Global retail banking market is anticipated to grow at a CAGR of 4.6% during the forecast period (2024-2031). Mobile banking apps, internet banking platforms, ATMs, credit scoring and risk assessment software, customer relationship management (CRM) systems, and accounting and financial management software are available to customers to perform banking activities such as checking balances, transferring funds, paying bills, making deposits, and accessing various banking services. These tools offer customers the convenience of managing their finances from any location. Furthermore, the market’s growth is attributed to consumer banking. The group includes a wide variety of banking services for individual consumers, including checking and savings accounts, personal loans, and credit cards. Demand for banking and financial services in semi-urban and rural areas owing to increasing income levels and economic activity is also contributing to revenue growth.
Recent Market Developments-
- In June 2023, iGCB launched the Open Finance-enabled retail banking platform. It includes end-to-end retail banking services across savings, deposits, payments, cards, lending, trade finance, treasury, and digital banking.
- In May 2023, HDFC Bank launched the retail banking program ‘Vishesh’ for customers in semi-urban and rural geographies wherein it plans to onboard around 1 lakh new customers.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Type
- By Service
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- JPMorgan Chase & Co., Bank of America Corp., Industrial and Commercial Bank of China Limited, Agricultural Bank of China, Wells Fargo & Co., BNP Paribas, HSBC, and others
Retail Banking Market Report Segment
By Type
- Public Sector Banks
- Private Sector Banks
- Foreign Banks
- Community Development Banks
- Non-banking Financial Companies (NBFC)
By Service
- Transactional Accounts
- Savings and Checking Accounts
- Debit Cards
- Credit Cards
- Mortgages
- Loan (Home Loan, Personal Loan, Car Loan, and Other)
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Retail Banking Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- BNP Paribas S.A.
- Bank of Baroda
- Bank of China
- Barclays plc
- BNP Paribas S.A.
- China Construction Bank
- Citigroup Inc.
- Commonwealth Bank
- Deutsche Bank
- HDFC Bank
- Hongkong and Shanghai Banking Corp. Ltd. (HSBC)
- Intellect Design Arena Ltd
- Mitsubishi UFJ Financial Group
- Morgan Stanley
- Royal Bank of Canada
- Santander Bank, N. A.
- The Insurance Corporation of British Columbia (ICBC)
- The Saudi National Bank
- UBS Group AG
- Wells Fargo & Co.
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