GCC Retail Banking Market, By Solution Type (Hardware, Software); By Type (Community Development Bank, Private Banks, Public Banks, NBFC); By Service Type (Transactional Accounts, Savings Account, Debit Cards, ATM Cards, Credit Cards, Mortgage, Loans, Oth

GCC Retail Banking Market, By Solution Type (Hardware, Software); By Type (Community Development Bank, Private Banks, Public Banks, NBFC); By Service Type (Transactional Accounts, Savings Account, Debit Cards, ATM Cards, Credit Cards, Mortgage, Loans, Others); By Country (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

GCC Retail Banking Market Size Set to Expand at Significant CAGR of 8.22% During 2023–2029

GCC retail banking market is flourishing due to the population growth, rapid urbanization, rising disposable incomes, government initiatives, and digitalization of banking services.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects GCC retail banking market size to grow at a significant CAGR of 8.33% during the forecast period between 2023 and 2029. The GCC retail banking market refers to the financial services provided by banks to individual customers in the Gulf Cooperation Council (GCC) region. The market has been growing steadily due to the increasing demand for banking services, a growing population, and rising disposable incomes. However, the market is also facing challenges such as intense competition, changing customer behavior, and the impact of COVID-19 on the economy. Banks in the GCC region are focusing on digital transformation, innovations, and customer experience to stay competitive in the market. Also, regulatory changes and initiatives such as open banking are also shaping the future of the GCC retail banking market.

GCC Retail Banking Market – Overview

The provision of financial services to people and small businesses is referred to as retail banking. Deposits, loans, and fundamental financial management tools like credit cards and savings accounts are among the services offered. The normal way that retail banks function is through a network of physical branches, internet banking services, and mobile applications. They act as a connection point between particular users and the financial system, enabling users to safely store and access their money, conduct transactions, and obtain credit. Investment banking, which caters to larger corporate clients and concentrates on complicated financial products and services like underwriting, mergers and acquisitions, and securities trading, is different from retail banking.

Impact of COVID-19 on GCC Retail Banking Market

The COVID-19 pandemic significantly impacted the GCC retail banking market. With widespread job losses and reduced economic activity, many consumers faced financial difficulties, leading to an increased demand for loan restructuring and other forms of debt relief. At the same time, the pandemic accelerated the shift towards digital banking, as consumers sought to avoid physical branch visits. Thus, many banks ramped up their digital capabilities and invested in online and mobile banking platforms. Overall, the pandemic highlighted the importance of agility and resilience in the retail banking sector, as banks had to quickly adapt to changing customer needs and market conditions.

GCC Retail Banking Market – By Service Type

On the basis of service type, GCC retail banking market is divided into Transactional Accounts, Savings Account, Debit Cards, ATM Cards, Credit Cards, Mortgages, and Loans segments. The transactional account segment holds the highest market share in the GCC retail banking market. Transactional accounts are basic bank accounts that allow customers to deposit and withdraw money, pay bills, and transfer funds. They are the most common type of bank account and are typically used for day-to-day banking activities. Also, the ATM cards segment is expected to grow during the forecast period. ATM cards allow customers to withdraw cash from ATMs without having to visit a bank branch. ATM cards can also be used to check account balances and make deposits.

Competitive Landscape

GCC retail banking market is significantly competitive. Major companies in the market include National Commercial Bank (NCB), Emirates NBD Bank, Qatar National Bank (QNB), Abu Dhabi Commercial Bank (ADCB), Al Rajhi Bank, Gulf International Bank (GIB), Dubai Islamic Bank (DIB), Commercial Bank of Dubai (CBD), Arab National Bank (ANB), Ahli United Bank (AUB), Riyad Bank, Bank AlJazira, Saudi British Bank (SABB), Kuwait Finance House (KFH), and Oman Arab Bank (OAB). These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in GCC retail banking market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of GCC Retail Banking Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in GCC Retail Banking Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.