McKinsey: the decade that will redefine UK banking, with AI as one of three key races

By McKinsey & Company (Ishaan Seth and Stephanie Hauser, global leaders of the Banking Practice) · Tue, 13 Oct 2026 18:03:00 +0000.

The email introduces the report "The decade to redefine UK banking", published by McKinsey. Its authors are Anutosh Banerjee, David Tan, Manu Saxena, Megha Kansal, Miklós Dietz, Nurzhan Onashabay and Vinay Kumar.

According to the email, UK banks are enjoying some of their most profitable years in a long time. Beneath that strength, however, the foundations of competitive advantage are shifting.

The email cites one figure: neobanks and fintechs already account for around 27% of banking relationships in the UK. This is because customers increasingly spread their financial activity across different providers.

The email also says AI is set to transform how customers manage their money, choose providers and access financial services.

The report identifies three races that could decide which banks will lead in the coming years:

1. Securing customers and deposits as traditional banking relationships fragment.

2. Winning the commercial transactions layer, as value shifts beyond lending toward payments, liquidity and everyday financial flows.

3. Rebuilding the cost base with AI, to compete with digital-native challengers and reach new levels of productivity.

The email closes with an open question: what will separate the banks that lead from those that fall behind in a decisive decade for the sector. To answer it, the email links to the full report via "Explore the report".

Note: the email is only a promotional introduction to the report and gives no further figures or details on its findings. This summary is therefore limited to what appears in the email.