UK digital banking market is estimated to grow at a significant growth rate of 8.4% over the forecast period to hit over $2.5 billion in 2025 from nearly $1.5 billion in 2018. UK is one of those countries where transaction methods are rapidly evolving with the digital technology being one of the supporting pillars for this transformation of financial services. Cash payments are continuously decreasing with the evolution of advanced technology in the financial sector. Around 62% of the total payments in 2006 were made through cash which has reduced to 40% in 2016 and it is estimated to reduce to 21% in 2026 in the country, according to the UK Finance Department. With the increasing digital payments, financial institutions are tapping into digital banking services. For instance, in January 2019, PayPal partnered with Temenos to use its T24 banking platform to support its businesses in many geographies, including UK.
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UK has become a competitive market for digital banking with the presence of digital challenger banks such as Revolut that competes with a string of start-ups offering app-based current accounts including Monzo and Starling Bank. While Atom Bank and Tandem, being other digital challenger banks, have built businesses focused on mortgages and credit cards. In July 2019, UK-based digital challenger bank Atom Bank, a provider of personal and banking services through a smartphone app, has raised a $62 million round from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP. This brings the total amount raised by the company to $554 million.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
UK Digital Banking Market by Type
- Corporate Banking
- Investment Banking
- Retail Banking
UK Digital Banking Market by Solution
- Processing Services
- Payment
- Customer and Channel Management
- Risk Management
Company Profiles
- Appway AG
- Atos SE
- Backbase BV
- Capital Banking Solutions
- CERALOGIX AB
- Computer Services, Inc.
- Cor Financial Solutions Ltd.
- EBANKIT-OMNICHANNEL INNOVATION, S.A.
- Etronika UAB
- Fidor Solutions AG
- Finastra
- Fiserv, Inc.
- Intellect Design Arena Ltd.
- Microsoft Corp.
- NCR Corp.
- NETinfo PLC
- NETinfo PLC
- Oracle Corp.
- SAB Group
- SAP SE
- Sopra Steria Group
- Tata Consultancy Services Ltd.
- Technisys SA
- Temenos SA
The Report covers:
- Comprehensive research methodology of the UK Digital Banking market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the UK Digital Banking market.
- Insights about market determinants which are stimulating the UK Digital Banking market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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