The global Retail Banking market,size was valued at USD 1.88 Bn in 2022 and is expected to reach USD 2.77 Bn by 2029, at a CAGR of 5.7 %.

Market Overview:

This study aims to comprehensively analyze the Retail Banking market based on its components, applications, industries, and geographical regions. Detailed insights into the primary growth drivers influencing the Retail Banking market are provided, along with an extensive analysis of its value chain.

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Market Scope:

The research methodology employed to evaluate and forecast the Retail Banking market involves initial secondary research using sources that gather revenue data from key suppliers. Vendor offerings are also taken into account during market segmentation. The total size of the Retail Banking market is determined using a bottom-up approach, considering the revenues of major enterprises.

Drivers:

Digital Transformation to Drive the Retail Banking Market: Digital technology evolution has changed the retail banking sector. With the proliferation of smartphones, internet connectivity, and user-friendly banking apps, customers now expect seamless and convenient digital banking experiences to support digitalization. This shift has helped to drive banks to invest heavily in digital infrastructure, offering features such as mobile banking, online transactions, and 24/7 customer support. This transformation improved operational efficiency for banks and also enabled them to reach a broader customer base. The integration of artificial intelligence (AI) and machine learning (ML) technologies is expected to allow banks to offer tailored financial products, personalized recommendations, and automated customer service, further enhancing the overall customer experience.

Segmentation:

by Type

Public Sector Banks
Private Sector Banks
Foreign Banks
Community Development Banks
Non-banking Financial Companies (NBFC)

by Services

Saving and Checking Account
Transactional Account
Personal Loan
Home Loan
Mortgages
Debit and Credit Cards
ATM Cards
Certificates of Deposits

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Key Players:

1. Wells Fargo
2. Mitsubishi UFJ Financial Group
3. Bank of America
4. Barclays
5. ICBC
6. China Construction Bank Deutsche Bank
7. HSBC
8. JPMorgan Chase
9. Citigroup
10. NP Paribas
11. BNP Paribas
12. Banco Santander, S.A.
13. The Royal Bank of Scotland Group plc (RBS)
14. Société Générale S.A.
15. ING Groep N.V.
16. BBVA (Banco Bilbao Vizcaya Argentaria)
17. UBS Group AG
18. Standard Chartered PLC

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Regional Analysis:

Market share statistics for Global, North America, Europe, Asia-Pacific, the Middle East, Africa, and South America are analyzed separately. Competitive strengths are evaluated, and individual competitive analyses are conducted for each competitor by analysts at Maximize.

COVID-19 Impact Analysis on Retail Banking Market:

The COVID-19 pandemic has affected various industries including aerospace and defense, agriculture, automobiles, retail and e-commerce, energy and power, healthcare, packaging, mining, electronics, banking, financial services, and insurance, among others. The impact of COVID-19 on the Retail Banking market and its growth rate during 2019-2020 is significant. Timely insights and analysis on mitigating risks and digitizing operations to provide trusted information and insights to CEOs are crucial for businesses and organizations navigating through the COVID-19 crisis.

Key Questions Answered in the Retail Banking Market Report:

• Which segment dominated the Retail Banking market?

• How was the competitive landscape of the Retail Banking market in 2020?

• What are the key factors driving the growth of the Retail Banking market?

• Which region held the largest share in the Retail Banking market in 2020?

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