The global retail banking market revenue was around US$ 1.9 trillion in 2022 and is estimated to reach US$ 4 trillion by 2032, growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2023 to 2032.

A retail bank is a financial institution that majorly helps individual businesses and consumers. Its core operations revolve around delivering basic financial services like granting loans, accepting deposits, and streamlining everyday transactions like savings and checking accounts. Retail banks are the most acquainted face of the banking industry to the public, with multiple ATMs, physical branches, and an online presence.

Factors Influencing Market Growth

- The retail banking market is driven by the embrace of digital transformation revolutionizing customer interactions and rapid technological improvements and decreasing operational costs via innovations like AI-driven and mobile banking services.

- The regulatory transformations and adherence focus foster trust and mitigate risks for organizations dedicated to meeting developing regulatory standards. Therefore, these are the primary driving factors in the global retail banking market.

- The industry encounters intense competition from agile fintech startups and economic tension with persistently low interest rates, challenging profitability, and stability, which is hindering the growth of the market.

- The availability of data offers a promising opportunity for the growth of the global retail banking market.

Impact of COVID-19

The impact of the COVID-19 pandemic had a mixed influence on the global retail banking market, with both negative and positive consequences. Initially, the pandemic showed significant challenges, leading to job losses, economic tension, and financial strain for many businesses and individuals. This resulted in augmented demand for loan limitation and relief programs, putting stress on banks' asset quality. However, as the crisis grew, retail banks played a critical role in stabilizing the economy by slowly executing government-backed incentive programs and delivering financial support to impacted businesses and customers.

Regional Analysis

In 2022, Asia-Pacific dominated the global retail banking market in terms of revenue because of the region's growing rapid urbanization, middle class, and the rising penetration of internet connectivity and smartphones. As more individuals acquire access to digital platforms, there is a rising demand for accessible and convenient banking services. Also, many countries in Asia-Pacific have conventionally been savings-oriented, delivering a strong foundation for retail banking services.

Leading Companies

The leading prominent companies profiled in the global retail banking market are:

- 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
- Shanghai Banking Corporation Limited
- Wells Fargo.
- Other prominent key players

Segmentation Outline

The global retail banking market segmentation focuses on Function, End User, Type, and Region.

Segmentation based on Function

- Bank Account Opening
- Deposits and Withdrawals
- Debit and Credit Card Issuance
- Investment and Insurance
- Others

Segmentation based on End User

- Individuals
- Businesses

Segmentation based on Type

- Commercial Banks
- Rural Banks
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa