Retail Banking Market to Hit $2,840.70 Billion by 2030: Grand View Research, Inc.

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Jun 07, 2023, 05:00 ET

SAN FRANCISCO, June 7, 2023 /PRNewswire/ -- The global retail banking market size is expected to reach USD 2,840.70 billion by 2030, growing at a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing focus of banks on improving the customer experience through offering competitive interest rates and improved customer connectivity. By providing better rates and strengthening customer interactions, banks aim to attract and retain customers, leading to increased market demand for their services.

Key Industry Insights & Findings from the report:

The private sector banks segment dominated the market. The private sector banks have invested significantly in technology and digital transformation. They have embraced advancements such as online and mobile banking, chatbots, and seamless digital payment solutions, contributing to the segment's growth.
The debit and credit cards segment is expected to experience rapid growth due to the rise of e-commerce and online shopping. Cards are the preferred payment method for online transactions, providing a seamless and secure payment experience.
The Middle East & Africa region is expected to experience rapid growth. Digital transformation is playing a pivotal role in the growth of the retail banking industry in the MEA region. The widespread adoption of smartphones and increasing internet penetration have created a conducive environment for digital banking services.

Read full market research report for more latest insights, "Retail Banking Market Size, Share & Trends Analysis Report By Type (Public Sector Banks, Private Sector Banks, Foreign Banks), By Service (Saving & Checking Accounts, Credit & Debit Cards), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Retail Banking Market Growth & Trends

In addition, the stable nature of retail deposits in a demand-driven economy contributes to the growth of the market. Retail banks typically rely on customer deposits as a stable and reliable source of funding. As customers trust the stability of retail banking institutions, they are more likely to deposit their funds, providing banks with a solid foundation for lending and other banking activities. This stability allows retail banks to operate with lower marketing efforts and focus on meeting the evolving expectations of customers for various products and services.

Another factor is the ongoing modification of business processes by retail banking companies to reduce operational costs. By streamlining operations and optimizing efficiency, banks can lower their expenses and potentially pass on cost savings to customers in the form of more competitive rates and fees. This cost-reduction strategy enhances the attractiveness of their products and services, driving the growth of the retail banking industry.

The COVID-19 pandemic highlighted the importance of remote banking services, pushing banks to improve their digital infrastructure and customer experience. As a result, customers who may have been hesitant to embrace digital banking before the pandemic became more comfortable and experienced the benefits of convenience, speed, and accessibility. This shift in customer behavior and the growing acceptance of digital banking services are expected to have a lasting positive impact on the growth trajectory of the retail banking industry.

Retail Banking Market Segmentation

Grand View Research has segmented the global retail banking market based on type, service, and region

Retail Banking Market - Type Outlook (Revenue, USD Billion, 2017 - 2030)

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

Retail Banking Market - Service Outlook (Revenue, USD Billion, 2017 - 2030)

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

Retail Banking Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

North America

U.S.
Canada

Europe

UK
Germany
France
Italy

Asia Pacific

China
Japan
India
South Korea
Australia

Latin America

Brazil
Mexico

Middle East & Africa

Kingdom of Saudi Arabia (KSA)
UAE
South Africa

List of Key Players in the Retail Banking Market

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

Check out more related studies published by Grand View Research:

Retail Core Banking Solution Market - The global retail core banking solution market size is expected to reach USD 9.21 billion by 2030, growing at a CAGR of 9.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. A number of technologies, including blockchain, chatbots, machine learning, artificial intelligence, data analytics, Robotic Process Automation (RPA), and cloud computing, have witnessed increased adoption in the banking sector. Additionally, by using core banking technologies, banks can effectively analyze their customer base while enabling their clients to do their typical banking operations. Therefore, to deliver more integrated & value-added services, numerous banks are introducing core banking technologies to update banking functionality. As a result, the growth of the retail core banking solution market is driven by banks' adoption and implementation of these solutions.
Blockchain in Retail Banking Market - The global blockchain in retail banking market size is expected to reach USD 140.26 billion by 2030, advancing at a CAGR of 83.9% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rise in the fintech industry, the IT industry revolution, the rise in competition, and evolving customer expectations are some of the reasons that are driving the market growth. Retail banks are focusing on adopting digital transformation and advanced technologies to streamline their business process and customer offerings, which bodes well for the adoption of blockchain in retail banking.
Open Banking Market - The global open banking market size is expected to reach USD 135.17 billion by 2030, growing at a CAGR of 27.2% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The global open banking market is expanding as a result of favorable government legislation, improved overall customer involvement made possible by open banking APIs, and an increase in the adoption of innovative applications and services. In addition, the relocation in the focus of retail banks toward consolidated technological enhancements also bodes well with the market's growth.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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