The UK retail banking market is projected to expand at a significant CAGR during the forecast period, between 2021 and 2028. Retail banking, often known as consumer banking, refers to range of services a bank provides to individual customers.
Savings and checking accounts, mortgages, personal loans, and debit/credit cards are among the key services provided by retail banks. The retail banking industry in the UK is being pushed by enormous forces, which are necessitating transformation.
Banks are becoming digitally enabled and API-driven, relieving teams of antiquated technology and time-consuming processes as automated solutions have grown to streamline of the lengthy processes. However, the wide adoption of advanced technology in banking such as using AI to utilise large data and provide personalised services to clients presents a key aspect of the market development.
The technology imparts a key function that, after gathering data from many sources, it can assess customer profiles, online data, and past interactions to deliver product recommendations and other personalised ideas. This is a key factor creating market growth potential.
The report on the UK retail banking market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes |
Details |
Report Title |
Retail Banking Market - UK Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018 & 2019 |
Forecast Period |
2021–2028 |
Segmentation |
Products (Transactional Accounts, Savings Accounts, Debit Cards, Credit Cards, Loans, and Others), Channels (Direct Sales and Distributor) |
Regional Scope |
The UK |
Report Coverage |
Market Scope, Analysis, Share, Competitive Analysis, Growth Facts, Restraints, Opportunities, and Revenue Forecast |
Key Players Covered |
Lloyds Banking Group; Barclays; HSBC; Royal Bank of Scotland; Standard Chartered PLC; and Tesco Bank |
In terms of products, the UK retail banking market is divided into transactional accounts, savings accounts, debit cards, credit cards, loans, and others. The credit cards segment is expected to register a robust CAGR during the forecast period owing to rising number of working population and their growing acceptance of credit cards. Moreover, wide provision of easy accessibility and favorable policies of credit cards offered by various banking organizations are further pushing to accelerate the segment growth.
On the other hand, the loans segment is projected to account for large market share in the coming years owing to wide provision of low-interest loans and easy access to various loans from retail banking sectors.
Based on channels, the market is bifurcated into direct sales and distributor. The direct sales segment held a substantial market share in 2020 and is anticipated to register a high CAGR during the projected period owing to wide adoption of robotic process automation, which makes bots intelligent of the process.
However, the distributors segment is projected to hold a key market share in the coming years owing to the presence of several distributor agents that can easily reach and connect a large number of customers. Moreover, the service of door-step assistance from distributors acts as a key factor driving the segment growth at a significant pace.
Key players competing in the UK retail banking market are Lloyds Banking Group; Barclays; HSBC; Royal Bank of Scotland; Standard Chartered PLC; and Tesco Bank.
These players are actively engaged in various market development strategies such as mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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