Retail Banking Market Share 2021: Global Trends, Key Players, Industry Analysis Report to 2026 | Top Key Players - Industrial and Commercial Bank of China Ltd, JP Morgan Chase & Co, Japan Post Holdings Co. Ltd

Retail Banking Market or consumer banking is financial services provided to individuals, not to businesses. Services include checking and savings accounts, mortgage loans, personal loans, credit cards and certificates of deposit.

The goal of retail banks is to become a one-stop shop for the greatest possible number of financial services for individual retail clients. In the digital age, the popularity of the internet and smartphones has caught the attention of fintech offering retail banking services via mobile applications.

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RETAIL BANKING MARKET SIZE AND FORECAST

• There are different types of retail banks such as public sector banks, private sector banks and foreign banks. OBOs have the largest market share due to their strong business reputation in the market and are expected to gain a large market share through a strong balance sheet and strong management.

• The market is geographically divided into North America, Europe, Latin America, the Middle East and Africa, and Asia and the Pacific. The North America region is expected to dominate the retail market as it focuses on improving bank efficiency through the development of a more customer-centric business model and proactive risk, regulation and capital management.

RETAIL BANKING MARKET DYNAMICS

• The existing retail banking market offers checking and savings accounts, mortgage loans, retail loans, credit cards and certificates of deposit.

• However, the product offering for retail clients expands to include financial advice with product offerings, investment services such as wealth management, retirement planning, brokerage accounts, and customized high net worth products or private banking.

• According to the World Retail Banking Report 2020, over 57% of consumers currently prefer online banking, preCOVID19 49% of consumers, and 55% prefer mobile banking applications, which was 47% compared to the preCOVID level. Hence, many banks have upgraded their digital platform to ensure a hassle-free service to consumers.

• In addition, the development of the digital platform in retail banking presents some challenges, with 80% of bank executives citing cybersecurity and privacy concerns, 68% pointing to outdated data management, and 73% pointing to identifying the right partners as a barrier to becoming an online platform.

CONCLUSION

• The retail banking market is evolving and transforming its business model to integrate technology into business processes and implement customer-centric models to improve service delivery and increase profitability.

• Customer preferences for digital adoption and the use of smartphone applications in banking services are key drivers of this transformation.

• Many fintech firms enter the market to provide retail banking services, which is a major deterrent to traditional players in the marketplace. That is why many traditional banks offer online services to provide better services to their customers. COVID19 has pushed more customers into the digital market even more and has started using online banking.

COMPANIES PROFILED
• Industrial and Commercial Bank of China Ltd
• JP Morgan Chase & Co
• Japan Post Holdings Co. Ltd

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