Retail Banking Market Analysis, Size, Trends And Forecast 2024-2033

The retail banking global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

 

Market Size –

The retail banking market size has grown strongly in recent years. It will grow from $1,854.58 billion in 2023 to $1,979.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increasing investment in cybersecurity measures, growing use of mobile banking apps, personalized banking, increasing use of voice assistants, and regulatory adjustments.

The retail banking market size is expected to see strong growth in the next few years. It will grow to $2,580.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to adoption of open banking standards, focus on improving customer experience, sustainability initiatives, integration of digital and physical banking experiences, and shift to cloud-based infrastructures. Major trends in the forecast period include blockchain technology, innovative loan products, implementation of advanced security features, biometric authentication methods, and contactless payment methods.

 

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Scope Of Retail Banking Market

The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

 

Retail Banking Market Overview

Market Drivers –

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.

 

Market Trends –

Major companies operating in the retail banking market are developing core banking solutions with generative artificial intelligence platforms to enhance operational efficiency. A generative artificial intelligence (AI) platform in banking solutions refers to applying advanced AI techniques, particularly generative models, to enhance and innovate various banking services and operations. For instance, in May 2024, Newgen Software, a leading global provider of low-code digital transformation platforms, launched LumYn, a groundbreaking Gen AI-powered hyper-personalization platform explicitly designed for the banking sector. LumYn blends predictive analytics and powerful conversational AI to allow corporate users to connect with consumer data smoothly. Newgen’s platform is based on datasets and comparable behavioral patterns across all retail banks. The platform enables a low-code environment, allowing banks to easily design and adapt solutions to their specific business concerns. It generates precise behavioral segments based on client spending behaviors and lifestyles, maximizing customer lifetime value.

 

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

 

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Regional Insights –

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. The regions covered in the retail banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

 

Key Companies –

Major companies in the market are 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

 

Table of Contents

1. Executive Summary
2. Retail Banking Market Characteristics
3. Retail Banking Market Trends And Strategies
4. Retail Banking Market – Macro Economic Scenario
5. Global Retail Banking Market Size and Growth

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34. Key Mergers And Acquisitions In The Retail Banking Market
35. Retail Banking Market Future Outlook and Potential Analysis
36. Appendix

 

List Of Tables:

Table 1: Global Historic Market Growth, 2018-2023, $ Billion

Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion

Table 3: Global Retail Banking Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 4: Global Retail Banking Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

Table 5: Global Retail Banking Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

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Table 74: JPMorgan Chase & Co. Financial Performance

Table 75: Bank of America Corporation Financial Performance

Table 76: Banco Santander S.A. Financial Performance

Table 77: Wells Fargo & Company Financial Performance

Table 78: HSBC Holdings plc Financial Performance

 

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