Global retail banking market is expected to grow at a CAGR of 4.6% during the forecast period (2023-2030). Retail banking is the key contributor to the economic growth of any country as it provides essential financial services to individuals and SMEs. Using a wide range of banking products and services, retail banking facilitates payment transactions for their customers, including electronic fund transfers, online bill payments, wire transfers, and issuing debit and credit cards. This market growth is driven by factors like changing consumers’ needs and preferences due to technological advancements, rising trend of online and mobile banking in consumers, increasing population across the world, rising disposable income in the middle-class and upper-middle-class population, and personalized banking solutions. Moreover, changing consumer finance protection laws will also support market growth.
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Five Factors that Affected the Global Retail Banking Market
- The retail banks are expanding their presence in the global market by initiating their services in developing nations. For instance, in June 2023, the Hongkong and Shanghai Corporation Bank (HSBC) launched its Global Private Banking (GPB) business in India to serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) professionals, entrepreneurs and their families. This business is aimed at clients with investable assets of more than $2.0 million.
- Retail banks globally are using technology to upgrade their existing products and services for a seamless customer experience. They are launching new digital updates for seamless banking operations. For instance, in January 2024, Temenos launched end-to-end Temenos Enterprise Services on Temenos Banking Cloud to enable banks to deploy software solutions in just 24 hours and significantly reduce modernization costs. With these Enterprise Services with over 120 pre-packaged banking products, predefined customer journeys, and over 700 pre-configured APIs, Temenos brings a functional end-to-end system to banks enabling them to rapidly launch new business lines or progressively modernize their legacy systems.
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- Retail banks are increasing premium products and services to attract their top-tier customers by launching exclusive apps, cards, and memberships. For instance, in December 2023, Eastern Bank in Bangladesh announced to launch of the world’s first biometric metal card for premium customers in 2024. The card includes the Idex biometric sensor, a Linxens EMV2 module including Infineon’s SLC38B secure element, card inlay with antenna, and the IDEX card operating system. Customers simply place their thumb on the sensor for tap-and-pay transactions at the checkout.
- The rising trend of launching digital platforms by retail banks to provide seamless trading services is also fueling the market growth. For instance, in October 2023, Emirates NBD unveiled a cutting-edge digital wealth platform as part of its 60th-anniversary celebrations. This platform, integrated into the ENBD X mobile app, enables users to trade securities and ETFs across 21 capital markets globally. It offers a seamless and commission-free trading experience on over 11,000 global equities.
- The growing trend to provide personalized banking solutions and services to the customer for a seamless experience is fueling the market growth. For instance, Temenos launched an industry-first secure solution for banks using Generative Artificial Intelligence (AI) to automatically classify customers’ banking transactions. Transaction classification helps banks provide personalized insights and recommendations, offer more engaging and intuitive digital banking experiences, and enhance customer loyalty through more relevant products and offers.
The key players in the global retail banking market include JPMorgan Chase & Co., Bank of America Corp., Industrial and Commercial Bank of China Limited, Agricultural Bank of China, Wells Fargo & Co., BNP Paribas, HSBC, and others. The market players are considerably contributing to the market growth by adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. Retail banks can achieve scale and capture market share by merging with or acquiring other banks and pursuing fast-growing markets. For instance, in January 2024, Visa acquired Pismo for $1.0 billion in cash. This deal will allow Visa to give more solutions to its clients while also expanding Pismo’s regional presence, which already includes operations in Latin America, Asia-Pacific, and Europe.
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