UK Digital Account Opening Forecast 2022

How Slow Yet Steady Growth Will Drive Competitive Dynamics

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.

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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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