Global Retail Banking Market

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 News

  • 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). 

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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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Global Retail Banking Market

Report ID: SQMIG40A2003