Retail Banking Market
Retail Banking Market Size, Share & Trends Analysis Report by Type (Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks, and Non-banking Financial Companies), and by Service (Transactional Accounts, Savings and Checking Accounts, Debit Cards, Credit Cards, Mortgages, and Loan), Forecast Period (2023-2030) Update Available - Forecast 2024-2030
Retail banking market is anticipated to grow at a CAGR of 4.6% during the forecast period (2023-2030). The market growth is driven by the rising working population, improved economic conditions, and increased government investments in banking sectors. For instance, the US Department of the Treasury invested nearly $245 billion across five distinct bank programs. Each of these programs was established to accomplish different goals as part of the overall effort to stabilize the banking system in the US. Further, digital transformation in banking backed with established regulatory measures and growing Fintech service providers are the potential factors for retail banking revenue growth.
Segmental Outlook
The global retail banking market is segmented on the type, and service. Based on the type, the market is sub-segmented into public sector banks, private sector banks, foreign banks, community development banks, and non-banking financial companies (NBFC). Furthermore, based on service, the market is sub-segmented into transactional accounts, savings and checking accounts, debit cards, credit cards, mortgages, and loans (home loans, personal loans, car loans, and others). The savings and checking accounts subcategory is expected to capture a significant portion of the market share within the service segment. This is attributed to growing digitalization and trends towards digital money and cashless transactions which can lead to demand for savings and checking accounts to operate online transactions.
Regional Outlook
The global retail banking market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to its main concentration on new products, delivery methods, and analytics innovation to boost bank efficiency through the development of a customer-centric business model and proactive risk, regulation, and capital management.
Global Retail Banking Market Growth by Region 2023-2030
The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Retail Banking Market
Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising banking in urban and rural areas across the region. The presence of both urban and rural cooperative banks, in addition to regional rural banks, emphasizes the need for financial services in both urban and rural areas, contributing to the overall growth of the retail banking industry. According to the India Brand Equity Foundation (IBEF), in May 2023, the Indian banking system consisted of 12 public sector banks, 22 private sector banks, 46 foreign banks, 43 regional rural banks, 1485 urban cooperative banks, and 96,000 rural cooperative banks in addition to cooperative credit institutions. As of March 2023, the total number of ATMs was 1,474,548, of that 121,894 were on-site ATMs and Cash Recycling Machines (CRMs) and 96,243 were off-site ATMs and CRMs. The total assets of public and private banking sectors in 2022-23 were $ 1,553.57 billion and $901.3 billion respectively, which showed an increase since 2020. In 2022-2023, the assets of public sector banks accounted for 59.24% of the total banking assets (including public, private sector and foreign banks). According to RBI’s Scheduled Banks’ Statement, the total deposits of all scheduled banks increased by $24.32 billion.
Market Players Outlook
The major companies serving the retail banking market include JPMorgan Chase & Co., Bank of America Corp., Industrial and Commercial Bank of China Limited, Agricultural Bank of China, Wells Fargo & Co., BNP Paribas, HSBC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. Retail banks can achieve scale and capture market share by merging with or acquiring other banks and pursuing fast-growing markets. For instance, in December 2022, New York Community Bancorp, Inc. announced that it had acquired Flagstar Bancorp, Inc., creating a regional banking franchise ranking among the top 25 banks in the country based on total assets.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global retail banking market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. JPMorgan Chase & Co.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Bank of America Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Industrial and Commercial Bank of China Limited
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Agricultural Bank of China
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
4. Market Segmentation
4.1. Global Retail Banking Market by Type
4.1.1. Public Sector Banks
4.1.2. Private Sector Banks
4.1.3. Foreign Banks
4.1.4. Community Development Banks
4.1.5. Non-banking Financial Companies (NBFC)
4.2. Global Retail Banking Market by Service
4.2.1. Transactional Accounts
4.2.2. Savings and Checking Accounts
4.2.3. Debit Cards
4.2.4. Credit Cards
4.2.5. Mortgages
4.2.6. Loan (Home Loan, Personal Loan, Car Loan, and Other)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. BNP Paribas S.A.
