Digital banks in the UK - statistics & facts
Digital banks, also known as neobanks or disruptor banks, are mobile-first, app-based institutions with no physical branches. Their lower overhead costs allow them to offer competitive perks like lower fees, higher interest rates, and personalized digital experiences. In recent years, these banks focused heavily on rapid user acquisition, backed by aggressive and continuous funding rounds. However, 2024 appears to mark a turning point, as major UK digital banks not only continued expanding their customer bases but also posted significant gains in revenue and profitability, signaling growing maturity in the sector.
