Retail Banking Market Report 2024

This Retail Banking market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The retail banking market size has grown strongly in recent years. It will grow from $1.85 trillion in 2023 to $1.97 trillion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period can be attributed to increased investment in cybersecurity measures, growing use of mobile banking apps, advancements in personalized banking, rising adoption 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 $2.58 trillion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The projected growth can be attributed to the adoption of open banking standards, a focus on improving customer experience, sustainability initiatives, integration of digital and physical banking experiences, and a 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.

The rise in online and mobile banking is expected to drive the growth of the retail banking market in the coming years. Online and mobile banking refer to the use of internet platforms and mobile apps to perform financial transactions without the need to visit a physical bank branch. Technological advancements have greatly enhanced the functionality and appeal of these platforms, offering features such as mobile check deposits and fund transfers at the touch of a button, along with sophisticated security measures. These services provide customers with convenient, accessible, and efficient ways to manage their finances, thereby increasing customer satisfaction and expanding the reach of traditional retail banking services. For example, in April 2022, a survey conducted by MX Technologies, a US-based fintech company, found that 68% of American adults used mobile apps to access or manage their accounts, with younger generations showing higher usage rates. Furthermore, 72% of respondents preferred handling their accounts online or via mobile apps, with millennials showing the highest preference at 89%, followed by Gen Z at 84%. Thus, the rise in online and mobile banking is contributing to the growth of the retail banking market.

Major companies in the retail banking market are developing core banking solutions with generative artificial intelligence (AI) platforms to enhance operational efficiency. Generative AI in banking refers to the use of advanced AI techniques, particularly generative models, to innovate and improve various banking services and operations. For instance, in May 2024, Newgen Software, a global provider of low-code digital transformation platforms, launched LumYn, a Gen AI-powered hyper-personalization platform designed for the banking sector. LumYn combines predictive analytics and powerful conversational AI to help corporate users seamlessly connect with consumer data. The platform leverages datasets and comparable behavioral patterns across all retail banks, offering a low-code environment that allows banks to easily design and adapt solutions to their specific business needs. It generates precise behavioral segments based on client spending habits and lifestyles, maximizing customer lifetime value.

In March 2023, HSBC Holdings plc, through its subsidiary HSBC UK Bank plc, acquired Silicon Valley Bank UK Limited (SVB UK) for £1 ($1.21). This acquisition strengthens HSBC's commercial banking presence in the UK, enabling the bank to better serve innovative and fast-growing companies, especially in the technology and life sciences sectors. Silicon Valley Bank UK Limited is a UK-based bank that offers a comprehensive range of retail banking and wealth management services in personal and private banking.

Major companies operating in the retail banking 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.

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.

The countries covered in the retail banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

The main types in the retail banking market are public sector banks, private sector banks, foreign banks, community development banks, and non-banking financial companies (NBFCs). Public sector banks refer to financial institutions that are owned and operated by the government, providing banking and financial services to the public while adhering to regulatory and policy guidelines set by government authorities. The various services offered include savings and checking accounts, transactional accounts, personal loans, home loans, mortgages, debit and credit cards, automated teller machine (ATM) cards, and certificates of deposit. These services cater to various applications, including micro enterprises, small and medium enterprises, and large enterprises.

The retail banking market research report is one of a series of new reports that provides retail banking market statistics, including the retail banking industry global market size, regional shares, competitors with retail banking market share, detailed retail banking market segments, market trends, and opportunities, and any further data you may need to thrive in the retail banking industry. These retail banking market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The retail banking market includes revenues earned by entities by providing services such as deposit accounts, consumer loans, home financing, credit facilities, investment solutions, insurance solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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