Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Retail Banking Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The retail banking market size has grown strongly in recent years. It will grow from $1.85 trillion in 2023 to $1.97 trillion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period can be attributed to increased investment in cybersecurity measures, growing use of mobile banking apps, advancements in personalized banking, rising adoption of voice assistants, and regulatory adjustments.
The retail banking market size is expected to see strong growth in the next few years. It will grow to $2.58 trillion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The projected growth can be attributed to the adoption of open banking standards, a focus on improving customer experience, sustainability initiatives, integration of digital and physical banking experiences, and a shift to cloud-based infrastructures. Major trends in the forecast period include blockchain technology, innovative loan products, implementation of advanced security features, biometric authentication methods, and contactless payment methods.
The rise in online and mobile banking is expected to drive the growth of the retail banking market in the coming years. Online and mobile banking refer to the use of internet platforms and mobile apps to perform financial transactions without the need to visit a physical bank branch. Technological advancements have greatly enhanced the functionality and appeal of these platforms, offering features such as mobile check deposits and fund transfers at the touch of a button, along with sophisticated security measures.
These services provide customers with convenient, accessible, and efficient ways to manage their finances, thereby increasing customer satisfaction and expanding the reach of traditional retail banking services. For example, in April 2022, a survey conducted by MX Technologies, a US-based fintech company, found that 68% of American adults used mobile apps to access or manage their accounts, with younger generations showing higher usage rates. Furthermore, 72% of respondents preferred handling their accounts online or via mobile apps, with millennials showing the highest preference at 89%, followed by Gen Z at 84%. Thus, the rise in online and mobile banking is contributing to the growth of the retail banking market.
Major companies in the retail banking market are developing core banking solutions with generative artificial intelligence (AI) platforms to enhance operational efficiency. Generative AI in banking refers to the use of advanced AI techniques, particularly generative models, to innovate and improve various banking services and operations.
In March 2023, HSBC Holdings plc, through its subsidiary HSBC UK Bank plc, acquired Silicon Valley Bank UK Limited (SVB UK) for £1 ($1.21). This acquisition strengthens HSBC’s commercial banking presence in the UK, enabling the bank to better serve innovative and fast-growing companies, especially in the technology and life sciences sectors. Silicon Valley Bank UK Limited is a UK-based bank that offers a comprehensive range of retail banking and wealth management services in personal and private banking.
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. The countries covered in the retail banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $1.97 Trillion |
| Forecasted Market Value (USD) by 2028 | $2.58 Trillion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Some of the major companies profiled in this Retail Banking market report include:
- 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
- Societe Generale 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
For more information about this report visit https://www.researchandmarkets.com/r/mycweg
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- Retail Banking Market Report 2024
