One major growth factor for retail banking is technological innovation. The integration of advanced digital technologies such as mobile banking apps, online account management, and AI-powered chatbots has revolutionized the way customers interact with their banks. This has not only enhanced the convenience and accessibility of banking services but has also allowed for more personalized and efficient customer experiences. In addition, innovations like contactless payments, biometric authentication, and blockchain technology have further streamlined transactions and improved security. Embracing and leveraging these technological advancements will continue to be a crucial driver for the growth of retail banking in the foreseeable future.
PORTLAND, Ore, Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Retail Banking Market by Type (Commercial Banks, Rural Banks, and Others), Function (Bank Account Opening, Deposits and Withdrawals, Debit and Credit Card Issuance, Investment and Insurance, and Others), and End User (Individuals and Businesses): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global retail banking industry generated $ 1.9 trillion in 2022 and is anticipated to generate $ 4030.3 billion by 2032, witnessing a CAGR of 8.1% from 2023 to 2032.
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- 124 - Tables
- 73 - Charts
- 432 – Pages
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Retail banking refers to the segment of banking that provides financial services directly to individual consumers and small businesses. It includes a wide range of services, including basic transactions like depositing and withdrawing money, as well as offering loans, mortgages, credit cards, and various investment products. Retail banks operate through a network of physical branches, ATMs, online platforms, and mobile applications. They focus on meeting the everyday financial needs of individuals, such as managing savings and checking accounts, obtaining loans for homes or cars, and providing access to payment and transfer services. Retail banking plays a vital role in the economy by serving as a conduit for individuals to manage their finances and access credit for personal and business needs.
Prime Determinants of Growth
The retail banking market is expected to witness notable growth owing to technological advancements and digital transformation, changing customer expectations and preferences and regulatory shifts and compliance focus. Moreover, personalized financial services and data-driven insights are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, intense competition from fintech startups and economic uncertainty and low interest rates limit the growth of the retail banking market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1,893.09 billion |
Market Size in 2032 | $4,030.25 billion |
CAGR | 8.1 % |
No. of Pages in Report | 432 |
Segments Covered | Type, Function, End User and Region. |
Drivers | Technological advancements and digital transformation Changing customer expectations and preferences Regulatory shifts and compliance focus |
Opportunities | Personalized financial services and data-driven insights |
Restraints | Intense competition from Fintech startups Economic uncertainty and low interest rates |
COVID-19 Scenario
- The impact of COVID-19 on the retail banking market was mixed, with both positive and negative consequences. Initially, the pandemic presented significant challenges, leading to economic uncertainty, job losses, and financial strain for many individuals and businesses. This resulted in increased demand for loan restraint and relief programs, putting pressure on banks' asset quality.
- However, as the crisis advanced, retail banks played a crucial role in stabilizing the economy by swiftly implementing government-backed stimulus programs and providing financial support to affected customers and businesses. Furthermore, the pandemic accelerated the adoption of digital banking solutions, as customers sought contactless and online options, ultimately propelling technological advancements in the industry.
- Thus, while COVID-19 initially posed challenges, it also emphasized the resilience and adaptability of the retail banking sector, driving innovation and digital transformation.
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The commercial banks segment to maintain its leadership status throughout the forecast period
Based on type, the commercial banks segment held the highest market share in 2022, accounting for more than half of the global retail banking market revenue and is estimated to maintain its leadership status throughout the forecast period. This is primarily attributed to its extensive range of services and established presence. Commercial banks typically offer a comprehensive suite of financial products and services, including checking and savings accounts, loans, credit cards, and wealth management. However, the rural banks segment is projected to attain the highest CAGR of 10.4% from 2023 to 2032. This is attributed to its strategic focus on underserved areas and specialized services tailored to the unique needs of rural communities. Rural banks are adept at understanding the specific challenges and financial requirements of rural populations, which can differ significantly from urban areas.
The bank account opening segment to maintain its leadership status throughout the forecast period
Based on function, the bank account opening segment held the highest market share in 2022, accounting for more than one-third of the global retail banking market revenue. This is attributed to the fact that there has been a concerted effort by banks to streamline and simplify the account opening process, making it more accessible and convenient for customers. This includes the integration of digital platforms and mobile applications, allowing individuals to open accounts remotely without the need for physical visits to a branch. However, the investment and insurance segment is projected to attain the highest CAGR of 11.7% from 2022 to 2032. This is due to a shifting focus towards wealth management and financial planning. There is an increased interest in investment products and insurance policiesas individuals become more familiar of the importance of long-term financial security.
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The individuals segment to maintain its leadership status throughout the forecast period
Based on end user, the individuals segment held the highest market share in 2022, accounting for two-thirds of the global retail banking market revenue. This is primarily due to the sheer volume of individual consumers who rely on retail banking services for their day-to-day financial needs. This includes activities like managing personal accounts, obtaining mortgages, and accessing various payment services. In addition, individuals are likely to engage with retail banks for services like savings accounts and credit cards, further solidifying their dominant market presence. However, the businesses segment is projected to manifest the highest CAGR of 10.2% from 2022 to 2032. This is because of the increase in recognition of the unique financial needs and complexities faced by businesses. There is a growing demand for specialized banking services tailored to business operations with the expansion of entrepreneurship and small to medium-sized enterprises (SMEs), . This includes services like business loans, commercial lines of credit, and cash management solutions. The business segment in retail banking is expected to experience substantial growth as businesses continue to evolve and seek more sophisticated financial products.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share for more than one-fourth in terms of revenue in 2022 and it is expected to witness the fastest CAGR of 10.3% from 2023 to 2032 and is likely to dominate the market during the forecast period. Asia-Pacific's estimated rapid growth in the retail banking market is due to the region's increasing middle class, rapid urbanization, and the increasing penetration of smartphones and internet connectivity. There is a growing demand for convenient and accessible banking services as more individuals gain access to digital platforms. Moreover, many countries in Asia-Pacific have traditionally been savings-oriented, providing a strong foundation for retail banking services.
Leading Market Players: -
- Barclays
- BNP Paribas
- Citigroup, Inc.
- Deutsche Bank
- Goldman Sachs
- Industrial and Commercial Bank of China ( Asia ) Limited.
- JP Morgan Chase & Co.
- Mitsubishi UFJ Financial Group, Inc.
- The Hongkong and Shanghai Banking Corporation Limited
- Wells Fargo
The report provides a detailed analysis of these key players in the global retail banking market. These players have adopted different strategies such as expansion, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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