About Blockchain in Retail Banking
Retail banks have made great strides in developing digital business models, introducing millions of people to mobile banking, and becoming expert providers of data-based services. Increasing adoption of blockchain technology to facilitate faster, real-time cross-border payments from the bank sector can drive the market. Blockchain increases trust, security, transparency, and the traceability of data shared across a business network.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.6% |
Global Blockchain in Retail Banking is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Products. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Blockchain in Retail Banking market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
McKinsey (United States), CFTE (United Kingdom), IBM (United States), SAP (Germany), Microsoft (United States), Oracle (United States), Amazon Web Services, Inc. (United States) and Bitfury (Netherlands) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Auxesis Group (India) and Cegeka (Netherlands).
Segmentation Overview
AMA Research has segmented the market of Global Blockchain in Retail Banking market by Type (Public and Private), Application (Blockchain-Based Currency, Blockchain and Lending, Clearance and Settlement Systems and Others) and Region.
On the basis of geography, the market of Blockchain in Retail Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The Demand for Enhanced Banking Platforms Coupled with Rising Customer Demand for Seamless Access to loan Services and Products
Market Growth Drivers:
Development of Banks and FinTech Start-Ups and Increasing Internet Penetration Rate and Growing Adoption of Blockchain Technology
Challenges:
Lack of Awareness Blockchain in Retail Banking
Restraints:
Privacy Concerns Related to the Blockchain
Opportunities:
Adoption of Blockchain in Retail Banking help Banks in Expediting the Lending Process and Disbursing Personal Loans
Market Leaders and their expansionary development strategies
In August 2022, Oracle blockchain cloud services customers with a development of platform to build and quakily networks and quickly integrate with oracle software as services and third-party applications already use. blockchain network and oracle services
In 2019, IBM has launched a global blockchain network, Blockchain World Wire. It offers a new way for cross-border payment exchange and international settlement. The network will use both stable coins backed by U.S. dollars and cryptocurrency to make near real-time cross-border financial transactions.
"United States Securities Exchange Commission (SEC), which has been actively exploring potential applications of blockchains for financial services transactions in the public securities market, is convinced that cryptocurrencies are under their jurisdiction. Moreover, the SEC has embraced the early adoption of blockchains as it relates to securities using its t0.com blockchain platform"
Key Target Audience
Blockchain in Retail Banking Regulatory Bodies, Potential Investors, New Entrants, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.