Westford, USA, July 06, 2023 (GLOBE NEWSWIRE) -- The global Retail Banking market size is expected to reach USD 15231.3 million by 2030 and exhibit a CAGR of 10.28% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing customer demand, digitalization, regulatory changes, competition, technological advancements, changing consumer behaviour, cost efficiency, personalized services, convenience, expanding product offerings, and financial inclusion are fueling the market's growth.
According to SkyQuest's latest global research of the Retail Banking market, open banking, mobile banking, artificial intelligence, personalized banking experiences, digital payments, fintech partnerships, branch transformation, data analytics, customer-centric approach, sustainable banking, remote banking services are the trends that aid in the market's growth.
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Browse in-depth TOC on "Retail Banking Market"
- Pages - 157
- Tables - 98
- Figures -76
Retail banking is a type of banking that provides financial services to individual customers, such as checking and savings accounts, loans, and credit cards. Retail banks typically have a network of branches that customers can visit to conduct their banking transactions. They also offer various digital banking services, such as online banking and mobile banking.
Prominent Players in Retail Banking Market
- Bank of America
- Citigroup
- JPMorgan Chase
- Wells Fargo
- HSBC
- Bank of China
- Industrial and Commercial Bank of China (ICBC)
- Mitsubishi UFJ Financial Group (MUFG)
- State Bank of India (SBI)
- Bank of Tokyo-Mitsubishi UFJ (BTMU)
- China Construction Bank (CCB)
- Credit Agricole
- Royal Bank of Canada (RBC)
- Barclays
- Santander Group
- DenizBank
- ING Group
- Standard Chartered
- BNP Paribas
- Agricultural Bank of China (ABC)
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 6926.36 Million |
| 2030 Value Projection | 15231.3 Million |
| CAGR | 10.28% |
| Segments Covered |
|
| 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) |
Digital Banking Products Demand to Grow Substantially in the Forecast Period
Digital banking products dominated the global online market as they have gained widespread popularity and convenience. With the proliferation of smartphones and internet connectivity, digital banking products have become accessible to a large portion of the population, enabling more people to engage with banking services.
Digital Banking are the Leading Application Segment
In terms of application, digital banking is the leading segment due to their growing demand for convenience. In addition, the proliferation of smartphones and the increasing penetration of mobile internet have led to a mobile-first lifestyle. Customers are relying more on their smartphones for various activities, including banking. Digital banking applications cater to this trend by providing user-friendly and optimized mobile experiences.
Asia Pacific is the leading Market Due to the Rapid Economic Growth
Region-wise, Asia-pacific is one of the largest growing markets with a huge economic growth. Countries in the Asia-Pacific region have been at the forefront of adopting and embracing technology in various sectors, including banking. The region has witnessed rapid adoption of digital banking, mobile payments, and other innovative financial technologies, driving the growth of the retail banking market.
A recent report thoroughly analyzes the major players operating within the Retail Banking market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Retail Banking.
Key Developments in Retail Banking Market
- In March, Wells Fargo announced that it would acquire First Republic Bank for $13.4 billion. The acquisition is expected to help Wells Fargo expand its wealth management offerings and reach new customers.
- In April, HSBC announced that it would acquire AXA Bank for $11 billion. The acquisition is expected to help HSBC expand its retail banking offerings in Europe.
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Key Questions Answered in Retail Banking Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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