The UK banking space is experiencing a push toward digital channels—driven by branch closures, consumer preference for digital, declines in cash usage, and changes brought about by the pandemic. As consumers gravitate toward digital channels and away from some legacy ones, banks must reevaluate their investments in each.
Three Key Questions This Report Will Answer:
WHAT’S IN THIS REPORT? In this report, Insider Intelligence forecasts the growth or decline over the next five years of five key banking channels in the UK: branches, digital platforms, smartphones, call centers, and ATMs. We identify the drivers behind the trajectory of each channel's penetration, including changes to consumer behavior or advancements in technology. We also highlight how the coronavirus pandemic and its subsequent lockdown period has affected each of these growth trajectories in the immediate and longer term. We include penetration forecasts for two possible pandemic scenarios, a moderate one in which the UK economy fully reopens within the coming months, and a severe one, where persistent public health threats due to the coronavirus keep branches closed for an extended period.
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