UK Retail Banking, 2019 - Opportunities and Risks Up Until 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 28, 2019--
The “UK Retail Banking: Opportunities and Risks to 2023” report has been added to ResearchAndMarkets.com’s offering.
The UK’s total loan balances outstanding (including credit card balances, personal loan balances, and residential mortgage balances outstanding) recorded a compound annual growth rate (CAGR) of 3.3% during 2014-18 to reach 1,626.6bn ($2,075.6bn).
The majority of loan balances outstanding are from home loans, with residential mortgage balances outstanding accounting for 86.7% of total balances in 2018, followed by personal loans (8.8%) and credit cards (4.5%). However, uncertainty on account of Brexit and its impact on the economy will affect the growth of total loan balances outstanding in the coming years. As a result, we estimate total loan balances outstanding to record a subdued CAGR of 2.7% over 2019-23. The UK lending space is dominated by Lloyds Banking Group, Barclays, and RBS Group - a trend that is anticipated to continue over the coming years. However, they may face increased competition from non-bank lenders, digital banks, and digital lending platforms breaking into the market and offering low interest rates and hassle-free loan approvals. The savings market in the UK recorded a CAGR of 3.9% over 2014-18 to reach 1,433.7bn ($1,829.4bn) in 2018. The market grew at a higher rate compared to loan balances during the five-year review period due to economic uncertainty surrounding Brexit.
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INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES
SOURCE: Research and Markets
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PUB: 11/28/2019 07:39 AM/DISC: 11/28/2019 07:39 AM