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Last Updated: Apr 25, 2025 | Study Period: 2023-2030
Retail Banking or Consumer banking are the financial services provided to the individuals and not the businesses. There are services offered that include checking and savings accounts, mortgages, personal loans, credit cards and certificates of deposit.
The aim of retail banks is to become a one-stop shop for as many financial services to provide the individual retail clients. In the digital era, internet and smartphone popularity has brought Fintech companies into the picture and they are offering retail banking services via mobile apps.
Several retail banks have also started to provide online services to the consumers and limited the need to visit bank branches for the same service.
In the existing Retail Banking Market, the offerings are checking and savings accounts, mortgages, personal loans, credit cards and certificate of deposits.
However, the product offerings for retail clients are expanding like addition of financial advisory with product offerings, investment services like wealth management, retirement planning, brokerage accounts and high net worth individual products or private banking.
According to the World Retail Banking Report 2020, over 57% of the consumers are now preferring internet banking, pre-COVID-19 the consumer preference was 49%, and 55% preferring mobile apps for banking services which in contrast to pre-COVID level was 47%. Therefore, many banks have evolved its digital platform experience to give seamless experience to consumers.
Furthermore, the growth of digital platform in the retail banking has some challenges, according to the reports 80% of the bank executives cited cybersecurity and privacy concern, 68% cited outdated data management and 73% cited identification of right partners as the barrier to transforming into the online platform.
There are different types of retail banks such as Public Sector Banks, Private Sector Banks and Foreign Banks. The PSBs have the largest market share due to their established goodwill in the market and they are anticipated to gain larger market share with strong balance sheet and strong governance.
Geographically, the market is segmented as North America, Europe, Latin America, Middle East & Africa and Asia Pacific. The North American region is expected to dominate the retail market as they have highly focused to improve efficiency of banks by developing a more customer centric business model and actively managing risk, regulations and capital.
As of March 2020, the largest commercial banks by assets are Industrial and Commercial Bank of China Ltd (IDCBY), J.P. Morgan Chase & Co., Japan Post Holdings Co. Ltd, China Construction Bank Corp.(CICHY), Bank of America Corp., Agricultural Bank of China Ltd(ACGBY), Credit Agricole SA, Wells Fargo & Co., Bank of China Ltd, Citigroup Inc.
Financials
Net Profit (TTM) - $45.3 Billion
Revenue (TTM) - $ 123.6 Billion
Market Cap - $231.8 Billion
Financials
Net Profit (TTM) - $36.4 Billion
Revenue (TTM) - $ 114.6 Billion
Market Cap - $280.1 Billion
Financials
Net Profit (TTM) - $4.7 Billion
Revenue (TTM) - $112.3 Billion
Market Cap - $34.4 Billion
Retail Banking Market is evolving and transforming its business model to integrate technology in the business process and bring customer centric models to improve the service delivery and profitability.
The key drivers for this transformation is the customer preference for digital adoption and using smartphones apps for the banking services.Many Fintech companies are emerging in the market to provide retail banking services which are a huge disruption to the traditional players in the market.
Therefore, many traditional banks are coming up with online services to deliver better services to the customers. COVID-19 has further pushed more customers in the digital market and adopting online banking services.
Building on its growing strength in the credit card market, TD Bank has announced the launch of a new suite of credit card products that includes two new credit card types as well as upgrades to popular existing cards.
The launch debuts TD Clear, a no-interest credit card with a straightforward monthly fee, the first of its type in the U.S. market, as well as TD FlexPay, TD's most flexible credit card to date with improved payment flexibility and attractive balance transfer offers.
The upgrades made to the current TD Double Up and TD Cash credit cards are complemented by the new credit card offers. The launch is TD Bank's largest investment in the credit card market to date, introducing new card options and enhancing existing ones.It follows significant financial commitments to TD's credit card processing and online user interface.
With this broadened selection of credit cards, clients can choose from a wide range of possibilities to find the one that best suits their needs. In order to help them manage their finances confidently, customers are looking for clarity surrounding credit.
With the addition of their current products and the new cards previously created, everyone can find a solution. By eliminating interest with a low monthly charge, TD Clear offers simplicity and transparency.
By allowing cardholders to plan a Skip a Payment once a year and waiving late fees on the first late payment once every twelve months, TD FlexPay provides the most payment flexibility has been ever offered.
Credit Card Launched by Square Banking. According to the press release, the brand-new Square Credit Card, which is now in beta, has a credit limit depending on the sales that the seller processes through Square, has no late penalties or yearly fees, and rewards the seller's spending with free card processing.
The American Express network powers the card. According to the press release, Square has also added options to its Square Loans product that allow customers to repay loans on a set monthly schedule and leverage outside data to increase the size of loan offers.
These choices are currently in beta. Small businesses may increase productivity and have peace of mind when it comes to managing their finances with the help of Square Banking's comprehensive range of software and financial services.
With Chase, DoorDash launched its first co-branded credit card. The DoorDash Rewards Mastercard offers members the chance to receive cash back on deliveries as well as on all other purchases made with the card. Cardholders will receive 4% cash back on DoorDash .
Caviar orders from merchants on the DoorDash platform, 3% cash back on meals ordered directly from a restaurant online or in person, 2% cash back on grocery store purchases made online or in person, and 1% cash back on all other purchases.
Additionally, cardholders will have the choice to exchange rewards for gift cards from a selection of brands and merchants, as well as use rewards to pay in full or in part for a DoorDash or Caviar order.
They are excited to launch the DoorDash Rewards Mastercard to provide customers with more convenience and value on their routine purchases from their favourite businesses and to work to further their mission of empowering local communities and connecting people to the best of their neighbourhoods.
They are happy to provide rewards and cash back possibilities for cardmembers to support their local businesses in conjunction with the steadfast partners Chase and Mastercard.
| Sl no | Topic |
| 1 | Market Segmentation |
| 2 | Scope of the report |
| 3 | Abbreviations |
| 4 | Research Methodology |
| 5 | Executive Summary |
| 6 | Introduction |
| 7 | Insights from Industry stakeholders |
| 8 | Cost breakdown of Product by sub-components and average profit margin |
| 9 | Disruptive innovation in the Industry |
| 10 | Technology trends in the Industry |
| 11 | Consumer trends in the industry |
| 12 | Recent Production Milestones |
| 13 | Component Manufacturing in US, EU and China |
| 14 | COVID-19 impact on overall market |
| 15 | COVID-19 impact on Production of components |
| 16 | COVID-19 impact on Point of sale |
| 17 | Market Segmentation, Dynamics and Forecast by Geography, 2022-2030 |
| 18 | Market Segmentation, Dynamics and Forecast by Product Type, 2022-2030 |
| 19 | Market Segmentation, Dynamics and Forecast by Application, 2022-2030 |
| 20 | Market Segmentation, Dynamics and Forecast by End use, 2022-2030 |
| 21 | Product installation rate by OEM, 2022 |
| 22 | Incline/Decline in Average B-2-B selling price in past 5 years |
| 23 | Competition from substitute products |
| 24 | Gross margin and average profitability of suppliers |
| 25 | New product development in past 12 months |
| 26 | M&A in past 12 months |
| 27 | Growth strategy of leading players |
| 28 | Market share of vendors, 2022 |
| 29 | Company Profiles |
| 30 | Unmet needs and opportunity for new suppliers |
| 31 | Conclusion |
| 32 | Appendix |
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