About Digital-Led Retail Banking
Retail banking is generally known as consumer banking and thereby refers to the services that the various banks provide for their individual customers. Retail businesses include checking and savings accounts, mortgages, credit cards, and auto loans. Digitally managed retail banking refers to retail banking such as account opening, money transfers; and loans and debit cards, including only via the online method. The digital retail business offers convenience and access to a whole new level by providing integrated account services in an easy-to-use manner. The main advantages of the digitally managed private customer business include fast customer acquisition, an improved customer experience, faster development of new and innovative products and services, lower operating costs, and less dependency on a costly property, plant, and equipment.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that European Players will contribute the maximum growth to Global Digital-Led 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.
Starling Bank (United Kingdom), BNP Paribas (France), Revolut (United Kingdom), N26 (Germany), Babb (United Kingdom), Citigroup (United States), Zopa (United Kingdom), Ffrees (United Kingdom), Fidor Bank (Germany), Iam Bank (United States), Atom Bank (United Kingdom) and Monzo (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Digital-Led Retail Banking market by Type (Software and Service), Application (Transactional Accounts, Savings Accounts and Loans) and Region.
On the basis of geography, the market of Digital-Led Retail Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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). If we see Market by Bank Types, the sub-segment i.e. Public Sector Banks (PSBs) will boost the Digital-Led Retail Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device Used, the sub-segment i.e. PC will boost the Digital-Led Retail Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Mode of Service, the sub-segment i.e. Net Banking will boost the Digital-Led Retail Banking market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
An Upsurge World Banking Institutes Are Shifting Toward Digital Channels to Deliver Their Services by Collaborating With Fintech Companies to Develop More Customer-Centric Products and Provide an Excellent Customer Experience
Market Growth Drivers:
The Rapid Adoption of Online & Mobile Banking Platforms, The Rising Number of Internet Users and Adoption of Smartphones and Digitalizing Of Organizational Business Functions to Serve Changing Customer Preferences and Enhance Operational Efficiency
Challenges:
The Threat of Data Hacking
Restraints:
Rising Security Issues of Internet Infrastructure
Opportunities:
Technological Advancement in Online and Mobile Banking and Increasing Awareness about the Benefits of Online and Mobile Banking among Consumers
Market Leaders and their expansionary development strategies
In December 2023, ICICI Bank partnered with PhonePe to launch a co-branded credit card. This partnership aims to tap into the growing popularity of digital payments in India and provide customers with convenient access to credit.
Key Target Audience
Providers of Digital-Led Retail Banking, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies 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.