麦肯锡-重塑英国银行业的十年 The decade to redefine UK banking

FinancialServicesPractice

ThedecadetoredefineUK

banking

September2026

Coverimage©Andrey_A/GettyImages.Allinteriorimages©GettyImages.

UKbankshaveneverbeenmoreprofitable—buthaverarely

beenmoreexposed.Success

dependsonsecuringcustomersanddeposits,winningthe

commercialtransactionlayer,andrebuildingthecostbase.

ThisarticleisacollaborativeeffortbyAnutoshBanerjee,DavidTan,ManuSaxena,MeghaKansal,andMiklósDietz,withNurzhanOnashabayandVinayKumar,

representingviewsfromMcKinsey’sFinancialServicesPractice.

ThedecadetoredefineUKbanking1

U

Kbankingisatitsmostprofitablepointinyears.However,thefoundations

underpinningthoseprofitsareerodingparticularlyquicklyintheUnitedKingdom.

MostUKincumbentbanksearnreturnsontangibleequity(ROTE)inthemid-to-highteens,withthestrongestperformersreachingthetwenties.Incontrast,banks’ROTEgloballyslippedfrom12.4percentin2024to11.8percentin2025,despiterecordnet

income.Butthe

UKbankingsectortradesatroughlya52percentdiscount

tootherindustriesonbookvalue,showinginvestorsremainscepticalabouthowdurablethoseeconomicswillprove.1

Threedisruptionshelpexplaintheparadox.First,customerprimacy—andthelow-cost,sticky

depositsthatcomewithit—isshifting.NeobanksandfintechsnowholdmorethanaquarterofUKbankingrelationships,upfromlowsingledigitsadecadeago,andincreasinglycapturetransactionsanddailyengagement,unbundlingthetraditionalrelationshipbetweentheprimaryaccountandthecustomer’sfinanciallife.

Second,competitionisintensifyingincommercialbankingasvalueshiftsfromthebalancesheetto

thetransactionlayer.Morethan60percentofUKcommercial-bankingrevenuealreadysitsoutsidelending.Incumbentsincreasinglyriskretainingthecreditrelationshipwhileanotherprovidercapturesthetransactions,data,andengagementfromwhichvalueiscreated.

Third,AIchangesboththespeedandtheeconomicsofthiscompetition.AIwillmakeiteasier

tocompareproviders,switchproducts,andmovemoney.Fordecades,bankscouldadoptnew

technologylatebecausetheirmostvaluablecustomersadopteditlate,too.NotsowithAI,whichcustomersareadoptingfarfasterthanprevioustechnologies.

Atthesametime,digital-nativecompetitorsalreadyoperatewithstructurallydifferenteconomics:

Leadingneobanksservethesamenumberofcustomerswithfarfeweremployeesthanbanksdo.

AgenticAIhasthepotentialtowidenthatgapbyallowinginstitutionstoredesignentirecustomer

journeysandoperatingmodelsratherthansimplyautomateindividualtasks.AgenticAIcould

becometheprimaryinterfacebetweencustomersandtheirmoney,automaticallycomparing

productsandsweepingidlecashintohigher-yieldaccounts.Forbanks,thegraceperiodisclosing—andthistimeatAIspeed,notbankingspeed.

The2020sarelikelytobeadefiningdecadeforUKbanking,andtheplaybookisprecisionatspeed,asoutlinedin

McKinsey’sGlobalBankingAnnualReview2026

.Threeraceswillshapebanks’

competitiveposition:securingcustomersanddeposits,winningthecommercialtransactionlayer,

andrebuildingthecostbasewithAI.Eachofthesecontestsisaraceagainsttimeasmuchasagainstcompetitors,becauseprimacycompounds:Thebankthatwinsthecustomer’sattention,transaction,ordepositfirsttendstokeepit.

Thisreportexploreswhytoday’sprofitabilitymasksincreasingstrategicvulnerabilityandwhyAIcompressestheindustry’swindowtorespond,beforeexaminingeachofthethreeracesindetail.

Forbanks,thegraceperiodisclosing—andthistimeatAI

speed,notbankingspeed.

1“

GlobalBankingAnnualReview2026:Precisionwithspeed

,”McKinsey,May21,2026.

