Emergence of embedded retail banking | There is an increasing emergence of embedded retail banking concepts that offer hassle-free and quick financial services and allow customers to stay on the app while making a purchase. |
| Implementation of cost-cutting measures by retail banks | Retail banks are increasingly adopting cost-cutting measures like investing in technologies, improving staff productivity, and simplifying products and services to enhance their profitability. |
| Rising deployment of AI in retail banking | AI is expected to empower retail banks to enhance their customer services, offer personalised recommendations and tailored investment advice, and automate different applications. |
The growing migration of retail banks and financial services to the cloud infrastructure to enhance the customer banking experience is one of the major trends favouring the United Kingdom retail banking market growth. Cloud infrastructure offers decoupled services in which if a single subsystem fails, the entire system does not shut down. Furthermore, it offers the feature of scalability through which retail banks can scale up or down depending on the number of customer requests.
Several retail banks are implementing cost-cutting methods such as reduction in staff size and automation of manual or repetitive processes, due to rising economic volatility and inflation in the country. Moreover, as per the 2024 retail banking report by Capgemini, seven shared banking hubs, which house representatives of multiple banks, have also started operating in the UK to reduce operational costs.
Market Segmentation
“United Kingdom Retail Banking Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| By Type | Commercial Banks, Rural Banks, Others |
| By Function | Bank Account Opening, Deposits and Withdrawals, Debit and Credit Card Issuance, Investment and Insurance, Others |
| By End User | Individuals, Businesses |
Commercial banks occupy a significant United Kingdom retail banking market share due to the expansion of ATMs and bank branches
Commercial banks occupy a significant market share as they offer a broad range of services to their customers such as fixed deposits, loans, and mutual funds, among others, compared to the rural banks. They have a wide expanse of bank branches and ATMs across the country and allow their customers easy access to funds.
Meanwhile, rural banks are anticipated to gain sizeable growth in the forecast period as they offer specialised services such as inexpensive credit facilities, and agricultural loans, among others, to rural communities.
The demand for bank account opening is increasing due to high request volumes regarding the opening of new bank accounts
Bank account opening accounts for a substantial share of the United Kingdom retail banking market, due to the high volume of requests regarding the opening of new bank accounts for making withdrawals and deposits. Bank accounts offer customers the provision of access to their funds anytime depending upon their requirements through online banking, mobile apps, and ATMS.
Meanwhile, debit and credit card issuance is expected to gain robust growth in the coming years, due to the growing adoption of these cards for quick and cashless payments. Besides, retail banks offer customers the facility of depositing their funds in a secure way and ease withdrawals of funds for payment of goods and services.
Competitive Landscape
Major players in the United Kingdom retail banking market are integrating various technologies into retail banking to enhance customer experience, surge their profitability, and improve operational efficiency
| Bank Name | Year Founded | Headquarters | Primary Services | Mission/Goal |
| HSBC Holdings plc | 1865 | London, United Kingdom | Global financial services banking | Implement quantum protection for AI-powered exchange training |
| Barclays PLC | 1690 | London, United Kingdom | Consumer banking, investment banking, payment operations | Achieve net zero emissions by the year 2050 |
| Royal Bank of Scotland plc | 1727 | Edinburgh, Scotland | Retail and commercial banking | Provision of digital banking for seamless international payments |
| Lloyds Banking Group PLC | 1765 | London, United Kingdom | Financial services | Develop a sustainable future for the people and businesses of Britain |
Other United Kingdom retail banking market players include Standard Chartered PLC, Santander UK plc, Nationwide Building Society, Schroders plc, Close Brothers Group plc., and Coventry Building Society, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Function |
|
| Breakup by End User |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Europe Retail Banking Market Overview
8.1 Key Industry Highlights
8.2 Europe Retail Banking Historical Market (2018-2023)
8.3 Europe Retail Banking Market Forecast (2024-2032)
8.4 Europe Retail Banking Market Share by Countries
8.4.1 United Kingdom
8.4.2 Germany
8.4.3 France
8.4.4 Italy
8.4.5 Others
9 United Kingdom Retail Banking Market Overview
9.1 Key Industry Highlights
9.2 United Kingdom Retail Banking Historical Market (2018-2023)
9.3 United Kingdom Retail Banking Market Forecast (2024-2032)
10 United Kingdom Retail Banking Market by Type
10.1 Commercial Banks
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Rural Banks
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Others
11 United Kingdom Retail Banking Market by Function
11.1 Bank Account Opening
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Deposits and Withdrawals
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Debit and Credit Card Issuance
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Investment and Insurance
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 United Kingdom Retail Banking Market by End User
12.1 Individuals
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Businesses
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 HSBC Holdings plc
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Barclays PLC
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Royal Bank of Scotland plc
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Lloyds Banking Group PLC
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Standard Chartered PLC
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Santander UK plc
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Nationwide Building Society
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Schroders plc
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Close Brothers Group plc.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Coventry Building Society
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Europe Retail Banking Market: Key Industry Highlights, 2018 and 2032
2. United Kingdom Retail Banking Market: Key Industry Highlights, 2018 and 2032
3. United Kingdom Retail Banking Historical Market: Breakup by Type (USD Billion), 2018-2023
4. United Kingdom Retail Banking Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. United Kingdom Retail Banking Historical Market: Breakup by Function (USD Billion), 2018-2023
6. United Kingdom Retail Banking Market Forecast: Breakup by Function (USD Billion), 2024-2032
7. United Kingdom Retail Banking Historical Market: Breakup by End User (USD Billion), 2018-2023
8. United Kingdom Retail Banking Market Forecast: Breakup by End User (USD Billion), 2024-2032
9. United Kingdom Retail Banking Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 44.00 billion.
The market is projected to grow at a CAGR of 1.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 52.50 billion by 2032.
The major market drivers are growth of the mobile banking, rising demand for personalised banking services, and technological advancements.
The key trends of the market include the growing migration of retail banks and financial services to the cloud infrastructure, the emergence of the embedded retail banking concept, the implementation of cost-cutting methods, and rising deployment of generative AI in retail banking.
The major types of retail banking are commercial banks, and rural banks, among others.
Various functions are bank account opening, deposits and withdrawals, debit and credit card issuance, and investment and insurance, among others.
The key players in the market are HSBC Holdings plc, Barclays PLC, Royal Bank of Scotland plc, Lloyds Banking Group PLC, Standard Chartered PLC, Santander UK plc, Nationwide Building Society, Schroders plc, Close Brothers Group plc., and Coventry Building Society, among others.
Purchase Options 10% off
Call us
Purchase Full Report
Mini Report
$ 2199
$1999
-
Selected Sections, One User
-
Printing Not Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Single User License
$ 3299
$2999
-
All Sections, One User
-
One Print Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Five User License
$ 4399
$3999
-
All Sections, Five Users
-
Five Prints Allowed
-
Email Delivery in PDF
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Corporate License
$ 5499
$4999
-
All Sections, Unlimited Users
-
Unlimited Prints Allowed
-
Email Delivery in PDF + Excel
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Why Expert Market Research?
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.
NEWSLETTER