The United Kingdom financial services market reached approximately USD 175.34 Billion in 2024. The market is projected to grow at a CAGR of 5.90% between 2025 and 2034, reaching a value of around USD 311.06 Billion by 2034.
The growing digitalisation of financial services has led to a greater emphasis on data security and cybersecurity. Financial institutions are making significant investments in high-end security technologies to protect confidential financial information and adhere to regulatory requirements. The digital payment systems are also experiencing an upward trend in the market. The rise in popularity of contactless payments, e-wallets, and real-time payments is increasing, fuelled by consumer demand for convenience and efficiency.
Moreover, the integration of AI and automation in banking services is transforming various aspects of financial services, from customer service, through chatbots and automated replies, to back-end operations like fraud detection.
Further, mutual funds are expected to grow at a CAGR of 6.0% over the forecast period of 2025-2034. By distributing investors' money among a variety of assets, mutual funds reduce the risk associated with investing. They provide knowledge without necessitating micromanagement since they are professionally run.
United Kingdom Financial Services Market Growth
Rising demand for fintech and digital payment platforms, growing popularity of personalised banking services, and data-protection laws are some of the prominent market drivers. The inclusion of technology in financial services, specifically through fintech and digital banking platforms such as mobile banking, online investments, and digital payments, is revolutionising the market.The growing digitalisation of financial services has led to a greater emphasis on data security and cybersecurity. Financial institutions are making significant investments in high-end security technologies to protect confidential financial information and adhere to regulatory requirements. The digital payment systems are also experiencing an upward trend in the market. The rise in popularity of contactless payments, e-wallets, and real-time payments is increasing, fuelled by consumer demand for convenience and efficiency.
Moreover, the integration of AI and automation in banking services is transforming various aspects of financial services, from customer service, through chatbots and automated replies, to back-end operations like fraud detection.
United Kingdom Financial Services Industry Segmentation
“United Kingdom Financial Services Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:Market Breakup by Type
- Banking
- Advisory
- Wealth Management
- Mutual Funds
- Insurance
- Others
Market Breakup by Size of Business
- Small and Medium Business
- Large Business
Market Breakup by End Use
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
Market Breakup by Region
- England
- Wales
- Scotland
- Northern Ireland
United Kingdom Financial Services Market Share
Based on type, the market is divided into banking, advisory, wealth management, mutual funds, and insurance, among others. The banking sector is expected to grow at a CAGR of 6.1% over the forecast period of 2025-2034 as British banks provide a wide range of services, encompassing personal banking, mortgages, loans, and other specialised financial services. These banks are well-known for their increased adoption of high-end financial technologies, which not only enhances their service offerings and operational efficiency but also appeal to a wide range of customers.Further, mutual funds are expected to grow at a CAGR of 6.0% over the forecast period of 2025-2034. By distributing investors' money among a variety of assets, mutual funds reduce the risk associated with investing. They provide knowledge without necessitating micromanagement since they are professionally run.
Leading Companies in the United Kingdom Financial Services Market
The market participants are readily investing in digital technologies to meet the evolving regulatory landscape.- JPMorgan Chase & Co.
- HSBC Holdings plc
- Goldman Sachs Group Inc.
- Barclays plc
- Citigroup Inc.
- Bank of America Corporation
- Morgan Stanley
- Aviva plc
- American Express Company
- Axa SA
- Others
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Europe Financial Services Market Overview
6 United Kingdom Financial Services Market Overview
7 United Kingdom Financial Services Market by Type
8 United Kingdom Financial Services Market by Size of Business
9 United Kingdom Financial Services Market by End Use
10 United Kingdom Financial Services Market by Region
11 Market Dynamics
12 Competitive Landscape
Companies Mentioned
- JPMorgan Chase & Co.
- HSBC Holdings plc
- Goldman Sachs Group Inc.
- Barclays plc
- Citigroup Inc.
- Bank of America Corporation
- Morgan Stanley
- Aviva plc
- American Express Company
- Axa SA
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 106 |
| Published | May 2025 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value ( USD | $ 175.34 Billion |
| Forecasted Market Value ( USD | $ 311.06 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | United Kingdom |
| No. of Companies Mentioned | 10 |
