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Online and Mobile Banking on the Growth of the Retail Banking Market Driver: A Major Catalyst in the Evolution of the Retail Banking Market in 2025
Retail Banking
The increase in online and mobile banking is expected to drive the growth of the retail banking market. Online and mobile banking, which allows customers to perform financial transactions without visiting a branch, has become more popular due to technological advancements. These platforms provide enhanced features like mobile check deposits and fund transfers, along with strong security measures. A 2022 survey by MX Technologies found that 68% of users access their accounts via mobile apps, with younger generations using these services more frequently. This trend is contributing to the growth of the retail banking market.
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How will the growth rate of the retail banking market shape industry trends by 2034?
The retail banking market has witnessed strong growth in recent years. It is projected to grow from $1979.62 billion in 2024 to $2118.87 billion in 2025 at a CAGR of 7.0%. Key drivers of this growth include investment in cybersecurity, increased use of mobile banking apps, personalized banking services, the growing use of voice assistants, and regulatory changes.
The retail banking market is projected to grow to $2,754.21 billion by 2029, with a CAGR of 6.8%. Growth drivers include the adoption of open banking standards, customer experience improvements, sustainability initiatives, and the shift to cloud-based infrastructures. Key trends include blockchain technology, innovative loan products, advanced security features, biometric authentication, and contactless payments.
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What trends are poised to drive the future success of the retail banking market?
Major companies in the retail banking market are developing core banking solutions powered by generative AI to enhance operational efficiency. Generative AI platforms leverage advanced AI models to innovate banking services and improve customer experiences. For instance, in May 2024, Newgen Software launched LumYn, a Gen AI-powered platform for retail banks. It combines predictive analytics and conversational AI to enhance customer personalization, enabling banks to offer more tailored services and maximize customer lifetime value.
Which primary segments of the retail banking market are driving growth and industry transformations?
The retail banking market covered in this report is segmented -
1) By Type: Public Sector Banks, Private Sector Banks, Foreign Banks, Community Development Banks, Non-Banking Financial Companies (NBFC)
2) By Service: Saving And Checking Account, Transactional Account, Personal Loan, Home Loan, Mortgages, Debit And Credit Cards, Automated Teller Machine (ATM) Cards, Certificates Of Deposits
3) By Application: Micro Enterprises, Small And Medium Enterprises, Large Enterprises
Subsegments:
1) By Public Sector Banks: Nationalized Banks, Government-Owned Banks
2) By Private Sector Banks: Domestic Private Banks, International Private Banks
3) By Foreign Banks: Branches Of Foreign Banks, Representative Offices Of Foreign Banks
4) By Community Development Banks: Local Community Banks, Microfinance Banks
5) By Non-Banking Financial Companies (NBFC): Asset Finance Companies (AFCs), Loan Companies, Investment Companies, Microfinance Institutions (MFIs)
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Which geographical regions are pioneering growth in the retail banking market?
Asia-Pacific was the largest region in the retail banking market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the retail banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the retail banking market landscape?
Major companies operating in the retail banking market are JPMorgan Chase & Co., Bank of America Corporation, Banco Santander S.A., Wells Fargo & Company, HSBC Holdings plc, Citigroup Inc., Morgan Stanley, BNP Paribas, Goldman Sachs Group Inc., ING Group, Mitsubishi UFJ Financial Group Inc., UBS Group AG, Barclays PLC, Société Générale S.A., BBVA (Banco Bilbao Vizcaya Argentaria), Sumitomo Mitsui Financial Group Inc., Deutsche Bank AG, UniCredit S.p.A., Credit Agricole Group, Credit Suisse Group AG, Intesa Sanpaolo S.p.A., Lloyds Banking Group plc, Royal Bank of Scotland Group plc, Mizuho Financial Group Inc., Commonwealth Bank of Australia, CaixaBank S.A., ABN AMRO Group
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What Is Covered In The Retail Banking Global Market Report?
•Market Size Forecast: Examine the retail banking market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the retail banking market for a structured understanding.
•Key Players Overview: Analyze major players in the retail banking market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the retail banking market.
•Segment Contributions: Evaluate how different segments drive overall growth in the retail banking market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the retail banking market.
•Industry Challenges: Identify potential risks and obstacles affecting the retail banking market.
•Competitive Landscape: Review strategic developments in the retail banking market, including expansions, agreements, and new product launches.
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