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U.K. Banking Sector SWOT & PESTLE Analysis

ID : 521187053| Apr 2022| 19 pages

COMPANY PROFILE -U.K. Banking Sector

Business Sector :Banking and Financial Services

Operating Geography :United Kingdom

About U.K. Banking Sector :

The banking sector in the United Kingdom is made up of several private UK banks, international banks, and building societies. The sector is dominated by a few large banks that compete for market position. There are currently 344 banks and 52 building societies in the UK. In recent years, there has been a steady increase in the use of online and mobile banking in the UK, with approximately two-thirds of UK adults using online banking and four in ten using mobile banking. Physical banking, on the other hand, remains popular, with around 20,000 locations across the UK. The Bank of England is the country's central bank, and it has been state-owned since 1946. The Financial Conduct Authority regulates banks in the United Kingdom (FCA). The financial services sector contributed £164.8 billion to the UK economy in 2020, accounting for 8.6 percent of total economic output. The sector was centered in London, where half of its output was generated.

In terms of its proportion of national economic output, the UK financial services sector was the third largest in the OECD in 2020. Luxembourg's financial services sector was the largest in the OECD, accounting for 25% of the country's GDP. In the first quarter of 2021, there were 1.1 million financial services jobs in the UK, accounting for 3.3 percent of all jobs.

U.K. Banking Sector Revenue :


£164.8 billion - FY ending 31st March 2020 (y-o-y growth 31.94%)
£124.9 billion - FY ending 31st March 2019

Competitive Analysis of U.K. Banking Sector

SWOT
PESTLE
The SWOT analysis for UK Banking Sector is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. One of the largest financial sectors among OECD countries
2. Competitive job landscape compared to other EU countries
3. Steady increase in contribution to GDP over the years
4. Long-standing trade surplus in financial services
1. Massive operational losses due to COVID-19
2. History of controversies and insider trading allegations
3. Restructuring losses due to new regulations
4. Wide disparity of output across regions
OpportunitiesThreats
1. Increasing resiliency of banking sector
2. Creating investment opportunities through digital assets
3. Collaborating with fintech for greater efficiency
1. Fragmented digitization can lead to “technology traps”
2. Increase in occurrence of cyber attacks
3. Falling exports of financial services to EU
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of U.K. Banking Sector

Strength

1. One of the largest financial sectors among OECD countries: In 2020, UK’s banking and financial sector accounted for 9% of the country’s GDP, making it the third highest proportion of contribution among OECD countries. This is a major improvement from the 9th position it held in 2019. UK’s banking sector comes behind Luxemburg’s financial sector which contributed close to 25% of its GDP in 2020 and Chile (10%). Luxembourg can be called an outlier in this situation as the small country is uncommonly reliant on its financial sector. UK’s banking sector consistently ranks among the world’s most innovative and competitive sectors. In 2021, the GFCI (Global Financial Centers Index) ranked London 2nd in the world, narrowly behind New York. This index is a twice-yearly index which compares the competitiveness of the world’s financial centers. London has retained its 2nd position since 2018, making it the highest ranked financial center in Europe. Other European cities are ranked much lower such as Paris (10th), Amsterdam (17th), Geneva (17th), etc.

2. Competitive job landscape compared to other EU countries: London is the world's most international and well-connected financial center, with unparalleled access to global markets. It attracts workers from all over the world, creating a diverse pool of financial and professional services specialists with deep human ties to virtually every economy on the planet. Every day, more than 300 languages are spoken. The United Kingdom is physically connected, with one of the most extensive networks of flight connections – and digitally, with 96 percent superfast internet coverage. As a result of its open and multi-cultural society, the United Kingdom provides a creative energy that spans the country's sectors and economy. The importance of the UK financial sector to the rest of the EU is also obvious. Nearly $1.4 trillion is lent by British banks to EU companies and governments. Much of the financial activity in Europe is carried out either directly or indirectly through London (87 percent of US investment banks' EU staff are based in London). Furthermore, the financial sector has been one of the primary beneficiaries of the single market.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • New York
  • Luxembourg
  • Paris
  • Frankfurt
  • Hong Kong
  • Singapore

Major Brands :

  • Barclay’s
  • HSBC
  • Lloyd’s Banking Group
  • NatWest
  • Standard Charter
  • Banco Santader
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Check Out Analysis of Other Relevant Companies

References used in U.K. Banking Sector SWOT & PESTLE Analysis Report

1. Financial services: contribution to the UK economy - https://researchbriefings.files.parliament.uk/documents/SN06193/SN06193.pdf

2. The UK is the world’s global financial centre - https://www.theglobalcity.uk/global-financial-centre

3. UK banking sector: top ten themes for 2021 and beyond | Grant Thornton - https://www.grantthornton.co.uk/insights/uk-banking-sector-top-ten-themes-for-2021-and-beyond/

4. Discredit history: 10 years of Barclays scandals | Barclays | The Guardian - https://www.theguardian.com/business/2021/nov/01/discredit-history-10-years-of-barclays-scandals

5. Summer of scandal: the British banking controversies rocking the City of London | London Evening Standard | Evening Standard - https://www.standard.co.uk/business/business-news/summer-of-scandal-the-british-banking-controversies-rocking-the-city-of-london-8049429.html

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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