The Coronavirus pandemic accelerated growth in the FinTech industry, including digital banking, as people’s behaviours, including business banking customers and regulators, changed.
The UK FinTech industry has been growing rapidly, and this accelerated throughout the Coronavirus pandemic. In 2021, the total UK FinTech investment (including mergers & acquisition, private equity and venture capital) increased sevenfold to around £28.4 billion, from around £3.9 billion in 20201. Today, the UK FinTech industry is the biggest in Europe and second in the world after the United States.
The proportion using mobile banking increased from 48% to 58% over the period. Many business banking customers moved to using digital tools more and having less face-to-face contact with their bank, with fewer visiting the branch or seeing their relationship manager face-to-face.
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