Retail Banking Market Size, Share & Trends Analysis Report by Type (Public Sector Banks, Private Sector Banks, Foreign Banks), By Service (Saving & Checking Accounts, Credit & Debit Cards), Region And Segment Forecasts, 2023-2031

Report ID : 1904 | Published : 2023-07-18 | Pages: 180 | Format: PDF/EXCEL

The Global Retail Banking Market Size is valued at 1802.05 billion in 2022 and is predicted to reach 3032.77 billion by the year 2031 at a 6.1% CAGR during the forecast period for 2023-2031.

Retail Banking Market

Rapid technological breakthroughs influencing the market's dynamics and growth potential are driving the growth. The development of digital technologies has changed how clients communicate with banks. Thanks to the growth of online mobile banking, customers now have easier access to banking services, including the ability to execute transactions, check balances, and access various services. Customer expectations are shifting, which is an important factor.

Customers today demand individualized and customized banking services. They demand flawless channel integration, encompassing online, mobile, and physical branches. Banks that can adapt to the competitive market and offer a superior client experience through individualized services, cutting-edge products, and effective procedures will likely succeed. Moreover, the retail banking market is being impacted by demographic changes. The expanding middle class in emerging economies gives banks additional chances to meet their customers' financial needs.  

Additionally, the retail banking industry is experiencing increased rivalry. Traditional banks are battling against fintech startups and technology companies making inroads into the financial services industry. These new competitors offer innovative goods and services by utilizing technical advancements like deep learning and blockchain, which fuels the market growth. 

Competitive Landscape:

Some of the Retail Banking market players are:


  • BNP Paribas
  • Citigroup, Inc.
  • HSBC Group
  • ICBC
  • JP Morgan Chase & Co.
  • Bank of America Corporation
  • Barclays
  • China Construction Bank
  • Deutsche Bank AG
  • Mitsubishi UFJ Financial Group, Inc.
  • Wells Fargo 

Market Segmentation:

The retail banking market is segmented based on type and service. The Retail Banking market is segmented based on types of public sector banks, private sector banks, foreign banks, community development banks and non-banking financial companies (NBFC). The market is segmented by service into savings & checking accounts, credit & debit cards, transactional accounts, personal loans, home loans and mortgages.

Based On Product, The Public Sector Banks Are A Major Contributor To The Retail Banking Market

The public sector banks category is expected to hold a major share of the global Retail Banking market in 2022. Public sector banks, which governments of nations run, offer several advantages over other banks and have built up a solid market reputation. They offer a variety of government programs and subsidies, effectively manage risk and regulations, concentrate on new product creation, and charge minimal fees for banking services. These are the main drivers promoting the expansion of this market.

Rural and semi-urban areas benefit from the public sector banks' extensive network and presence in these areas. They can access a big customer base and reach underserved markets because of their wide branch network, which supports their expansion. Moreover, social and financial inclusion goals are frequently given top priority by public sector banks. They are dedicated to assisting the underserved and unbanked segments of society and supporting inclusive banking practices.

Debit & Credit Card Segment Witness Growth At A Rapid Rate

The debit & credit card segment is projected to grow at an increasing in the global retail banking market. The use of debit and credit cards allows for transactional convenience and flexibility. They make carrying cash unnecessarily, enabling customers to make purchases quickly and safely. The rapid use of debit and credit cards by retailers and contactless payment technologies have aided in this market's expansion. Additionally, debit and credit cards provide consumers various advantages and incentive schemes. Banks' incentives to promote card usage include cashback, rewards points, airline miles, and other benefits. The expansion of this market is fueled by the incentives provided by these rewards, which draw customers and encourage them to use cards as their preferred means of payment. Open banking is anticipated to develop as an industry-driven initiative in the United States.

The North America Retail Banking Market Holds A Significant Revenue Share In The Region

The North American Retail Banking market is projected to register a tremendous market share in revenue soon. The area's population is sizable and expanding quickly, and it has a growing middle class and discretionary money. An increase in demand for banking services, such as savings accounts, loans, and investment goods, has been brought on by this demographic shift. Additionally, the area has undergone tremendous urbanization and economic growth, which has prompted corporate expansion and elevated financial activity. There is a larger need for financial services to serve both business and personal transactions.

In addition, Asia Pacific is projected to grow rapidly in the global Retail Banking market. The area has a sizable and quickly growing population, with a sizable proportion of young and tech-savvy people. These people seek convenient and accessible banking solutions to suit their financial demands, which creates a significant growth opportunity for retail banking. Additionally, the MEA area is focusing more on financial inclusion. Governments and regulatory bodies actively support programs to increase underserved groups' access to banking services, especially those in rural areas and low-income sectors. The emphasis on financial inclusion promotes retail banking usage and fuels the area's rapid expansion.

