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Online and Mobile Banking on the Growth of the Retail Banking Market: A Significant Driver Propelling The Retail Banking Market In 2025
Retail Banking Market Size
What Is the Retail Banking Market Size and Projected Growth Rate?
The retail banking market has seen consistent growth. It will expand from $1979.62 billion in 2024 to $2118.87 billion in 2025, achieving a CAGR of 7.0%. Contributing factors include increased cybersecurity investment, growing use of mobile banking, personalized service options, adoption of voice-enabled features, and regulatory changes.
The retail banking market is forecasted to see solid growth, reaching $2754.21 billion by 2029 at a CAGR of 6.8%. Growth is driven by the adoption of open banking standards, efforts to enhance customer experience, sustainability initiatives, the integration of digital and physical banking experiences, and the shift toward cloud-based infrastructures. Trends include the use of blockchain technology, innovative loan products, implementation of advanced security features, biometric authentication methods, and contactless payments.
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What Are the Major 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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What Are The Driving Retail Banking Market Evolution?
Increased online and mobile banking adoption is expected to support retail banking market growth. These digital services offer fast, secure access to financial functions without branch visits. A 2022 MX Technologies survey found 68% of American adults use mobile apps for banking, with preferences even stronger among millennials (89%) and Gen Z (84%). Hence, rising digital banking usage drives the retail banking market.
Which Firms Dominate The Retail Banking Market Segments?
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 Retail Banking Market Trends Are Gaining Traction Across Different Segments?
Companies in the retail banking market are focusing on developing core banking solutions that leverage generative AI platforms to improve operational efficiency. A generative AI platform in banking uses advanced techniques to enhance services and operations. In May 2024, Newgen Software, a global provider of low-code platforms, launched LumYn, a generative AI-powered hyper-personalization platform. LumYn blends predictive analytics and AI to improve customer engagement and operational efficiency.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Retail Banking Market?
2. What is the CAGR expected in the Retail Banking Market?
3. What Are the Key Innovations Transforming the Retail Banking Industry?
4. Which Region Is Leading the Retail Banking Market?
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