ThedecadetoredefineUKbanking2

plateau

1Aprofitable

UKbanksoutperformtheirglobalpeersforthreereasons.Theirretailfundingisring-fenced,a

legacyofpost-2008reformthatgivesthemastableandinexpensivedepositbase.Theirmarket

isconcentratedinbalancesheetterms,whichprotectsspreadincomeevenascompetitionforthecustomerrelationshipintensifies.And,asinmanyWesternmarkets,banksintheUnitedKingdom

haverecentlyearnedhigherlendingmarginsduetorisinginterestrates.Between2024and2025,netinterestmarginatUKbanksrosesixbasispoints,makingthecountryoneofonlyahandful

ofmajormarkets,alongsidetheUnitedStatesandJapan,wheremarginswidenedratherthan

narrowed.2Beyondmarketfactors,thestrongestUKbanksmanagecostsveryeffectively,boostingprofitability.

UKretailbankinggeneratedaround£62billionrevenueafterriskcostsin2025,whilecommercial

bankingbroughtinabout£32billion.McKinseyPanoramaforecastsbothbankingsectorstogrowsteadilyatabout2percentayearthrough2030,addingaround£10billioninannualrevenueafter

riskcosts,from£94billionin2025to£104billionin2030(Exhibit1)(seesidebar“Moreabout

McKinseyPanorama”).However,thatstablegrowthmasksintensecompetition:Valuablecustomersanddepositsarebeingwonandlostmuchmorequicklythantheindustry’saggregategrowth

numberssuggest.Asaresult,individualbankscouldperformverydifferently.

2“

GlobalBankingAnnualReview2026:Precisionwithspeed

,”McKinsey,May21,2026.

ThedecadetoredefineUKbanking3

Sidebar

MoreaboutMcKinseyPanorama

McKinseyPanorama

equipsfinancial

institutionswithdataandinsightstohelpthemdefinestrategiesandaccelerate

innovation.Panoramaoffersgranular

intelligenceonbankingmarketsizing,

customersegmentation,andinnovationsthroughamodeldesignedaroundclientneeds.Panorama’scoreofferingsinclude

BankingPools

and

IdeaAnalytics

.

BankingPools,thedatabaseunderpinningtheanalysisinthisreport,providesgranularinsightsintobankingvaluepoolsacross

markets,customersegments,andindividualplayers.Coveringmorethan70products

andsegmentsacrossmorethan100

countries,itallowsforconsistent,

product-levelcomparisonsacross

geographies,aswellasdeeperinsight

intocustomerbehaviourandpreferences.

Italsosupportstailoreddiagnosticsforbanksinspecificcontexts.

Inpractice,BankingPoolsisusedtoquantifymarketsize,developcustomisedprojections,andstress-testlong-termstrategies.Itcan

alsoinformproductorigination,supportdecisionsoninternationalexpansionorretrenchment,andprovideabenchmarkagainstmarketperformancetohelp

optimiseportfolios.

Exhibit1

UKbankingrevenuepoolsareforecasttogrowabout2percentayearthrough2030.

Revenueafterriskcosts,fbillion

104

36Commercial

69Retail

+10

billion

~2%

perannuminboth

segments

94

32

62

2025baseline2030forecast

Note:Revenueafterriskcosts(netofloan-lossprovisions).Retailandcommercialsegmentseachgrowabout2%perannumfromthe2025baseline.Figuresroundedtothenearest£1billion.

Source:Annualreports;McKinseyPanorama,GlobalBankingPools

McKinsey&Company

ThedecadetoredefineUKbanking4

paradox

2Theprimacy

Abank’sstrengthhasalwaysrestedonprimacy—thesalarythatlandsintheaccount,thestandingordersthatfollow,theinertiathatholdsarelationshipfordecades.Onthistraditionalmeasure,

incumbentsstilllead,holdingprimarystatusfor55to65percentoftheircustomers,against15to

25isincreasinglynottheonethecustomeruseseveryday.Manypeopleleavetheirpaychequewithanincumbentbecausechangingpayrollarrangementsisinconvenient,thenmovespendingmoneytoachallengersoonafterpaydayforabetterproduct.Theincumbentkeepsthesalarydeposit;thechallengerbecomesthebankcustomersrelyondaytoday.

Thatmeansthedefinitionofprimacyisshiftingbeyondthesalarydeposittoincludeengagement

primacy,builtondailymobileappusage.Traditionalprimacy,builtondirectdepositofthecustomer’ssalaryandthebank’sshareofthecustomer’stotalbalances,stillfavoursincumbents.Butthe

underlyingrelationshipischanging:Theshareofcustomersreceivingtheirsalaryintotheirprimarycurrentaccountwasessentiallyunchangedbetween2023and2025,whiletransactionprimacyfellaroundtwopercentagepointsanddigitalprimacyaroundsixpoints(Exhibit2).Onthemeasures

thatpredictthefuture,challengersareahead.Revolut,forinstance,reports75milliontotalusers,ofwhich19percentself-reportasprimary,upfrom11percentin2023.3

3RevolutGroupHoldingsannualreport,2025.

