Digital-only banks, challenger banks, or neobanks have steadily encroached on the customer base of the more traditional retail banks over the last few years. Out of the 256 neobanks globally, nearly half are operating in Europe. The pandemic has accelerated their adoption. Studies show that in the UK alone, 1 in 4 people has opened an account with a digital-only bank as of 2021, three times the number in 2019.
Traditional banking institutions feel the pressure to gain ground in the seemingly widening gap lest they end up being completely overtaken. But are these neobanks too far ahead making it impossible to catch up?
Not quite. Read this white paper to know why.
More on the UK retail banking market
You can zero in on the UK’s financial sector and learn more about the industry’s need to transform the way they empower their employees, serve customers, adapt to change, and get ahead of the curve. Get a deeper understanding of the UK’s retail banking landscape through insights from your local market experts and thought leaders.
