Retail Banking Market Report, Size, Share, Growth, Trends, Industry Outlook to 2033

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The new report published by The Business Research Company, titled Retail Banking Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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What Is Driving The Growth Of The Global Retail Banking Market?

Online and Mobile Banking on the Growth of the Retail Banking Market
The rise in online and mobile banking is expected to propel the growth of the retail banking market going forward. Online and mobile banking refers to using internet platforms and mobile apps to perform financial transactions without visiting a bank branch. Technological innovations have significantly boosted the functionality and appeal of online and mobile banking platforms. It offers enhanced features such as mobile check deposits and fund transfers at the tap of a button, and sophisticated security measures make these services attractive. Online and mobile banking help retail bankers by providing customers with convenient, accessible, and efficient ways to manage their finances, thus improving customer satisfaction and expanding the reach of traditional retail banking services. For instance, in April 2022, according to a survey of 1,002 American adults conducted by MX Technologies, a US-based fintech company, 68% of users use mobile apps to access or manage their accounts, with younger generations showing higher usage rates. Additionally, 72% of respondents prefer to handle their accounts online or via mobile apps. Among different age groups, millennials prefer online and mobile, at 89%, followed by Gen Z, at 84%. Therefore, the rise in online and mobile banking is driving the growth of the retail banking market.

What Is The Key Trend In The Global Retail Banking Market?

Innovative Core Banking Solutions With Gen AI For Enhancing Efficiency and Customer Engagement in Retail Banking
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.

How Is The Global Retail Banking Market Segmented?
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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How Is The Competitive Landscape Of The Global Retail Banking Market?
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

Contents Of The Global Retail Banking Market
1. Executive Summary
2. Retail Banking Market Report Structure
3. Retail Banking Market Trends And Strategies
4. Retail Banking Market - Macro Economic Scenario
5. Retail Banking Market Size And Growth
…..
27. Retail Banking Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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