ThedecadetoredefineUKbanking5

Exhibit2

Customersstillseeincumbentsastheirprimarybank,butnotnecessarilyastheireverydaybank.

UKcurrent-account-holderengagement,%

80

55–65

60

40

15–2520

0

IncumbentsNeobanks

Sharewhoseethebankastheirprimarybank1

~0

percentage

points

20232025

–2

percentage

points

20232025

–6

percentage

points

20232025

Sharewhoreceivesalaryintheaccount

Sharewhomake>10

transactionspermonth

Sharewhologintoapp>20timespermonth

1Self-reportedprimary-bankstatusamongcurrent-accountholders.

Source:CustomerGrowthandValueBenchmark2025,FinaltabyMcKinsey

McKinsey&Company

27%

ShareofUKbanking

relationshipsheldby

neobanksandfintechs.

Thedistinctionmattersbecauseengagementprimacynowdetermineswhoownsthedata,the

customerrelationship,andultimatelytheopportunitytocross-sell.Financialinstitutionsarealso

experimentingwiththeroleofphysicalpresenceanditspotentialrelationshiptoprimacy(seesidebar“Theroleofphysicalpresenceinbuildingtrustandengagement”).

Thecustomerhasalreadyunbundledthebank.Usingmultiplefinancialinstitutionsisthenorm.

Neobanksandfintechsholdaround27percentofallUKbankingrelationships(definedasanactivecustomeraccountwithaprovider;onecustomercanholdseveral),upfromlowsingledigitsadecadeago.4AIagentscouldacceleratethattrendbymakingiteasiertoselectthebestproviderproductbyproduct,withnoallegiancetoanysingleinstitution.

Thesameparadoxisevenmorepronouncedincommercialbanking,whereprimacyismorevaluableandchanginghandsmorequickly.Corporations,institutionalinvestors,andfinancialsponsors

reportthat12to25percentoftheirannualbankingwalletisbeingreallocatedtodifferentproviderseachyear,accordingtoaglobalMcKinseysurvey.5Inbusinessbanking,primacyiswonearly,at

companyformation,andthenreinforcedthroughthedailyflowsofpayments,expenses,payroll,andliquidity,ratherthanthroughlending.Itispreciselythistransactionlayerthatchallengerstargetfirst.MonzoBusiness—whichisscalingquickly,reachingonemillioncustomersinjustsixyears—ranks

4McKinseyRetailBankingConsumerSurvey2023(n=3,000).

5McKinseyCorporateandInvestmentBankingVoiceofCustomerSurvey2026(n=300).

ThedecadetoredefineUKbanking6

Sidebar

Theroleofphysicalpresenceinbuildingtrustandengagement

Asbankingbecomesincreasinglydigital,physicalpresenceisevolvingratherthandisappearing.

Incumbentsarerelyingontheirbranch

networkstoreinforceloyaltyanddeepencustomerrelationships,whilechallengers

canuseasmallnumberoflocationstobuildtrustandhumanconnection.Nationwide’s

commitmenttomaintainingitsbranch

networkthrough2030sitsalongside

initiativessuchasWise’spop-upexperiencespaceonOxfordStreetthispastspringandRevolut’splannedBarcelonastore.1

Theapproachesaredifferent,butthe

objectiveissimilar.Thecompetitivequestionisbecominglessaboutthesizeofabank’s

physicalestateandmoreaboutwhatthatpresenceisdesignedtoachieve.

1“Nationwideextendsbranchpromiseto2030whileotherbanksshutdoors,”Nationwidepressrelease,November12,2025;“What’sinstoreforyouatWise,OxfordSt,”Wise,March2026;DoloreszKatanich,“FintechgiantRevoluttoopenfirstphysicalstoreinBarcelona,”Euronews,April28,2026.

firstinGreatBritainonasurveyofbusinessbankingservicequalitybytheUK’sCompetitionand

MarketsAuthority.Meanwhile,embedded-financeplatformsandsoftwareprovidersareincreasinglypositioningthemselvesbetweenbanksandtheirbusinesscustomers.Asaresult,incumbentsmightkeepthecreditrelationshipyetlosethedailycustomerinteraction—andwithitthetransactiondataandengagementthatwillshapethenextdecadeofrevenuegrowth.

