About Retail Banking Service
A retail banking which acts as a comprehensive financial service provider for retail clients, allowing them to purchase multiple financial instruments, under one roof. For a multiplicity of services like opening a savings account, taking a loan, applying for a credit card and may also inquire about potential banking products that they may need at a future date, which the bank can offer all the retail customers can approach the bank. While some of the retail banks also venture into other services such as wealth management, private banking, retirement and brokerage accounts, which are often linked to core retail banking accounts for transactional ease.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The market for Retail Banking Service is highly competitive with several global as well as native players in the market. The global players are trying various strategies such as product innovation and using various marketing strategies to gain a higher market share. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Retail Banking Service 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.
BNP Paribas (France), Citigroup (United States), Aldermore Bank (United Kingdom), HSBC (United Kingdom), Axis Bank (India), ICBC (Canada), Royal Bank of Scotland (United Kingdom), Tesco Bank (United Kingdom), BBVA (Spain), TSB Bank (United Kingdom), JPMorgan Chase (United States) and Bank of America (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Barclays (United Kingdom), China Construction Bank (China), Mitsubishi UFJ Financial Group (Japan) and Paragon Bank (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Retail Banking Service market by Type (Small Banks, Large Banks and Online Banks), Application (Individual and Enterprises) and Region.
On the basis of geography, the market of Retail Banking Service 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 Services, the sub-segment i.e. Checking and Savings Accounts will boost the Retail Banking Service market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Retail Banking Service Market Dynamics:
Attributes | Details |
---|
Growth Drivers | - Increasing Adoption Of Retail Banking Solutions Among Individual
- The Growth In Corporate Financing Activities
|
Influencing Trends | - The Surge In Retail Banking Operations Globally
- Increase In Investment in Research and Development Activities
|
Restraints | - Data Privacy And Security Threat
- Lack of Awareness Regarding the Services in Under Developed Regions
|
Road Blocks / Challenges | - Increase In Competition Among The Players
- Increasing Fraud Related Activities In Retail Banking Services
|
Gaps & Opportunities | - Rise In The Use Of Digital Transformation Technology In Bank
- Rising Adoption Of Mobile Banking Platforms Is Fuel The Growth Of Retail Banking Services
|
Market Leaders and their expansionary development strategies
On 22 March 2022, Axis Bank, the third-largest private sector lender in the country, will buy the retail business of Citibank India. The deal includes Citi’s credit cards, retail banking, wealth management, and consumer loan businesses, besides the consumer business of its non-banking financial company, Citicorp Finance (India) Limited.
On 22 October 2021, Spanish giant BBVA is making a push into the Italian retail banking market with the launch of a digital-only service. BBVA has had a wholesale banking presence in Italy for over three decades but is targeting consumers with an app-based offering. Customers will get a card with no printed numbers and a dynamic CVV for added security, as well as 24/7 call centre customer service.
Key Target Audience
Retail Banking Service Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations 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.