The retail banking market size has grown strongly in recent years, projected to increase from $1,854.58 billion in 2023 to $1,979.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.7%. This growth can be attributed to several factors, including increased investment in cybersecurity measures, the growing use of mobile banking apps, personalized banking services, an uptick in the use of voice assistants, and adjustments in regulatory frameworks. Over the next few years, the retail banking market size is expected to continue its strong growth, reaching $2,580.41 billion in 2028 at a CAGR of 6.9%. The forecasted growth is driven by the adoption of open banking standards, a focus on enhancing customer experience, sustainability initiatives, the integration of digital and physical banking experiences, and a shift towards cloud-based infrastructures. Major trends anticipated during this period include advancements in blockchain technology, innovative loan products, the implementation of advanced security features, biometric authentication methods, and the rise of contactless payment options.
Global Retail Banking Market Key Driver
The rise in online and mobile banking is expected to facilitate the growth of the retail banking market going forward. Online and mobile banking encompass the use of internet platforms and mobile applications to conduct financial transactions without the necessity of visiting a bank branch. Technological advancements have greatly enhanced the functionality and attractiveness of online and mobile banking services, which now offer features such as mobile check deposits, instant fund transfers, and robust security measures that appeal to users. These services provide retail bankers with convenient, accessible, and efficient methods for customers to manage their finances, improving customer satisfaction and expanding the reach of traditional retail banking. For instance, in April 2022, a survey conducted by MX Technologies, a US-based fintech company, revealed that 68% of American adults use mobile apps to access or manage their accounts, with younger generations exhibiting higher usage rates. Additionally, 72% of respondents expressed a preference for managing their accounts online or via mobile apps, with millennials leading the way at 89%, followed closely by Gen Z at 84%. Thus, the growth of online and mobile banking is significantly driving the retail banking market.
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Global Retail Banking Market Segments
The retail banking market covered in this report is segmented –
1) By Type: Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks, Non-Banking Financial Companies (NBFC)
2) By Service: Saving And Checking Account, Transactional Account, Personal Loan, Home Loan, Mortgages, Debit And Credit Cards, Automated Teller Machine (ATM) Cards, Certificates Of Deposits
3) By Application: Micro Enterprises, Small And Medium Enterprises, Large Enterprises
By Geography:The regions covered in the retail banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the retail banking market in 2023. North America is expected to be the fastest-growing region in the forecast period.
Major Retail Banking Industry Players
JPMorgan Chase & Co., Bank of America Corporation, Banco Santander S.A., Wells Fargo & Company, HSBC Holdings plc, Citigroup Inc., Morgan Stanley, BNP Paribas, Goldman Sachs Group Inc., ING Group, Mitsubishi UFJ Financial Group Inc., UBS Group AG, Barclays PLC, Société Générale S.A., BBVA (Banco Bilbao Vizcaya Argentaria), Sumitomo Mitsui Financial Group Inc., Deutsche Bank AG, UniCredit S.p.A., Credit Agricole Group, Credit Suisse Group AG, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Royal Bank of Scotland Group plc, Mizuho Financial Group Inc., Commonwealth Bank of Australia, CaixaBank S.A., ABN AMRO Group
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Retail Banking Market Overview
Retail banking, also known as consumer banking or personal banking, refers to banking services that focus on individual consumers rather than businesses. It provides various financial products and services, including savings accounts, checking accounts, credit and debit cards, personal loans, and mortgages, to help individuals manage their finances effectively and securely. ?The primary purpose of retail banking is to assist individual consumers in managing their financial needs.
Retail Banking Global Market Report 2023 provides data on the global retail banking market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The retail banking market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