Executionspeedandcertaintyrankamongthetopthreereasonscorporateclientschoosetheir

primarybank,behindonlyprice.6Commercialbankingclientsmostoftenciteabetterdigitalplatform,followedbypricingandmoreresponsiverelationshipmanagers,asreasonstoswitchbanks.One

fast-growingregionaltradebankillustrateshowbankscanturnexecutionintoanadvantage.It

rebuiltitstrade-financejourneysaroundfourlevers:speed,structure,simplicity,andsmarter

decisionmaking.Letter-of-creditissuancetimesfellfrommorethansixhourstounder30minutes,whilehedgingcostswerecutinhalf.

Theeconomicsofprimacycompound.Servingasacustomer’sprimarybankmakesaninstitution

threetofourtimesmorelikelytobeconsideredforthenextproduct

androughlytwiceaslikelytocross-sellone.7Thebankthatownstheeverydayrelationshipcapturesadisproportionateandcompoundingshareoflifetimevalue.

UKneobankshaveevolvedfromloss-leadingchallengersintoprofitablecompetitors,

demonstratingthatdigital-firstmodelscanacquirecustomersanddepositsatscale(Exhibit3).

Thequestionremainswhetherthoseeconomicscantranslateaschallengersmovedeeperintocapital-intensivelending.

Theeconomicsofprimacy

compound.

6McKinseyCorporateandInvestmentBankingVoiceofCustomerSurvey2026(n=300).

7“

GlobalBankingAnnualReview2025:Whyprecision,notheft,definesthefutureofbanking

,”McKinsey,October23,2025.

Exhibit3

ThedecadetoredefineUKbanking7

UKneobankshavecrossedthethresholdfromnichechallengerstoscaled,profitablecompetitors.

Performanceof8leadingUKneobanks,2020–25

Revenueshare,%ofUKretailbankingrevenue

4

2

0.5–1

0

20202025

5–66

Customerdeposits,fbillionBankingprofits,fbillion

75

50

25

0

20202025

1.5

1.0

0.5

0.0

20202025

Note:Revenueshareisareportedrange.Depositsgrew~5×,from~£15billionin2020.2025profitsof>£1.2billionarecomparedwith~£250millionofcombinedlossesin2020.Basedonreportedorestimateddatafor8leadingUKneobanks.

Source:McKinseyFintechInvestmentRadar;McKinseyGlobalBankingAnnualReview2026

McKinsey&Company

Leadingneobanksarenowexpandingintoincumbents’corebusinesses,justasincumbentsare

tryingtoreplicatechallengers’engagementlevelsandcosteconomics.RevolutsecuredafullUK

bankinglicenceinMarch2026,givingitdepositfundingandabalancesheet,andismovinginto

incumbents’mostvaluableprofitpools,includingtheroughly£1.7trillionUKmortgagemarket

andprivatebankingservicestargetingaffluentandhigh-net-worthclients.Incumbentsstillholda

structuraledgeinmortgages,consumerlending,andinsuranceandprotectionproducts,butthesebusinessareasarebecomingcontested.Revolutspentyearsandconsiderablecapitaltoacquire

depositfunding,capital,andcreditriskmodelsbuiltondecadesofperformancedata,aswellasthepermissionstolendatscale.Abalancesheetwithoutengagement,though,isautility.Theedgeonlypaysifthebankalsoownstherelationshipthatoriginatesthebusiness.

Incumbentsareunderpressurefrombothendsofthemarket.Internationalbanksareinvesting

togainshareatthehighend,whileneobankscontinuetoerodeshareinthemassmarket.But

incumbentsarenotstandingstill.LloydsBankingGroup,forexample,ranabout50genAIusecasesin2025,deliveringroughly£50millioninreportedfinancialbenefits.Thebank,whichcutincome

verificationonmortgagesfromseveraldaystosecondsandreducedcurrent-accountonboardingfromdaystoaboutsevenminutes,istargetingaround£100millionoffinancialbenefitsin2026.

8

NatWestthisyearbecamethefirstUKbanktolaunchanappinChatGPT,allowingconsumerstoexploremortgageoptionsdirectlyontheplatform.

9

8LloydsBankingGroupannualreport,2025.

9“NatWestbecomesfirstUKbanktolaunchhome-buyingguidanceinChatGPT,”NatWest,April30,2026.

