Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Retail Banking Market to Reach $4030.3 billion, Globally, by 2032 at 8.1% CAGR: Allied Market Research

This image opens in the lightbox

News provided by

Allied Market Research

08 Nov, 2023, 15:10 GMT

Share this article

Share toX

Share this article

Share toX

One major growth factor for retail banking is technological innovation. The integration of advanced digital technologies such as mobile banking apps, online account management, and AI-powered chatbots has revolutionized the way customers interact with their banks. This has not only enhanced the convenience and accessibility of banking services but has also allowed for more personalized and efficient customer experiences. In addition, innovations like contactless payments, biometric authentication, and blockchain technology have further streamlined transactions and improved security. Embracing and leveraging these technological advancements will continue to be a crucial driver for the growth of retail banking in the foreseeable future.

PORTLAND, Ore, Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Retail Banking Market by Type (Commercial Banks, Rural Banks, and Others), Function (Bank Account Opening, Deposits and Withdrawals, Debit and Credit Card Issuance, Investment and Insurance, and Others), and End User (Individuals and Businesses): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global retail banking industry generated $ 1.9 trillion in 2022 and is anticipated to generate $ 4030.3 billion by 2032, witnessing a CAGR of 8.1% from 2023 to 2032. 

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

  • 124 - Tables
  • 73 - Charts
  • 432 – Pages

Download Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/6037

Retail banking refers to the segment of banking that provides financial services directly to individual consumers and small businesses. It includes a wide range of services, including basic transactions like depositing and withdrawing money, as well as offering loans, mortgages, credit cards, and various investment products. Retail banks operate through a network of physical branches, ATMs, online platforms, and mobile applications. They focus on meeting the everyday financial needs of individuals, such as managing savings and checking accounts, obtaining loans for homes or cars, and providing access to payment and transfer services. Retail banking plays a vital role in the economy by serving as a conduit for individuals to manage their finances and access credit for personal and business needs.

Prime Determinants of Growth 

The retail banking market is expected to witness notable growth owing to technological advancements and digital transformation, changing customer expectations and preferences and regulatory shifts and compliance focus. Moreover, personalized financial services and data-driven insights are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, intense competition from fintech startups and economic uncertainty and low interest rates limit the growth of the retail banking market. 

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$1,893.09 billion

Market Size in 2032

$4,030.25 billion

CAGR

8.1 %

No. of Pages in Report

432

Segments Covered

Type, Function, End User and Region.

Drivers 

Technological advancements and digital transformation

Changing customer expectations and preferences

Regulatory shifts and compliance focus

Opportunities

Personalized financial services and data-driven insights

Restraints

Intense competition from Fintech startups

Economic uncertainty and low interest rates

 
 COVID-19 Scenario

  • The impact of COVID-19 on the retail banking market was mixed, with both positive and negative consequences. Initially, the pandemic presented significant challenges, leading to economic uncertainty, job losses, and financial strain for many individuals and businesses. This resulted in increased demand for loan restraint and relief programs, putting pressure on banks' asset quality.
  • However, as the crisis advanced, retail banks played a crucial role in stabilizing the economy by swiftly implementing government-backed stimulus programs and providing financial support to affected customers and businesses. Furthermore, the pandemic accelerated the adoption of digital banking solutions, as customers sought contactless and online options, ultimately propelling technological advancements in the industry.
  • Thus, while COVID-19 initially posed challenges, it also emphasized the resilience and adaptability of the retail banking sector, driving innovation and digital transformation. 

Procure Complete Report (432 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3Qr2PcD

The commercial banks segment to maintain its leadership status throughout the forecast period

Based on type, the commercial banks segment held the highest market share in 2022, accounting for more than half of the global retail banking market revenue and is estimated to maintain its leadership status throughout the forecast period. This is primarily attributed to its extensive range of services and established presence. Commercial banks typically offer a comprehensive suite of financial products and services, including checking and savings accounts, loans, credit cards, and wealth management. However, the rural banks segment is projected to attain the highest CAGR of 10.4% from 2023 to 2032. This is attributed to its strategic focus on underserved areas and specialized services tailored to the unique needs of rural communities. Rural banks are adept at understanding the specific challenges and financial requirements of rural populations, which can differ significantly from urban areas.  

