Online and Mobile Banking on the Growth of the Retail Banking Market: Powering Innovation and Expansion in the Retail Banking Market by 2025

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What Is the Expected CAGR for the Retail Banking Market Through 2025?
In the past few years, the size of the retail banking market has experienced significant growth. The prediction is for an increase from $1979.62 billion in 2024 to $2118.87 billion in 2025, marking a compound annual growth rate (CAGR) of 7.0%. This growth during the historical period is the result of heightened investment in cybersecurity infrastructure, the rising popularity of mobile banking applications, the trend towards personalized banking, the expanding usage of voice assistants, and possible regulatory changes.

What's the Projected Size of the Global Retail Banking Market by 2029?
Over the next few years, the retail banking market is anticipated to witness robust expansion. The market is projected to reach a value of $2754.21 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%. Factors contributing to this growth during the forecast period include the embracement of open banking principles, enhancing customer service, commitment to sustainability, amalgamation of digital and traditional banking experiences, and the transition to cloud-based infrastructures. The forecast period is expected to be characterized by significant trends such as blockchain technology, innovative lending products, incorporation of sophisticated security measures, biometric verification procedures, and touchless payment methods.

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Top Growth Drivers in the Retail Banking Industry: What's Accelerating the Market?
The retail banking market is anticipated to grow, fuelled by the upsurge in online and mobile banking. This pertains to conducting financial transactions via internet platforms and mobile applications without the need to go to a bank. These tech advancements have significantly heightened the appeal and functionality of online and mobile banking platforms. They offer advanced features like instant check deposits and fund transfers and have strengthened security measures, increasing their attractiveness. Retail bankers find online and mobile banking beneficial as they offer a convenient, easy-to-access, and efficient method for customers to manage their financial affairs. This heightens customer satisfaction and broadens the scope of conventional retail banking services. In a survey conducted in April 2022 by MX Technologies, a fintech firm in the US, involving 1,002 American adults, it was found that 68% accessed or managed their accounts using mobile apps, with higher usage rates evident amongst the younger demographic. Furthermore, 72% of the participants opted to control their accounts online or through mobile apps. In terms of age breakdown, millennials, at 89%, and Gen Z, at 84%, were more inclined towards online and mobile banking. Thus, the growing popularity of online and mobile banking is propelling the retail banking market.

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What Trends Will Shape the Retail Banking Market Through 2029 and Beyond?
Top-tier companies in the retail banking industry are advancing their core banking offerings through the integration of generative Artificial Intelligence (AI) platforms, an initiative aimed at improving operational efficiency. Generative AI platforms, an application of sophisticated AI models, are deployed in banking solutions to augment and innovate a range of banking services and operations. For example, in May 2024, Newgen Software, a renowned global player in the field of low-code digital transformation platforms, introduced LumYn, their revolutionary Gen AI-driven hyper-personalization platform specifically crafted for the banking industry. LumYn merges predictive analytics and robust conversational AI, enabling corporate users to seamlessly access consumer data. Built on extensive datasets and parallel behavioral patterns across all retail banks, Newgen's platform supports a low-code environment, hence providing banks with the convenience to design and adjust solutions according to their bespoke business needs. It creates accurate behavioral segments based on customers' spending habits and lifestyles to maximize customer lifetime value.

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 Top Companies are Driving Growth in the Retail Banking Market?
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

Which Regions Will Dominate the Retail Banking Market Through 2029?
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.

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