6.2. Bank of Baroda
6.3. Bank of China
6.4. Barclays plc
6.5. BNP Paribas S.A.
6.6. China Construction Bank
6.7. Citigroup Inc.
6.8. Commonwealth Bank
6.9. Deutsche Bank
6.10. HDFC Bank
6.11. Hongkong and Shanghai Banking Corp. Ltd. (HSBC)
6.12. Intellect Design Arena Ltd
6.13. Mitsubishi UFJ Financial Group
6.14. Morgan Stanley
6.15. Royal Bank of Canada
6.16. Santander Bank, N. A.
6.17. The Insurance Corporation of British Columbia (ICBC)
6.18. The Saudi National Bank
6.19. UBS Group AG
6.20. Wells Fargo & Co.
1. GLOBAL RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
2. GLOBAL PUBLIC SECTOR RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL PRIVATE SECTOR RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL FOREIGN RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL COMMUNITY DEVELOPMENT RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
6. GLOBAL NON-BANKING FINANCIAL COMPANIES RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY SERVICE, 2022-2030 ($ MILLION)
8. GLOBAL TRANSACTIONAL ACCOUNTS BANKING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL SAVINGS AND CHECKING ACCOUNTS BANKING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
10. GLOBAL DEBIT CARDS BANKING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
11. GLOBA CREDIT CARDS BANKING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL MORTGAGES BANKING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL LOAN BANKING SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. NORTH AMERICAN RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
16. NORTH AMERICAN RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
17. NORTH AMERICAN RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY SERVICE, 2022-2030 ($ MILLION)
18. EUROPEAN RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
19. EUROPEAN RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
20. EUROPEAN RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY SERVICE, 2022-2030 ($ MILLION)
21. ASIA-PACIFIC RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
22. ASIA-PACIFIC RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
23. ASIA-PACIFIC RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY SERVICE, 2022-2030 ($ MILLION)
24. REST OF THE WORLD RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
25. REST OF THE WORLD RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
26. REST OF THE WORLD RETAIL BANKING MARKET RESEARCH AND ANALYSIS BY SERVICE, 2022-2030 ($ MILLION)
1. GLOBAL RETAIL BANKING MARKET SHARE BY TYPE, 2022 VS 2030 (%)
2. GLOBAL PUBLIC SECTOR RETAIL BANKING MARKET ANALYSIS SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL PRIVATE SECTOR RETAIL BANKING MARKET ANALYSIS SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL FOREIGN RETAIL BANKING MARKET ANALYSIS SHARE BY REGION, 2022 VS 2030 (%)
5. GLOBAL COMMUNITY DEVELOPMENT RETAIL BANKING MARKET ANALYSIS SHARE BY REGION, 2022 VS 2030 (%)
6. GLOBAL NON-BANKING FINANCIAL COMPANIES RETAIL BANKING MARKET ANALYSIS SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL RETAIL BANKING MARKET SHARE BY SERVICE, 2022 VS 2030 (%)
8. GLOBAL TRANSACTIONAL ACCOUNTS BANKING SERVICES MARKET SHARE ANALYSIS BY REGION, 2022 VS 2030 (%)
9. GLOBAL SAVINGS AND CHECKING ACCOUNTS BANKING SERVICES MARKET SHARE ANALYSIS BY REGION, 2022 VS 2030 (%)
10. GLOBAL DEBIT CARDS BANKING SERVICES MARKET SHARE ANALYSIS BY REGION, 2022 VS 2030 (%)
11. GLOBA CREDIT CARDS BANKING SERVICES MARKET SHARE ANALYSIS BY REGION, 2022 VS 2030 (%)
12. GLOBAL MORTGAGES BANKING SERVICES MARKET SHARE ANALYSIS BY REGION, 2022 VS 2030 (%)
13. GLOBAL LOAN BANKING SERVICES MARKET SHARE ANALYSIS BY REGION, 2022 VS 2030 (%)
14. GLOBAL RETAIL BANKING MARKET SHARE BY REGION, 2022 VS 2030 (%)
15. US RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
16. CANADA RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
17. UK RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
18. FRANCE RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
19. GERMANY RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
20. ITALY RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
21. SPAIN RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
22. REST OF EUROPE RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
23. INDIA RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
24. CHINA RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
25. JAPAN RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
26. SOUTH KOREA RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
27. REST OF ASIA-PACIFIC RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
28. MIDDLE EAST AND AFRICA RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
29. MIDDLE EAST AND AFRICA RETAIL BANKING MARKET SIZE, 2022-2030 ($ MILLION)
