Retail Banking Market Segments, Drivers, Restraints, And Trends For 2024-2033

The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 11, 2024 /EINPresswire.com/ -- The retail banking market has shown strong growth recently, expected to increase from $1,854.58 billion in 2023 to $1,979.62 billion in 2024 at a CAGR of 6.7%. The growth in this sector can be linked to rising investments in cybersecurity measures, an increased use of mobile banking applications, personalized banking services, the growing adoption of voice assistants, and regulatory adjustments.

What Is The Estimated Market Size Of The Global Retail Banking Market And Its Annual Growth Rate?

The retail banking market is projected to undergo significant growth over the next few years, reaching $2,580.41 billion by 2028 with a CAGR of 6.9%. Factors contributing to this growth include the adoption of open banking standards, an emphasis on enhancing customer experience, sustainability initiatives, the fusion of digital and physical banking experiences, and a transition to cloud-based infrastructures. Key trends during this forecast period encompass blockchain technology, innovative loan products, advanced security feature implementations, biometric authentication methods, and contactless payment options.

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Growth Driver of The Retail Banking Market

The rise in online and mobile banking is projected to boost the growth of the retail banking market going forward. Online and mobile banking involves using internet platforms and mobile applications to conduct financial transactions without needing to visit a bank branch. Technological advancements have greatly enhanced the functionality and appeal of these banking platforms, which now feature mobile check deposits, quick fund transfers, and robust security measures that attract customers. Online and mobile banking improve customer satisfaction by providing convenient, accessible, and efficient ways to manage finances, thus broadening the reach of traditional retail banking services.

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Which Market Players Are Driving The Retail Banking Market Growth?

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

What Are The Emerging Trends Shaping The Retail Banking Market Size?

In the retail banking market, companies are integrating generative artificial intelligence platforms within core banking solutions to drive operational efficiency and innovation. Generative AI models enable advanced data processing and automation, streamlining banking services and transforming customer interactions, which helps financial institutions stay competitive.

How Is The Global Retail Banking Market 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

Geographical Insights: Asia-Pacific Leading The Retail Banking Market

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.

Retail Banking Market Definition

Retail banking, also known as consumer or personal banking, focuses on providing banking services tailored to individual consumers rather than businesses. This sector offers various financial products, including savings accounts, checking accounts, credit and debit cards, personal loans, and mortgages, helping individuals manage their finances effectively and securely.

Retail Banking Global Market Report 2024 from The Business Research Company covers the following information:

• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global retail banking market report covering trends, opportunities, strategies, and more

The Retail Banking Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on retail banking market size, drivers and trends, retail banking market major players, competitors' revenues, market positioning, and market growth across geographies. The market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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