UK Banks Face Global Turmoil

How to Ride Out the Economic Storm

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About This Report
Geopolitical turmoil will decelerate UK banks’ IT spending over the next five years—but there will be lucrative opportunities for banks that plan ahead.
Table of Contents

Executive Summary

War and Brexit will make the next five years a period of profound risk and uncertainty for UK banks. But other events roiling the global economy—such as recession risk and rising interest rates—may work in favor of banks that can plan ahead to seize unusual opportunities.

Key Question: How can banks successfully navigate the biggest changes within the UK banking sector over the next five years?

KEY STAT: IT spend growth at UK banks is expected to decelerate by 7.6 percentage points between 2022 and 2023, as geopolitical turmoil diverts funds into capital buffers.

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Table of Contents

  1. Executive Summary
  2. Banks Must Defend Their Bottom Lines Against Constant Crises
  3. Short-Term Changes
  1. Long-Term Changes
  2. What Should Banks Do?
  3. Read Next
  1. Sources
  2. Media Gallery

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authors

Maria Elm

Contributors

Tiffani Montez
Principal Analyst, Banking
Daniel Ramirez
Researcher, Financial Services
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