UK Online Banking Forecast: 2007 To 2012

November 1st, 2007

Benjamin Ensor

Tim van Tongeren

With contributors:

Michelle de Lussanet , Lauriane Camus

Summary

Online banking has grown gradually in the UK over the past decade and is now used by 31% of adults, or 15 million people. But growth has slowed in the past couple of years. That's odd because only 46% of UK Net users access their bank accounts online, yet 74% regularly shop online. We think the UK banks haven't been as determined to push their customers to adopt online banking as banks in some other countries. With most banking eCommerce executives focused on selling products online — not customer migration — we don't expect the situation to change greatly in the next few years, despite the slow rollout of two-factor authentication. By 2012, we expect 44% of adults to use online banking in the UK, or nearly 22 million people.

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