Digital Banking By Industry: UK
After an exhaustive search through credible sources, it appears that information on three to five industries in the United Kingdom (U.K.) that have embraced digital banking services the most is unavailable in the public domain.
DIGITAL BANKING SERVICES IN UK
- More than half (57%) of small businesses in the U.K. have adopted digital business banking services.
- According to Statista, around 74% of banking customers in the country utilize online banking services.
UK MOBILE PAYMENTS
- Mobile payments in the U.K. are segmented to retail sectors like bars and pubs (9.25%), coffee shops (11%), public transport (11%), and quick-service restaurants (11.3%).
- In 2017-2018, mobile payments within the fashion industry rose by approximately 500%.
- Mobile payments in the U.K. have reached 126 million transactions, with around £975 million being spent ($1.184 billion USD) in 2017.
- As reported by BusinessWire, the mobile payments sector in the nation is projected to reach $408,020.5 million by 2025, growing at an estimated CAGR of 6.9%.
- In 2018, the use of mobile payments was adopted by about 13% of the U.K. population, or about 7.2 million individuals.
- The mobile payment industry in the country involves mobile recharge and bill payment, as well as other payments such as mobile recharge/payment, insurance payments, rental payment, credit cards payment, wellness and healthcare bills, broadband/data cards recharge/payment, DTH recharge/payment, fuel bills, and landline recharge/payment.
UK TRAVEL BOOKING INDUSTRY
The U.K. travel booking sector depends heavily on mobile payments, which consists of offline and online travel booking, flight bookings, train and bus bookings, hotel bookings, transit and toll - metro and cabs bookings.
UK E- WALLET PAYMENTS
- Around 22% of e-commerce payments in the U.K. are conducted through e-wallets such as Android Pay, Apple Pay, and Samsung Pay.
Top industries in the UK
- The top industries in the U.K. include oil and gas, information technology, healthcare, agriculture, manufacturing, tourism, transportation, construction, and logistics.
Banks in the UK
- The leading challenger bank companies in the U.K. are Monzo, Atom, Metro Bank, Monese, Tandem Bank, Tide, Secco, Starling Bank, Mondo Bank, and Cryptaura.
- According to Startups, the "best challenger bank accounts for business" in the U.K. are Revolut, Starling Bank, Soldo, Mettle, Countingup, Cashplus, Tide, Monzo, and CardOneMoney.
- Large traditional banks in the U.K. include HSBC Holdings, Lloyds Banking Group, Royal Bank of Scotland Group, Barclays, and Standard Chartered.
Our research began by searching for information on the industries that have endured the highest uptake of digital business banking services in the U.K. in various market reports such as Mckinsey, Forbes, E-marketer, BusinessWire, Fintech Magazine, and others. However, most of the information focused on individual personal digital banking rather business digital banking to derive further.
Next, we searched for information on the top industries in the U.K. from various sources such as World Atlas, Blue Black Global, and others. Using this strategy, we discovered that the top industries in the country include information technology, construction, oil and gas, healthcare, agriculture, manufacturing, tourism, transportation, logistics, etc. Furthermore, we tried to derive information on the adoption of digital business banking services in those sectors through various industry reports such as Deloitte, PWC, Euromonitor, and IBIS World, among others. We only came across reports focused on the digitization of respective industries but not specific to digital banking to triangulate further.
Afterward, we looked for the top digital-only banks/EMIs across various banking databases, such as Venture Radar, Startups UK, Crunchbase, and Hoovers, that offer digital business banking services. We found out that the best U.K. challenger bank accounts for business are Revolut, Starling Bank, Soldo, Mettle, Countingup, Cashplus, Tide, Monzo, and CardOneMoney. Based on this list, we exhaustively examined publications and periodical reports of them to review the segmentation of their business clients to triangulate the adoption of the digital business banking services industry-wise. However, most of the annual reports merely quoted their stats on customers, but there was not further segmentation.
Also, we attempted to search for traditional banks that offer both traditional and digital banking services as triangulation failed to derive at industries that have had the highest uptake of digital business banking services in the UK with respect to digital-only banking. We discovered that large traditional banks in the U.K. include HSBC Holdings, Lloyds Banking Group, Royal Bank of Scotland Group, Barclays, and Standard Chartered, and most of the banks offer digital services. Nevertheless, details on client segmentation was not published in the public domain.
Finally, we expanded the scope of our search to include European reports on digital business banking services such as Everest GRP, Digitalist Mag, Small Business, Ipsos, Fis Global, Finance Digest, Disfold, and others, to determine the industries that have had the highest uptake of digital business banking services in the U.K. However, most of the reports quote general insights on digital banking but nothing specific to digital business banking services to derive further. Due to the unavailability of data, we were unable to provide information on three through five industries with the highest uptake of digital business banking services in the U.K. The information regarding the industries that have most embraced digital business banking services in Germany for digital banking services overall that offer both traditional and digital banking services is also not available in the public domain. There is very limited data on digital business banking services in the U.K. as most of the information focused on individual personal banking rather business banking to triangulate further.