Retail Banking Market Size, Share, Growth Analysis, By Type(Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks), By Service(Saving and Checking Account, Transactional Account, Personal Loan, Home Loan), By Region - Industry Forecast 2024-2031


Report ID: SQMIG40A2003 | Region: Global | Published Date: March, 2024
Pages: 207 |Tables: 98 |Figures: 76

Retail Banking Market Insights

Retail Banking Market was valued at USD 6.29 billion in 2022 and is expected to rise from USD 6.94 billion in 2023 to reach a value of USD 15.17 billion by 2031, at a CAGR of more than 10.28% over the forecast period (2024–2031).

In retail banking, local branches of larger commercial banks focus on the individual consumer rather than corporates. Retail banking provides financial services Such as saving and current accounts, personal loan, mortgages, debit and credit cards, and certification of deposits for individuals and families. The retail banking market is growing at a faster rate due to individuals taking various types of loans to purchase homes, cars and others.

Retail banks are increasingly focusing on customer connectivity and enhanced monitoring capabilities which will increase the market growth during the forecast period. The key benefit of retail banking is that the banks are connected with each customer which will help to provide every financial service to the customer.

Market Snapshot - 2024–2031

Global Market Size

USD 6.29 billion

Largest Segment

Public Banks

Fastest Growth

Public Banks

Growth Rate

more than 10.28% CAGR

Global Retail Banking Market, 2024-2031 ($ Bn)
Country Share for North America Region- 2024(%)

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Retail Banking Market Segmental Analysis

Global Retail Banking Market is segmented by type, service, and region. Based on type, the market can be segmented into public sector banks, private sector banks, foreign banks, community development banks, and non-banking financial companies (NBFC). Based on service, the market is segmented into saving and checking account, transactional account, personal loan, home loan, mortgages, debit and credit cards, atm cards, and certificates of deposits. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. 

Retail Banking Market Analysis by Type

The public sector banking segment dominated the market and is further projected to reach for the highest revenue share during the forecast period. These have various benefits over private banks and have established good names with their efficient services in the market. They provide various government schemes & subsidies to customers, which further creates demand for the public bank sector.

The private bank sector is the fastest growing segment in 2021. Private banks provide good service on time to their customers, which is likely to increase demand for this segment in the forecast period.

Retail Banking Market Analysis by Service

Based on service, the savings accounts segment is expected to dominate the market in terms of revenue generation during the forecast period. Factors augmenting the growth of this segment include low maintenance charges, high-interest rates, convenient delivery methods such as internet banking & mobile banking and analytics for savings bank accounts.

Home line segment is the fastest growing segment during the forecast period. As every person desires to build their dream home, this factor may accelerate the need for home loans during the forecast period.

Global Retail Bank Market Size By Type of Banks, 2022 (%)

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Retail Banking Market Regional Insights

Asia Pacific region dominated the retail banking market in 2022, Asia Pacific market growth is mainly attributed to the region ‘s rapid economic growth, rise in population, high disposable income, and government initiatives to encourage having a personal bank account. The aforementioned factors are further projected to help Asia Pacific continue dominating the market with the largest revenue generation rate during the forecast period.

The North American region is expected to witness faster growth as banks are highly focused on innovation in new products, delivery channels, and analytics to improve the efficiency of banks. This is being done by developing a customer-centric business model and proactively managing risk, regulations, and capital for the banks.

Global Retail Banks Market By Region, 2024–2031
  • Largest
  • Fastest

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Retail Banking Market Dynamics

Retail Banking Market Driver

Quick Access to credit offered by Retail banks Augmenting Growth

  • Retail banking sector provides credit to individuals faster than other banks which will help to drive the market growth. Also retail banks are increasing their focus on customer connectivity enhanced monitoring capabilities.

Retail Banking Market Restraint

Late or No Repayment of Loans

Rise in massive loan losses, because individuals who are not able to pay that loan provided by the bank may cause hindrance to the overall growth of this market. Additionally, the stringent regulations imposed on the banking sector are creating multiple challenges for the retail banking market.

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Retail Banking Market Competitive Landscape

The global retail banking market is highly competitive in nature on account of the presence of multiple players. Major industry participants are implementing various growth strategies to stay put in the market competition. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Retail Banking Market Top Player's Company Profiles

  • Industrial and Commercial Bank of China (ICBC)
  • China Construction Bank
  • Agricultural Bank of China
  • Mitsubishi UFJ Financial Group (MUFG)
  • Bank of China
  • HSBC Holdings
  • BNP Paribas
  • Wells Fargo & Company
  • JPMorgan Chase & Co.
  • Citigroup
  • Bank of America Corporation
  • Banco Santander
  • Banco Bilbao Vizcaya Argentaria (BBVA)
  • Mitsubishi Financial Group (MFG)
  • Credit Agricole
  • Sumitomo Mitsui Financial Group (SMFG)
  • Royal Bank of Scotland (RBS)
  • Barclays
  • Lloyds Banking Group
  • Societe Generale

Retail Banking Market Recent Developments

  • In March 2024, Newgen Software announced that Masar Alnumou Finance opted for Newgen’s retail banking solution to enhance its personal loan origination process.

