Business banking – the digital war

Are neobanks winning the battle?

Neobanks marching forward

The Coronavirus pandemic accelerated growth in the FinTech industry, including digital banking, as people’s behaviours, including business banking customers and regulators, changed.

Many business banking customers moved to using digital tools more and having less face-to-face contact with their bank

The UK FinTech industry has been growing rapidly, and this accelerated throughout the Coronavirus pandemic. In 2021, the total UK FinTech investment (including mergers & acquisition, private equity and venture capital) increased sevenfold to around £28.4 billion, from around £3.9 billion in 2021. Today, the UK FinTech industry is the biggest in Europe and second in the world after the United States.

The proportion using mobile banking increased from 48% to 58% over the period. Many business banking customers moved to using digital tools more and having less face-to-face contact with their bank, with fewer visiting the branch or seeing their relationship manager face-to-face.

MarketVue Business Banking has been tracking business banking customers’ channel usage behaviour for over 10 years. The data shows a consistently high level of online banking usage and a growth of mobile banking usage since the start of the pandemic.

Our free mini-report highlights findings including:

• How Covid-19 has changed the field
• The growth of digital banking
• Factors influencing perception of digital banking solutions

Download our mini report here

MarketVue provides financial services brands detailed insights into the behaviours, perceptions and experiences of business customers. Comprehensive, reliable and with years of historical data, MarketVue is an essential brand management and monitoring tool used by all major financial institutions and agencies.

For more information, please contact Rima Aryandani, Senior Consultant, Financial Services at [email protected].