Retail Banking Market 2024-2031 | Exclusive Study Report (2024)

Retail Banking Market

Retail Banking Market to reach over USD 3032.77 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Retail Banking Market Size, Share & Trends Analysis Report By Type (Public Sector Banks, Private Sector Banks, Foreign Banks), By Service (Saving & Checking Accounts, Credit & Debit Cards), Region, Market Outlook And Industry Analysis 2031"

The global retail banking market is estimated to reach over USD 3032.77 billion by 2031, exhibiting a CAGR of 6.1% during the forecast period.

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Retail banking, usually called consumer banking or personal banking, is a type of banking that caters to private clients rather than corporations. Retail banking gives individual customers a secure way to manage their finances, get credit, and make deposits. The country's high family debt directly results from rising domestic spending, which has become the main driver of the economy's expansion. Additionally, consumers are reorienting their preferences toward digital platforms like online banking and mobile banking, which can be leveraged to deliver services more effectively and are anticipated to support market expansion. For major players and new entrants in the market, the focus is on evolving and transforming the business model to incorporate technology such as artificial intelligence (AI), robotic process automation (RPA), Robo-advisors, and digital identification (ID) into business processes and bring customer-centric models to enhance customer experience and earnings are expected to continue to open up lucrative business opportunities.
Moreover, rising working-age populations, bettering economic conditions, and more government investment in the banking sector are the main drivers influencing market revenue growth. Demand for retail banking is also fueled by rising government mandates that every person in many nations have access to at least one bank account.

List of Prominent Players in the Retail Banking Market:
•BNP Paribas
•Citigroup, Inc
•HSBC Group
•ICBC
•JP Morgan Chase & Co
•Bank of America Corporation; Barclays
•China Construction Bank
•Deutsche Bank AG
Mitsubishi UFJ Financial Group, Inc.
•Wells Fargo

Market Dynamics:
Drivers-
Rising product offerings for retail customers majorly contribute to the global retail banking market's revenue growth. Investment-related services such as wealth management, retirement planning, financial advice with product options, brokerage accounts, and high net-worth individual products or private banking are also becoming more prevalent. Banks can lower operational costs, take advantage of greater product offerings online, and improve client connectedness due to the expansion of digital and increased preference for using channels like Internet banking and mobile banking. Services like rapid approval, high interest over savings, cheap maintenance fees, and digital onboarding with video KYC all support market growth.

Challenges:
Several adverse circ*mstances significantly constrain the expansion of the global retail banking market. Some challenges have arisen with the expansion of digital platforms in retail banking, including the need to find acceptable partners, manage data, and address concerns about cybersecurity and privacy. Other retail banking risk factors, such as rigorous government regulation and an increase in enormous loan deficits, are anticipated to considerably slow market expansion.

Regional Trends:
The North American retail banking market is expected to register a major market share. The region's strong economic growth, rising population, high disposable income, and government programs to promote having a personal bank account are primarily responsible for the market's revenue growth in Asia Pacific region. Besides, Asia Pacific had a substantial share of the market. Contrary to other nations where governmental mandates are compelling many banks to implement open banking, open banking is anticipated to develop in the United States as an industry-driven movement. Establishing technical and customer experience standards for data-sharing/APIs is one area where US banks could benefit from what was discovered in these locations. The main drivers of the APAC market growth are leveraging advantages offered by various banking institutions, a large increase in economic activity, particularly in developing countries like China, India, Malaysia, and Indonesia, and a growing working population.

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Recent Developments:
•In May 2021-According to its plan to refocus on corporate and investment banking in Asia, HSBC stated that it is leaving the retail and small business banking sector in the United States.
•In November 2020-Wells Fargo launched a new method to assist business customers in stopping using paper checks. The method involves utilizing one-time virtual card numbers to pay payments online using the wellsone virtual card payments service.

Segmentation of Retail Banking Market-
By Type
•Public Sector Banks
•Private Sector Banks
•Foreign Banks
•Community Development Banks
•Non-banking Financial Companies (NBFC)
By Service
•Saving and Checking Account
•Transactional Account
•Personal Loan
•Home Loan
•Mortgages
•Debit and Credit Cards
•ATM Cards
•Certificates of Deposits
By Region-
North America-
•The US
•Canada
•Mexico
Europe-
•Germany
•The UK
•France
•Italy
•Spain
•Rest of Europe
Asia-Pacific-
•China
•Japan
•India
•South Korea
•Southeast Asia
•Rest of Asia Pacific
Latin America-
•Brazil
•Argentina
•Rest of Latin America
Middle East & Africa-
•GCC Countries
•South Africa
•Rest of Middle East and Africa

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