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About
UK Digital Account Opening Forecast 2022
How Slow Yet Steady Growth Will Drive Competitive Dynamics
Executive Summary
Total digital account opening will sink in 2022 by 25.9% year over year (YoY), a faster slide than in any previous year in our forecast. Annual growth is set to hit 0.4% in 2023 and remain below single digits through 2026, creating an environment of fierce competition between incumbents and neobanks.
Key Question: How will incumbents and digital-only banks, aka neobanks, be able to acquire new customers in the face of a possible recession?
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KEY STAT: Since 2019, total digital account openings surged by 30.0% to 6.4 million in 2021, and they’ll nosedive 25.9% in 2022 as the industry experiences a reset.
authors
Tiffani Montez
Contributors
- Tyler Brown
- Senior Analyst
- Caitlin Cahalan
- Researcher, Financial Services
- Brian Lau
- Forecasting Analyst
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