Global Retail Banking Market Size study & Forecast, by Type (Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks, Non-banking Financial Companies (NBFC)), by Service (Saving and Checking Account, Transactional Account, Pe

Global Retail Banking Market Size study & Forecast, by Type (Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks, Non-banking Financial Companies (NBFC)), by Service (Saving and Checking Account, Transactional Account, Personal Loan, Home Loan, Mortgages, Debit and Credit Cards, ATM Cards, Certificates of Deposits) and Regional Analysis, 2023-2030

Global Retail Banking Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Retail banking is a type of banking service in which individuals visit regional offices of larger commercial banks. Savings and checking accounts, personal loans, mortgages, debit and credit cards, and confirmation of deposits are among the services provided. Instead of corporations and SMEs, the individual customer is the main emphasis of retail banking. The Retail Banking market is expanding because of factors such as the rising number of digital transactions and the rising FinTech industry.

The rising number of digital payments across the globe is driving market growth. According to the Canadian Bankers Association, in the year 2018, the value of mobile banking transactions in Canada stood at USD 663.7 million which increased to USD 947 million in the year 2020. In addition, according to a Reserve Bank of India report, in 2020–21, the proportion of digital transactions in the total volume of non–cash retail payments increased to 98.5% from 97.0%. According to the same source, the total value of digital payments was USD 28.18 million in the fiscal year 2018-2019 and reached USD 52.95 million in the fiscal year 2020-2021. Thus, the rising number of digital payment transactions is fostering market growth. In addition, the integration of Data Analytics & AI in the retail banking industry, rising investments in personalized customer services and experiences is creating a lucrative opportunity for market growth. However, the high cost of retail banking and rising cyber security concerns stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Retail Banking Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of key market players and the region's increasing adoption of digital banking services. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as target populations such as individuals and firms, an increase in the number of collaborations for technological development, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.

Major market player included in this report are:
BNP Paribas
Citigroup, Inc.
HSBC Group
JP Morgan Chase & Co.
Bank of America Corporation
Barclays
China Construction Bank
Deutsche Bank AG
Mitsubishi UFJ Financial Group, Inc.
Wells Fargo Bank

Recent Developments in the Market:
In April 2023, A U.S. bank called Regions Bank teamed up with Temenos to modernize and update its core banking services. Through this partnership, Regions Bank hopes to improve customer experiences and offer individualized banking products and services. The relationship would be essential in aiding people and businesses to achieve their financial goals.

Global Retail Banking Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, Service, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Public Sector Banks
Private Sector Banks
Foreign Banks
Community Development Banks
Non-banking Financial Companies (NBFC)

By Services:
Saving and Checking Account
Transactional Account
Personal Loan
Home Loan
Mortgages
Debit and Credit Cards
ATM Cards
Certificates of Deposits

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
BNP Paribas
Citigroup, Inc.
HSBC Group
JP Morgan Chase & Co.
Bank of America Corporation
Barclays
China Construction Bank
Deutsche Bank AG
Mitsubishi UFJ Financial Group, Inc.
Wells Fargo Bank

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