Leading Growth Driver in the Retail Banking Market in 2025: Online and Mobile Banking on the Growth of the Retail Banking Market Driver's Influence

What Are the Market Size and Growth Forecast for the Retail Banking Market?
The size of the retail banking market has seen robust growth in recent years. The market, which is projected to rise from $1979.62 billion in 2024 to $2118.87 billion in 2025, will experience a compound annual growth rate (CAGR) of 7.0%. The significant growth during the historic period is due to factors such as elevated investments in cybersecurity, the rising popularity of mobile banking applications, the trend towards personalized banking, increased usage of voice assistants, and regulatory modifications.

The market size of retail banking is projected to witness robust growth in the coming years, expanding to $2754.21 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 6.8%. The anticipated growth during this forecast period can be credited to the adoption of open banking protocols, heightened emphasis on enhancing the customer experience, sustainability drives, confluence of digital and physical banking experiences, and a transition towards cloud-based structures. The upcoming period is set to be characterized by trends such as blockchain technology, inventive loan offerings, introduction of sophisticated security features, methods of biometric authentication, and the rise of contactless payment techniques.

What Are the Forces Behind the Rapid Growth of the Retail Banking Market?
The escalating use of internet platforms and mobile applications for banking purposes is projected to drive the growth of the retail banking market. Technological advancements have notably amplified the functionalities of online and mobile banking, making these platforms more enticing to consumers. These platforms enable users to complete financial transactions such as mobile checks deposits and fund transfers effortlessly, without visiting a physical bank branch. The sophisticated security measures add to their attractiveness. Offering efficient, accessible, and convenient ways for customers to manage their finances gives retail bankers an upper hand, hence improving customer satisfaction and broadening the scope of conventional retail banking services. For example, in a survey conducted by MX Technologies, a US-based fintech company, in April 2022, it was found that 68% out of 1,002 American adults surveyed use mobile apps for account management, with higher usage among the younger generation. Moreover, 72% of survey respondents prefer managing their accounts online or through mobile apps. Among different age groups, millennials use online and mobile banking the most, at 89%, followed by Gen Z, at 84%. Thus, the increasing tendency towards online and mobile banking is fuelling the growth of the retail banking market.

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Which Key Market Leaders Are Driving Retail Banking Industry Growth?
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

What Are the Emerging Trends in the Retail Banking Industry?
Prominent players in the retail banking field are creating core banking solutions boosted with generative artificial intelligence (AI) platforms to boost operational productivity. The concept of generative AI in banking solutions involves the use of cutting edge AI models to innovate and improve diverse banking operations and services. For example, Newgen Software, a renowned global purveyor of low-code digital transformation platforms, introduced LumYn in May 2024 - a revolutionary Gen AI-fueled hyper-personalization platform tailored specifically for the banking industry. LumYn integrates predictive analytics with potent conversational AI, rendering corporate users the ability to efficiently access consumer data. Newgen's platform uses datasets and analogous behavioral patterns throughout the retail banking industry. The platform provides a low-code setting, permitting banks to effortlessly devise and adapt solutions pertinent to their specific business issues. It formulates accurate behavioral divisions based on customers' spending habits and lifestyles, optimizing the value gained over a customer's lifecycle.

What Are the Main Segments in the Retail Banking Market?
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 Geographic Area Leads 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.

What Is Covered In The Retail Banking Global Market Report?

- Market Size Analysis: Analyze the Retail Banking Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Retail Banking Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Retail Banking Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Retail Banking Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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