Global Retail Banking Market Report Scope:

Report Attribute


Market Size Value In 2022

USD 1802.05 Bn

Revenue Forecast In 2031

USD 3032.77 Bn

Growth Rate CAGR

CAGR of 6.1 % from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year


Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

Chipset Type Analysis, Function Analysis, and Industry Analysis

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape

BNP Paribas; Citigroup, Inc.; HSBC Group; ICBC; JP Morgan Chase & Co.; Bank of America Corporation; Barclays; China Construction Bank; Deutsche Bank AG, Mitsubishi UFJ Financial Group, Inc., Wells Fargo.

Customization Scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and Available Payment Methods

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Retail Banking Market Snapshot

Chapter 4. Global Retail Banking Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis of Metaverse Industry
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. COVID-19 Impact on Metaverse Industry

Chapter 5. Market Segmentation 1: By Services Estimates & Trend Analysis
5.1. By Services & Market Share, 2019-2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Services:

5.2.1. Public Sector Bank
5.2.2. Private Sector Banks
5.2.3. Foreign Banks
5.2.4. Community Development Banks
5.2.5. Non-banking Financial Companies (NBFC)

Chapter 6. Market Segmentation 2: By Type Estimates & Trend Analysis
6.1. By Services & Market Share, 2019-2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2022 to 2031 for the following By Type:

6.2.1. Saving and Checking Account
6.2.2. Transactional Account
6.2.3. Personal Loan
6.2.4. Home Loan
6.2.5. Mortgages
6.2.6. Debit and Credit Cards
6.2.7. ATM Cards
6.2.8. Certificates of Deposits

Chapter 7. Retail Banking Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Retail Banking Market revenue (US$ Million) estimates and forecasts By Services, 2023-2031
7.1.2. North America Retail Banking Market revenue (US$ Million) estimates and forecasts By Type, 2023-2031
7.1.3. North America Retail Banking Market revenue (US$ Million) estimates and forecasts by country, 2023-2031 U.S. Canada

7.2. Europe

7.2.1. Europe Retail Banking Market revenue (US$ Million) by By Services, 2023-2031
7.2.2. Europe Retail Banking Market revenue (US$ Million) estimates and forecasts By Type, 2023-2031
7.2.3. Europe Retail Banking Market revenue (US$ Million) by country, 2023-2031 Germany Poland France Italy Spain UK Rest of Europe

7.3. Asia Pacific

7.3.1. Asia Pacific Retail Banking Market revenue (US$ Million) by By Services, 2023-2031
7.3.2. Asia Pacific Retail Banking Market revenue (US$ Million) estimates and forecasts By Type, 2023-2031
7.3.3. Asia Pacific Retail Banking Market revenue (US$ Million) by country, 2023-2031 China India Japan Australia Rest of Asia Pacific

7.4. Latin America

7.4.1. Latin America Retail Banking Market revenue (US$ Million) by By Services, 2023-2031
7.4.2. Latin America Retail Banking Market revenue (US$ Million) estimates and forecasts By Type, 2023-2031
7.4.3. Latin America Retail Banking Market revenue (US$ Million) by country, (US$ Million) 2023-2031 Brazil Rest of Latin America

7.5. Middle East & Africa

7.5.1. Middle East & Africa Retail Banking Market revenue (US$ Million) by By Services, (US$ Million)
7.5.2. Middle East & Africa Retail Banking Market revenue (US$ Million) estimates and forecasts By Type, 2023-2031
7.5.3. Middle East & Africa Retail Banking Market revenue (US$ Million) by country, (US$ Million) 2023-2031 South Africa GCC Countries Rest of MEA

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. BNP Paribas
8.2.2. Citigroup, Inc.
8.2.3. HSBC Group
8.2.4. ICBC
8.2.5. JP Morgan Chase & Co.
8.2.6. Bank of America Corporation
8.2.7. Barclays

Segmentation of Retail Banking Market-

Retail Banking Market By Type

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

Retail Banking Market

Retail Banking Market By Service

  • Saving and Checking Account
  • Transactional Account
  • Personal Loan
  • Home Loan
  • Mortgages
  • Debit and Credit Cards

Retail Banking Market By Region-

North America-

  • The US
  • Canada
  • Mexico


  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe


  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

 InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Retail Banking Market expected to grow at a 6.1% CAGR during the forecast period for 2023-2031

BNP Paribas; Citigroup, Inc.; HSBC Group; ICBC; JP Morgan Chase & Co.; Bank of America Corporation; Barclays; China Construction Bank; Deutsche Bank A

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