ThedecadetoredefineUKbanking8

3

Awindowisclosing,andspeediscrucial

Previouswavesoftechnologicalchangeinbankingunfoldedslowlyenoughtogiveincumbentssubstantialtimetorespond.Inthepast,banks’mostvaluablecustomers,whowereolderand

wealthier,generallyadoptednewtechnologyslowly,meaningbankswereabletopreserve

profitabilitywhilecatchingup.TheinternetandthesmartphonechangedhowBritainshoppedyearsbeforechanginghowitbanked.

AIisdifferentbecauseadoptionisbothfasterandbroaderthaninprevioustechnologywaves

(Exhibit4).IntheUnitedKingdom,57percentofconsumersalreadyuseAItoolsaboutthreeyears

afterthelaunchofthefirstsuchtools.Mobilebanking,incomparison,tookroughlyadecadetoreachthesamemilestone,with57percentofUKadultsusingitin2021.10

AIremovesmuchofthefrictionthathashistoricallyprotectedincumbentsinprocessesincluding

onboarding,know-your-customer(KYC)regulations,affordabilityverification,creditandmortgage

decisions,servicing,anddisputes.IncumbentscanbuildAIagents,too,butlegacytechnology,slowerdeliverycycles,andmorecomplexoperatingmodelsmakeithardertomoveatthepaceofdigital-

nativecompetitors.

Themostimmediateconsequenceisdisintermediation,anditstrikesdepositsdirectly.Today,many

customersleavecashwhereitisbecausecomparingrates,switchingaccounts,andmovingmoneyallrequireeffort.AgenticAIdrasticallylowersthosefrictions.AnAIassistantcancontinuouslycomparesavingsratesandrecommendbetterproducts.Eventually,AIagentsmaybeabletoautomatically

10UKFinance.

Exhibit4

ThedecadetoredefineUKbanking9

CustomershaveadoptedAImuchfasterthanprevioustechnologies.

Technologyadoptionvscomplexity(illustrative)

SIMPLE

EARLYAdoptersLATE

2–3

years

Usecasecomplexity

AgenticAI

COMPLEX

Traditionaltechnologies(eg,bigdata,internet,mobile)

SIMPLE

EARLYAdoptersLATE

5–10

years

Usecasecomplexity

COMPLEX

Source:McKinseygenAIsearchsurveyandresearch,July2025(n=3,945)

McKinsey&Company

20%

Potentialdeclinein

depositprofitsif5to10%ofbalancesmigrateto

higher-yieldaccounts.

moveidlebalancestohigher-yieldaccounts.Forbanks,theeconomicsaresignificant.Ifjust5to

10percentofbalancesmovedthisway,depositprofitscouldfallby20percentormore.11

Savingsbalancesarelikelytomovefirstbecausetheyarealreadyhighlysensitivetointerestrates,

butthereis

abiggerprizeforagenticsweeping:non-interest-bearingcurrent-accountbalances

,

whichprovidebankswiththeircheapestandstickiestsourceoffunding.12Thesamedynamicis

startingtoemergeincorporatetreasury.Tokenisedtreasuryproductslettreasurersearnyieldonidlecashratherthanleavebalanceswiththebank.

Whenconsumersaskwheretosaveorborrow,largelanguagemodelsareincreasinglydirecting

themtodigital-nativelendersoverincumbents.Already,25percentofUKconsumersareusinggenAIatleastmonthlyforfinancialtasks,ameasurerisingto59percentforhigh-incomeindividuals

(Exhibit5).13Weestimatethatdisintermediation,ifleftunaddressed,

couldshrinkglobalbankprofit

poolsbyaround$170billion

,or9percent,overthenextdecade,enoughtopushaveragereturnsbelowthecostofcapital.14

11McKinseyanalysis,assuming5to10percentofcurrent-accountandsavingsbalancesmigrate,withsomemargincompressionasbankscompeteharderforliquidity.

12“

HowgenAIagentsthreatenretailbanks’customerrelationships

,”McKinsey,April30,2026.

13McKinseyUKAIAdoptionSurvey,June2026(n=3,700).

14“

GlobalBankingAnnualReview2025:Whyprecision,notheft,definesthefutureofbanking

,”McKinsey,October23,2025.

Exhibit5

ThedecadetoredefineUKbanking10

AIawarenessandfrequencyofusageforfinancialtasksincreaseswithincome.

