Retail Banking Market Size, Share & Growth | Forecast [2031]

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

Author : Swarup Sahu

Fact-checked by : Vineet Pandey

Editor : Ranjit Pankhade

Report Description

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.

Market Trends, Drivers, Restraints, and Opportunities

Increasing focus on enhancing the customer experience is expected to boost the market growth in the coming years.
Modifying the business process to reduce the operational costs is one of the key factors driving the market growth.
Growing customer connectivity by providing better interest rates is anticipated to boost the market expansion during the projected period.
Issues related to data breach present a major challenge. This is anticipated to hamper the market growth in the projected period.
Provision for instant access to credit provided by the retail banks is projected to create significant growth opportunities for the market in the near future.

Scope of the Report

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.

Market Segment Insights

Hardware segment to grow at a rapid pace

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.

Personal loans segment to expand at a considerable CAGR

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.

Public sectors banks segment to hold significant market share

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.

North America to constitute a key market share

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.

Segments

The global retail banking market has been segmented on the basis of

Solutions

Software
Hardware

Services

Debit and Credit Cards
Personal Loans
Mortgages
Savings and Checking Accounts
Certificates of Deposit

Types

Private Sector Banks
Public Sector Banks
Foreign Banks

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

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
JPMorgan Chase & Co.

Competitive Landscape

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.

Retail Banking Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. retail banking Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. retail banking Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. retail banking Market - Supply Chain
  4.5. Global retail banking Market Forecast
     4.5.1. retail banking Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. retail banking Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. retail banking Market Absolute $ Opportunity
5. Global retail banking Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. retail banking Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global retail banking Demand Share Forecast, 2019-2026
6. North America retail banking Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America retail banking Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America retail banking Demand Share Forecast, 2019-2026
7. Latin America retail banking Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America retail banking Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America retail banking Demand Share Forecast, 2019-2026
8. Europe retail banking Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe retail banking Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe retail banking Demand Share Forecast, 2019-2026
9. Asia Pacific retail banking Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific retail banking Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific retail banking Demand Share Forecast, 2019-2026
10. Middle East & Africa retail banking Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa retail banking Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa retail banking Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global retail banking Market: Market Share Analysis
  11.2. retail banking Distributors and Customers
  11.3. retail banking Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Bank of America Leasing & Capital, LLC
     11.4.2. China Construction Bank
     11.4.3. Industrial and Commercial Bank of China
     11.4.4. Barclays
     11.4.5. HSBC Group
     11.4.6. Deutsche Bank
     11.4.7. Mitsubishi UFJ Financial Group