Segments - Retail Banking Market by Solutions (Software and Hardware), Services (Debit and Credit Cards, Personal Loans, Mortgages, Savings and Checking Accounts, and Certificates of Deposit), Types (Private Sector Banks, Public Sector Banks, and Foreign Banks), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global retail banking market size was valued at USD 1.83 billion in 2022 and is expected to surpass USD 2.99 billion by 2031, expanding at a CAGR of 5.6% during the forecast period, 2023–2031. The growth of the market is attributed to the provision of quick access to credit provided by and the retail banks the enhanced monitoring capabilities.
Retail banking, often referred to as customer banking, which is a type of mass-market banking in which individual clients use smaller commercial banks' local branches. It provides savings and personal loans, debit/credit cards, checking accounts, mortgages, and certificates of deposit, among other services (CDs). The individual customer is the primary emphasis of retail banking. Retail banking aspires to be a one-stop shop for as many financial services as feasible for individual retail customers.
The COVID-19 outbreak has brought negative impact on the retail banking market due to imposed restrictions and enforced lockdowns by respective regulatory bodies, which resulted in disruption in demand and supply chain globally. The market is expected to recover an uptrend operation soon due to subsiding the COVID cases gradually across the globe.
The report on the global retail banking market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Retail Banking Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Solutions (Software and Hardware), Services (Debit and Credit Cards, Personal Loans, Mortgages, Savings and Checking Accounts, and Certificates of Deposit), and Types (Private Sector Banks, Public Sector Banks, and Foreign Banks) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Bank of America Leasing & Capital, LLC; China Construction Bank; Industrial and Commercial Bank of China; Barclays; HSBC Group; Deutsche Bank; Mitsubishi UFJ Financial Group; Citigroup, Inc.; BNP Paribas Leasing Solution; and JPMorgan Chase & Co. |
Based on solutions, the global retail banking market is bifurcated into software and hardware. The hardware segment is expected to grow at a rapid pace during the forecast period owing to the wide usage of the solution and offers a strong customer base. However, the software segment is anticipated to hold a key share of the market in the coming years due to standard solutions offered, such as electronic commerce solutions, payment processing, card processing, and cheque processing.
In terms of services, the market is segregated into debit and credit cards, personal loans, mortgages, savings and checking accounts, and certificates of deposit. All segments are projected to expand at a considerable CAGR during the forecast period attributed to wide usage of all the products by retail banking customers.
On the basis of types, the global retail banking market is divided into private sector banks, public sector banks, and foreign banks. The public sector banks segment is anticipated to hold significant market share in the coming years owing to their established goodwill in the market. Moreover, they are more competitive, have stronger balance sheets, and have stronger governance, which is further expected to drive the segment growth.
In terms of regions, the global retail banking market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to enhanced efficiency of banks in building a proactively managing risk and customer-centric business model, regulations, and capital through innovation in delivery channels, new products, and analytics.
The global retail banking market has been segmented on the basis of
Key players competing in the global retail banking market are Bank of America Leasing & Capital, LLC; China Construction Bank; Industrial and Commercial Bank of China; Barclays; HSBC Group; Deutsche Bank; Mitsubishi UFJ Financial Group; Citigroup, Inc.; BNP Paribas Leasing Solution; and JPMorgan Chase & Co.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.