The bank account opening segment to maintain its leadership status throughout the forecast period 

Based on function, the bank account opening segment held the highest market share in 2022, accounting for more than one-third of the global retail banking market revenue. This is attributed to the fact that there has been a concerted effort by banks to streamline and simplify the account opening process, making it more accessible and convenient for customers. This includes the integration of digital platforms and mobile applications, allowing individuals to open accounts remotely without the need for physical visits to a branch. However, the investment and insurance segment is projected to attain the highest CAGR of 11.7% from 2022 to 2032. This is due to a shifting focus towards wealth management and financial planning. There is an increased interest in investment products and insurance policiesas individuals become more familiar of the importance of long-term financial security. 

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/6037

The individuals segment to maintain its leadership status throughout the forecast period 

Based on end user, the individuals segment held the highest market share in 2022, accounting for two-thirds of the global retail banking market revenue. This is primarily due to the sheer volume of individual consumers who rely on retail banking services for their day-to-day financial needs. This includes activities like managing personal accounts, obtaining mortgages, and accessing various payment services. In addition, individuals are likely to engage with retail banks for services like savings accounts and credit cards, further solidifying their dominant market presence. However, the businesses segment is projected to manifest the highest CAGR of 10.2% from 2022 to 2032. This is because of the increase in recognition of the unique financial needs and complexities faced by businesses. There is a growing demand for specialized banking services tailored to business operations with the expansion of entrepreneurship and small to medium-sized enterprises (SMEs), . This includes services like business loans, commercial lines of credit, and cash management solutions. The business segment in retail banking is expected to experience substantial growth as businesses continue to evolve and seek more sophisticated financial products.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share for more than one-fourth in terms of revenue in 2022 and it is expected to witness the fastest CAGR of 10.3% from 2023 to 2032 and is likely to dominate the market during the forecast period. Asia-Pacific's estimated rapid growth in the retail banking market is due to the region's increasing middle class, rapid urbanization, and the increasing penetration of smartphones and internet connectivity. There is a growing demand for convenient and accessible banking services as more individuals gain access to digital platforms. Moreover, many countries in Asia-Pacific have traditionally been savings-oriented, providing a strong foundation for retail banking services. 

Leading Market Players: -

  • Barclays
  • BNP Paribas
  • Citigroup, Inc.
  • Deutsche Bank
  • Goldman Sachs
  • Industrial and Commercial Bank of China ( Asia ) Limited.
  • JP Morgan Chase & Co.
  • Mitsubishi UFJ Financial Group, Inc.
  • The Hongkong and Shanghai Banking Corporation Limited
  • Wells Fargo

The report provides a detailed analysis of these key players in the global retail banking market. These players have adopted different strategies such as expansion, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/6037

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

API Banking Market by Component (Solution, Service), by Deployment (On-premise, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032.

AI in Banking Market by Component (Solution and Service), Enterprise Size (Large Enterprise and SMEs), Applications (Risk Management Compliance & Security, Customer Service, Back Office/Operations, Financial Advisory and Others) and Technology (Machine Learning & Deep Learning, Natural Language Processing (NLP), Computer Vision and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.

Europe Open Banking Market by Financial Service (Banking & Capital Markets, Payments, Digital Currencies, and Value-added Services) and Distribution Channel (Bank Channel, App Market, Distributors and Aggregators): Opportunity Analysis and Industry Forecast, 2021-2030

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg 

Modal title

Also from this source

Citrus Aurantium Extract Market to Reach $4,339.2 Million by 2027 in short term and $5,671.7 million by 2034 Globally, at 3.8% CAGR: Allied Market Research

Citrus Aurantium Extract Market to Reach $4,339.2 Million by 2027 in short term and $5,671.7 million by 2034 Globally, at 3.8% CAGR: Allied Market Research

Allied Market Research published a report, titled, "Citrus Aurantium Extract Market - Global Opportunity Analysis and Industry Forecast, 2025-2034",...

Speech-To-Text API Market to Reach $5 Billion by 2024 in the Short Term and $21 Billion by 2034 Globally, at 15.2% CAGR: Allied Market Research

Speech-To-Text API Market to Reach $5 Billion by 2024 in the Short Term and $21 Billion by 2034 Globally, at 15.2% CAGR: Allied Market Research

Allied Market Research published a report titled, "Speech-to-text API Market - Global Opportunity Analysis and Industry Forecast, 2024-2034," valued...

More Releases From This Source

Explore

Banking & Financial Services

Banking & Financial Services

Financial Technology

Financial Technology

Financial Technology

Financial Technology

Computer & Electronics

Computer & Electronics

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.