Mar 11, 2025 | Banks
Leading banks in the UK 2024, by number of customers
The United Kingdom's banking landscape in 2024 revealed a competitive field dominated by established institutions, with Barclays leading the pack with 48 million customers worldwide. HSBC followed closely with 41 million customers, showcasing the enduring strength of traditional banks despite the rise of digital challengers. Interestingly, customer numbers don't necessarily correlate with satisfaction, as online banks like Starling Bank, First Direct, and Monzo Bank topped the charts for customer contentment.
Market dominance and financial performance
While Barclays boasts the largest customer base, HSBC maintains its position as the UK's largest bank by market capitalization. As of December 31, 2024, HSBC's market value reached approximately 176.71 billion U.S. dollars, rebounding to pre-pandemic levels and solidifying its status as Europe's largest bank by market value. This financial strength is further reflected in HSBC's annual revenue, which towered at 65.9 billion British pounds in 2024.
Digital transformation and customer retention
The banking sector's shift towards digital services has led to widespread branch closures among the UK's "big four" banks, with Barclays, Lloyds, and NatWest each shuttering over 1,000 locations between 2017 and 2024. This transition, while improving efficiency, has also resulted in significant job losses. Despite these changes, some traditional banks have managed to maintain strong customer loyalty. Nationwide, for instance, led UK banks in net current account gains in the third quarter of 2024, attracting over 22,000 new customers through the Current Account Switch Service. However, digital challengers like Revolut have made significant inroads, with the London-based neobank reporting over 50 million global customers by November 2024, highlighting the growing appeal of digital-only banking solutions.