Retail Banking Market Trends

Retail Banking Market size was valued at USD 1.9 Trillion in 2023 and is poised to grow from USD 2 Trillion in 2024 to USD 3.7 Trillion by 2032, growing at a CAGR of 0.058 during the forecast period (2025-2032).

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.