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UK Digital Account Opening Forecast 2022

How Slow Yet Steady Growth Will Drive Competitive Dynamics

About This Report
Demand for digital accounts will decrease YoY in 2022 due to economic volatility, with growth tapering off in 2023 and stagnating by 2024.
Table of Contents

Executive Summary

Total digital account opening will sink in 2022 by 25.9% year over year (YoY), a faster slide than in any previous year in our forecast. Annual growth is set to hit 0.4% in 2023 and remain below single digits through 2026, creating an environment of fierce competition between incumbents and neobanks.

Key Question: How will incumbents and digital-only banks, aka neobanks, be able to acquire new customers in the face of a possible recession?

KEY STAT: Since 2019, total digital account openings surged by 30.0% to 6.4 million in 2021, and they’ll nosedive 25.9% in 2022 as the industry experiences a reset.

Here’s what’s in the full report


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Table of Contents

  1. Executive Summary
  2. Steady Growth Will Alter Competitive Dynamics
  3. Digital Bank Account Opening: The Industry Reset
  1. Incumbents Kick-Start Growth in 2022
  2. Read Next
  3. Sources
  1. Media Gallery


Tiffani Montez


Tyler Brown
Senior Analyst
Caitlin Cahalan
Researcher, Financial Services
Brian Lau
Forecasting Analyst
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