United Kingdom (UK) Retail Banking Competitor Benchmarking - Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps

United Kingdom (UK) Retail Banking Competitor Benchmarking - Analyzing Top Players Market Performance and Share, Retention Risk, Financial Performance, Customer Relationships, Customer Satisfaction and Actionable Steps

Summary

Human activity generates a vast amount of data, from databases containing information about citizens to user-generated content on social media platforms and sensor data generated by smartphones and industrial machinery. Many industry forecasts expect over 175 zettabytes of data to be generated by 2025. A zettabyte is as much information as there are grains of sand on all the world’s beaches. We are drowning in data, and making sense of so much information is becoming more difficult. Data analytics tools can help us convert raw data into valuable insights and actionable knowledge. GlobalData estimates the total data analytics market will be worth $188.8 billion in 2027, implying a 13% compound annual growth rate between 2022 and 2027.

Key Highlights

Data analytics is a relatively mature market, yet significant innovation has recently emerged. Prescriptive analytics is the most advanced type, aiming to tell organizations what to do next rather than just describing what happened and why. Machine learning (ML) techniques can now provide data-driven recommendations by parsing large amounts of data and assessing “what if” scenarios. The traditional data analytics vendors such as SAS, IBM, Oracle, and SAP, which evolved from descriptive analytics roots, are being disrupted by AI-native vendors, such as C3.ai, CognitiveScale, and H2O.ai, which aim to help companies automate operational decision-making using ML. Furthermore, the recent emergence of generative AI, especially after the release of OpenAI’s ChatGPT, has led data analytics vendors to embed those AI capabilities in their platforms to democratize access to data science capabilities. For instance, Microsoft has launched Microsoft 365 Copilot, embedding ChatGPT into analytics products such as Excel and PowerBI.

Data privacy regulations have long impacted the data analytics sector, raising the importance of data governance and security. However, the adoption of AI technologies in the most advanced data analytics platforms, and the complex geopolitical situation, pose a mid-term risk to the sector.

Scope

• Royal Bank of Scotland (RBS) has the smallest proportion of new customers as a share of its total customer base, as only 4% of its customers have been with the bank for two years or less.
• Of the banks covered in this report, Bank of Scotland’s customers are the most likely to switch to another provider, followed by Barclays.
• Lloyds Bank remains the market leader across the four main retail banking products, although it has been steadily losing market share.

Reasons to Buy

• Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
• Track competitor gains and losses in market share.
• Assess the financial performance of competitors.
• Detailed analysis of the drivers of customer advocacy.