  • In March 2024, full-stack Banking as a Service (BaaS) platform, Griffin, received approval from the UK’s Prudential Regulation Authority and Financial Conduct Authority, to lift restrictions. This allows Griffin to exit mobilisation and launch as a fully operational bank, with a funding of $24 million led by MassMutual Ventures, NordicNinja and Breega.

  • In February 2024, Barclays Plc said it would acquire much of Tesco Plc’s banking business as the lender seeks to establish a greater foothold in retail banking in the UK. ll acquire much of Tesco Plc’s banking business as the lender seeks to establish a greater foothold in retail banking in the UK. Barclays expects to pay about £600 million ($758 million). 

Retail Banking Key Market Trends

  • Artificial intelligence (AI), robotic process automation (RPA), Robo-advisors, and digital identification (ID) into business processes, are the latest types of service incorporated in the retail banking sector serving as key trends during the forecast period.
  • Customers are shifting their preferences to digital channels such as online banking and mobile banking, which can be used for better service delivery and are expected to augment market growth in forecast period.

Retail Banking Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global retail banking market analysis, among regions Asia Pacific is expected to capture higher market share, the growth of the region is attributed to growing banking facility to the customer's concern for easy access of their account. India and China have emerged as a significant contributor to market growth in the Asia Pacific region. In terms of service, the savings bank segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to its high return and online services for customers.

Report Metric Details
Market size value in 2022 USD 6.29 billion
Market size value in 2031 USD 15.17 billion
Growth Rate more than 10.28%
Base year 2023
Forecast period 2024–2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks, Non-banking Financial Companies (NBFC)
  • Service
    • Saving and Checking Account, Transactional Account, Personal Loan, Home Loan, Mortgages, Debit and Credit Cards, ATM Cards, Certificates of Deposits
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Industrial and Commercial Bank of China (ICBC)
  • China Construction Bank
  • Agricultural Bank of China
  • Mitsubishi UFJ Financial Group (MUFG)
  • Bank of China
  • HSBC Holdings
  • BNP Paribas
  • Wells Fargo & Company
  • JPMorgan Chase & Co.
  • Citigroup
  • Bank of America Corporation
  • Banco Santander
  • Banco Bilbao Vizcaya Argentaria (BBVA)
  • Mitsubishi Financial Group (MFG)
  • Credit Agricole
  • Sumitomo Mitsui Financial Group (SMFG)
  • Royal Bank of Scotland (RBS)
  • Barclays
  • Lloyds Banking Group
  • Societe Generale
Customization scope

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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Retail Banking Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Retail Banking Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Retail Banking Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Retail Banking Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Retail Banking Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Retail Banking Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Retail Banking Market was valued at USD 6.29 billion in 2022 and is expected to rise from USD 6.94 billion in 2023 to reach a value of USD 15.17 billion by 2031, at a CAGR of more than 10.28% over the forecast period (2024–2031).

The global retail banking market is highly competitive in nature on account of the presence of multiple players. Major industry participants are implementing various growth strategies to stay put in the market competition. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Industrial and Commercial Bank of China (ICBC)', 'China Construction Bank', 'Agricultural Bank of China', 'Mitsubishi UFJ Financial Group (MUFG)', 'Bank of China', 'HSBC Holdings', 'BNP Paribas', 'Wells Fargo & Company', 'JPMorgan Chase & Co.', 'Citigroup', 'Bank of America Corporation', 'Banco Santander', 'Banco Bilbao Vizcaya Argentaria (BBVA)', 'Mitsubishi Financial Group (MFG)', 'Credit Agricole', 'Sumitomo Mitsui Financial Group (SMFG)', 'Royal Bank of Scotland (RBS)', 'Barclays', 'Lloyds Banking Group', 'Societe Generale'

Retail banking sector provides credit to individuals faster than other banks which will help to drive the market growth. Also retail banks are increasing their focus on customer connectivity enhanced monitoring capabilities.

Artificial intelligence (AI), robotic process automation (RPA), Robo-advisors, and digital identification (ID) into business processes, are the latest types of service incorporated in the retail banking sector serving as key trends during the forecast period.

Asia Pacific region dominated the retail banking market in 2022, Asia Pacific market growth is mainly attributed to the region ‘s rapid economic growth, rise in population, high disposable income, and government initiatives to encourage having a personal bank account. The aforementioned factors are further projected to help Asia Pacific continue dominating the market with the largest revenue generation rate during the forecast period.

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