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UK Banks Lose £100 Billion as Customers Go Online

8/4/2025

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Summary

Story summary

UK high street banks are feeling the pinch, losing a staggering £100 billion in savings as customers flock to online banks and building societies. KPMG reports a decline in traditional banks' market share from 84% in 2019 to 80% in 2024. With pre-tax profits plummeting by £3.7 billion, the pressure for transformation is mounting amidst fierce competition and rising costs.

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Story summary

UK high street banks are feeling the pinch, losing a staggering £100 billion in savings as customers flock to online banks and building societies. KPMG reports a decline in traditional banks' market share from 84% in 2019 to 80% in 2024. With pre-tax profits plummeting by £3.7 billion, the pressure for transformation is mounting amidst fierce competition and rising costs.