Market Size of UK Retail Banking Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 43.72 Billion |
| Market Size (2029) | USD 46.55 Billion |
| CAGR (2024 - 2029) | 1.26 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United Kingdom Retail Banking Market Analysis
The UK Retail Banking Market size is estimated at USD 43.72 billion in 2024, and is expected to reach USD 46.55 billion by 2029, growing at a CAGR of 1.26% during the forecast period (2024-2029).
Retail banking, also known as consumer banking, is the provision of services by a bank to individual consumers. Services offered include savings and checking accounts, mortgages, personal loans, and debit/credit cards. The United Kingdom retail banking sector is being transformed by a range of powerful forces. The economic environment continues to bring uncertainty, regulatory requirements are evolving, customers are demanding greater personalization combined with excellent customer service, and, at the same time, technological innovation is challenging traditional business and delivery models while ushering in a further set of challenging competitors.
The present scenario of the United Kingdom retail banking market post-COVID is characterized by a shift towards digital banking, increased focus on customer experience, and accelerated adoption of online and mobile banking services.
