; Retail Banking Market Growth, Industry Share, Forecast, 2030

Retail Banking Market

Retail Banking Market Segmented: By Type (Public Sector Banks, Private Sector Banks and Foreign Banks); By Solution (Hardware and Software); By Service (Transactional Accounts, Savings Account, Debit and Credit Cards, Loans and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030

Published on: Apr-2021
Report Code: FG RTL 00693
No. of Pages: 170-350
Report Format: PDF

[ 170 + Pages Research Report ]  Retail Banking Market to surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 6.9 % in the coming years, i.e., 2021-30.

Product Overview

Retail banking, also known as consumer banking, is a form of mass-market banking in which individual consumers use smaller commercial banks' local branches. It provides savings and checking accounts, mortgages, personal loans, debit/credit cards, and certificates of deposit, among other services. Individuals and families can use retail banking to get financial services. The primary aim of retail banking is to provide consumer credit for the purchase of homes, vehicles, and other products. Customers can also open a checking account, a current account, an ATM card, a credit card, a savings account, or a certificate deposit. Anti-money laundering procedures require all banks to thoroughly scrutinize all of the documents they approve when offering retail banking services. Customer satisfaction is critical for retail banking sustainability, which has resulted in increased customer support across the industry. Transactional Accounts, Savings Accounts, Debit Cards, Credit Cards, Loans, and Others are the various types of items. Hardware, software, and services are examples of retail banking applications.

Market Highlights

Global Retail Banking is expected to project a notable CAGR of 6.9% in 2030.

Global Retail Banking to surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 6.9 % in the coming years, i.e., 2021-30. Over the next few years, the Retail Banking Market is expected to be driven by a rising emphasis on consumer connectivity and enhanced monitoring capabilities. In addition, retail banks' provision of easy access to credit is expected to fuel the market in the coming years. Furthermore, banks are concentrating more on improving the customer experience by offering lower interest rates. During the forecasted years, this is expected to fuel the market.

Global Retail Banking Market: Segments

PSBs segment to grow with the highest CAGR during 2020-30

The global Retail Banking Market is segmented by type into Public Sector Banks (PSBs), Private Sector Banks, and Foreign Banks. PSB segment held the largest market share of XX.X% in the year 2020. PSBs have a greater market share because they have developed a reputation in the marketplace. These banks are expected to gain a greater market share in the coming years as their balance sheets improve, they become more competitive, and their governance improves.

Hardware segment to grow with the highest CAGR during 2020-30

The global Retail Banking Market is segmented by Solution into Hardware and Software. Over the forecast period, the Hardware segment is projected to expand at the fastest pace. Automated Teller Machines (ATMs) are retail banking hardware solutions. They're commonly used and have a loyal following. Retail banks have common tech solutions such as card processing, payment processing, electronic commerce solutions, and check processing.

A retail segment to grow with the highest CAGR during 2020-30

The global Retail Banking Market is segmented by service into Transactional Accounts, Savings accounts, Debit and Credit Cards, Loans, and Others. The retail segment held the largest market share of XX.X% in the year 2020. Retail banks' provision of easy access to credit is expected to fuel the market in the coming years.

Market Dynamics

Drivers

Enhanced monitoring capabilities and easy credit access

The surging demand for Retail Banking from numerous end-user industries is the key factor contributing to market growth. Over the next few years, the Retail Banking Market is expected to be driven by a rising emphasis on consumer connectivity and enhanced monitoring capabilities. In addition, retail banks' provision of easy access to credit is expected to fuel the market in the coming years. Furthermore, banks are concentrating more on improving the customer experience by offering lower interest rates. During the forecasted years, this is expected to fuel the market.

Technology introduction along with consumer demand

Banks are largely transitioning to the internet or digitalized banking by introducing technology in response to changing customer demands, lifestyles, and attitudes toward banking. The global online banking market has been fueled by this factor. Countries like China, India, Japan, and Australia, on the other hand, have a strong demand for internet banking services. As a result, the sector has seen an increase in opportunities.

Restraint

Increased market regulation and rise in loan losses

There are a variety of restrictions and obstacles that could stymie business expansion. Market restrictions are likely to be imposed by factors such as increased regulation and a rise in massive loan losses.

Global Retail Banking Market: Key Players
  • Barclays

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

  • HSBC Group
  • Bank of America Leasing & Capital, LLC
  • Deutsche Bank
  • Mitsubishi UFJ Financial Group
  • Citigroup, Inc.
  • BNP Paribas Leasing Solution
  • JPMorgan Chase & Co.
  • China Construction Bank
  • Other Prominent Players

Global Retail Banking: Regions

Global Retail Banking is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Retail Banking in North America held the largest market share of XX.X% in the year 2020 in terms of revenue. Retail banks in this area are attempting to develop their business models by using digital platforms, making improvements to their consumer propositions in the MSME and affluent segments, and reshaping their branch networks. Retail banking will expand in this area as more emphasis is placed on applying secured financing techniques.

Global Retail Banking Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada

  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

The global Retail Banking Market report also contains an analysis on:

Retail Banking Market Segments:
  • By Type:
    • Public Sector Banks (PSBs)
    • Private Sector Banks
    • Foreign Banks

  • By Solution
    • Hardware
    • Software
  • By Service
    • Transactional Accounts
    • Savings Account
    • Debit and Credit Cards
    • Loans
    • Others
  • Retail Banking Market Dynamics
  • Retail Banking Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

Frequently Asked Questions (FAQ):

The Specialty Retail Banking Market size was estimated at USD XXX billion in 2020 and is expected to reach USD XXX billion by 2030.

Key players: Barclays, HSBC Group, Bank of America Leasing & Capital, LLC, Deutsche Bank, Mitsubishi UFJ Financial Group, Citigroup, Inc., BNP Paribas Leasing Solution, JPMorgan Chase & Co., and China Construction Bank and Other Prominent Players

The PSBs and Hardware segments are anticipated to hold the largest Specialty Retail Banking Market.

Enhanced monitoring capabilities and easy credit access and Technology introduction along with consumer demand

Retail banking, also known as consumer banking, is a form of mass-market banking in which individual consumers use smaller commercial banks' local branches. It provides savings and checking accounts, mortgages, personal loans, debit/credit cards, and certificates of deposit, among other services. Individuals and families can use retail banking to get financial services. The primary aim of retail banking is to provide consumer credit for the purchase of homes, vehicles, and other products.

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