Awareness,adoptionlevel,andtopusesofgenAIintheUK,bygenerationandincome

DashedlineshowstheUKTotalbenchmark

Bygeneration

GenZ

Millennial

GenX

Boomer

Awarenessandadoption

Awarenessandadoption

Awarenessandadoption

Awarenessandadoption

level,%oftotalpopulation

level,%oftotalpopulation

level,%oftotalpopulation

level,%oftotalpopulation

AwareofgenAI1

AwareofgenAI1

AwareofgenAI1

AwareofgenAI1

94

95

95

94

UsegenAI2

UsegenAI2

UsegenAI2

UsegenAI2

61

75

59

40

FrequentlyusegenAIfor

FrequentlyusegenAIfor

FrequentlyusegenAIfor

FrequentlyusegenAIfor

financialtasks3

financialtasks3

financialtasks3

financialtasks3

29

44

23

8

Top5financialuses,%share

Top5financialuses,%share

Top5financialuses,%share

Top5financialuses,%share

ofbankingAIusers

ofbankingAIusers

ofbankingAIusers

ofbankingAIusers

Budgetingorexpense

Understandingfinancial

Comparingbankingservices

Comparingbankingservices

tracking

products

38

41

49

47

Budgetingorexpense

Understandingfinancial

Understandingfinancial

Budgetingorexpense

tracking

products

products

tracking

35

29

38

43

Understandingfinancial

Budgetingorexpense

Gettinginvestmentadvice

Gettinginvestmentadvice

products

tracking

31

41

35

20

Resolvequestionsaboutfees

Comparingbankingservices

Gettinginvestmentadvice

Gettinginvestmentadvice

30

38

29

20

Comparingbankingservices

Checkingorimprovingcredit

Understandingtermsfor

Checkingorimprovingcredit

25

score

homefinancing

score

35

25

18

ThedecadetoredefineUKbanking11

Exhibit5(continued)

AIawarenessandfrequencyofusageforfinancialtasksincreaseswithincome.

Awareness,adoptionlevel,andtopusesofgenAIintheUK,bygenerationandincome

DashedlineshowstheUKTotalbenchmark

Byincome

Lowincome

Low-middleincome

Upper-middleincome

Highincome

Awarenessandadoption

Awarenessandadoption

Awarenessandadoption

Awarenessandadoption

level,%oftotalpopulation

level,%oftotalpopulation

level,%oftotalpopulation

level,%oftotalpopulation

AwareofgenAI1

AwareofgenAI1

AwareofgenAI1

AwareofgenAI1

91

95

97

99

UsegenAI2

UsegenAI2

UsegenAI2

UsegenAI2

43

53

69

85

FrequentlyusegenAIfor

FrequentlyusegenAIfor

FrequentlyusegenAIfor

FrequentlyusegenAIfor

financialtasks3

financialtasks3

financialtasks3

financialtasks3

14

20

31

59

Top5financialuses,%share

Top5financialuses,%share

Top5financialuses,%share

Top5financialuses,%share

ofbankingAIusers

ofbankingAIusers

ofbankingAIusers

ofbankingAIusers

Budgetingorexpense

Understandingfinancial

Budgetingorexpense

Gettinginvestmentadvice

tracking

products

tracking

55

35

37

40

Understandingfinancial

Understandingfinancial

Budgetingorexpense

Understandingfinancial

products

products

tracking

products

55

31

35

39

Comparingbankingservices

Comparingbankingservices

Comparingbankingservices

Comparingbankingservices

46

28

33

39

Understandingtermsfor

Checkingorimprovingcredit

Gettinginvestmentadvice

Gettinginvestmentadvice

homefinancing

score

27

26

34

45

Checkingorimprovingcredit

Understandingtermsfor

Budgetingorexpense

Gettinginvestmentadvice

score

homefinancing

tracking

22

25

28

44

1Question:Whatisyourawareness/useofgenAItools?Respondentanswers:“Heardofthembutdon’tusethem,”“Usethemoccasionally,”or“Usethemfrequently.”

2Question:Whatisyourawareness/useofgenAItools?Respondentanswers:“Usethemoccasionally”or“Usethemfrequently.”

3Question:HowoftendoyouusegenAItoolsforbankingorfinancial-relatedactivities?Respondentanswers:“Veryfrequently(onceaweekormore)”or“Occasionally(onceortwiceamonth).”

Source:McKinseyUKAIAdoptionSurvey,June2026(n=3,700)

McKinsey&Company

ThedecadetoredefineUKbanking12

64%

ShareofUKAIuserswhowouldtrusttheirprimarybankmosttoofferAI

services,versus16%foramajortechcompany.

Technologythatthreatensbanksalsoofferstheirbestdefence.AIcanremovethefrictions

holdingcustomers