United Kingdom (UK) Retail Banking 2020 – Review, Forecasts, and Future Opportunities

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Growth in the UK retail banking sector has been consistent over the past decade following the global financial crisis, although COVID-19 will significantly alter trajectories and forecasts in 2020 and 2021. A V-shaped recovery is expected and could potentially see growth post-COVID-19 follow similar trends and rates to those pre-COVID-19. Following a decade of austerity, a return to this policy to reduce the deficit and debt incurred during the COVID-19 period is unlikely due to the political consequences for the government. Plans to level up and rebalance the economy are expected to continue on track, while tax cuts and the relaxation of regulation and red tape are expected to boost growth and kick-start the economy.

This report explores trends in the retail banking sector and offers insight into consumer preferences and behaviors. It highlights some of the most important data points available on the performance of the sector comparable to other markets, as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.

Scope

– The largest five providers of credit cards have seen their share of the UK credit card market remain at 69% over the last eight years.

– Barclays and Bank of Scotland consistently rank lowest of all competitors measured with regards to digital channel usage while ranking highly for branch usage.

– Nationwide and First Direct have invested heavily in digital infrastructure and consequently rank highest across primary activities such as checking current account balances or sending money to others.

– Younger and more affluent users prefer and are open to using a wider range of service providers than older and less affluent users.

Reasons to Buy

– Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.

– Track competitor gains and losses in market share, as well as consumer perceptions of competitors’ performance.

– Learn about how channel preferences have evolved in recent years.

– Discover changes in attitudes towards digital-only banks.

– Explore the importance placed on the various attributes of financial service providers analyzed by age and income.

Barclays
HSBC
Nationwide
First Direct
Bank of Scotland
RBS
TSB
NatWest
Halifax
Co-operative Bank
Lloyds
Santander
Revolut
Starling
Monzo
Monese
Chip
Atom Bank
Bean
Bud
Coconut
Curve
Habito
OakNorth
Tandem
Tide

Table of Contents

Table of Contents

Executive Summary

Growth Prospects

Macroeconomic Outlook

Survey Insights

Competitor Update

Appendix

Frequently asked questions

United Kingdom (UK) Retail Banking 2020 – Review, Forecasts, and Future Opportunities thematic reports
Currency USD
$5,250

Can be used by individual purchaser only

$15,750

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

United Kingdom (UK) Retail Banking 2020 – Review, Forecasts, and Future Opportunities was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at United Kingdom (UK) Retail Banking 2020 – Review, Forecasts, and Future Opportunities in real time.

  • Access a live United Kingdom (UK) Retail Banking 2020 – Review, Forecasts, and Future Opportunities dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.