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.
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/uk-digital-banking-market
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.
Browse for Full Report Description@ https://www.omrglobal.com/industry-reports/uk-digital-banking-market
UK digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.
Furthermore, the market is characterized by the presence of several players including ACI Worldwide Inc., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others. These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players.
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
- ACI Worldwide, Inc.,
- 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
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/uk-digital-banking-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
