UK Retail Banking Market Size, Share, Growth, Trends | 2031

UK Retail Banking Market Size, Share, Growth, Trends | 2031

Segments - UK Retail Banking Market by Products (Transactional Accounts, Savings Accounts, Debit Cards, Credit Cards, Loans, and Others), Channels (Direct Sales and Distributor), Country (UK) - UK Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Swarup Sahu
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Fact-checked by : Vineet Pandey
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Editor : Ranjit Pankhade

Upcoming | Report ID :BFSI-4202 | 4.9 Rating | 83 Reviews | 195 Pages | Format : PDF Excel PPT

Report Description


The UK Retail Banking Market size was valued at USD 42.56 Billion in 2022 and is expected to surpass USD 47.64 Billion by 2031, expanding at a CAGR of 1.26% during the forecast period, 2023 – 2031. 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.

UK Retail Banking Market Outlook

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.

  • Customer expectations, new competitors, demography change, and shifting economics are key factors driving the market growth.

  • Growing use of electronic devices such as laptops and smartphones along with the rising growth of the Internet connectivity that allow easy access to banking system present key driving factors of the market.

  • Uncertainty caused by Brexit and its economic impact due to the growth of total loan balances outstanding of the country is a major challenge that can impede the market expansion in the future years.

  • Favorable policies of the Government of the UK on personal loan along with provision of low interest rates of loans and better payment terms offered by companies are creating new opportunities of the market expansion.

  • Increasing banks' subsidiary and other financial advantages to improve the lifestyle of people along with fulfilling their aspirations through affordable credit acts as a key factor driving the market growth.

Scope of Retail Banking Market Report

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

2022

Historic Data

2016 - 2021

Forecast Period

2023–2031

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

UK Retail Banking Market Segment Insights

Credit cards segment is expected to register a robust CAGR

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.

UK Retail Banking Market Products

Direct sales segment held substantial market share

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.

UK Retail Banking Market Channels

Segments

Products

  • Transactional Accounts
  • Savings Accounts
  • Debit Cards
  • Credit Cards
  • Loans
  • Others

Channels

  • Direct Sales
  • Distributor

Country

  • The UK

Key Players

Competitive Landscape

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
.

UK Retail Banking Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Retail Banking Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Retail Banking Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Retail Banking Market - Supply Chain
  4.5. Global Retail Banking Market Forecast
     4.5.1. Retail Banking Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Retail Banking Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Retail Banking Market Absolute $ Opportunity
5. Global Retail Banking Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Retail Banking Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Retail Banking Demand Share Forecast, 2019-2026
6. North America Retail Banking Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Retail Banking Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Retail Banking Demand Share Forecast, 2019-2026
7. Latin America Retail Banking Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Retail Banking Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Retail Banking Demand Share Forecast, 2019-2026
8. Europe Retail Banking Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Retail Banking Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Retail Banking Demand Share Forecast, 2019-2026
9. Asia Pacific Retail Banking Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Retail Banking Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Retail Banking Demand Share Forecast, 2019-2026
10. Middle East & Africa Retail Banking Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Retail Banking Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Retail Banking Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Retail Banking Market: Market Share Analysis
  11.2. Retail Banking Distributors and Customers
  11.3. Retail Banking Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Lloyds Banking Group
     11.4.2. Barclays
     11.4.3. HSBC
     11.4.4. Royal Bank of Scotland
     11.4.5. Standard Chartered PLC
     11.4.6. Tesco Bank

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