Retail Banking Market: Trends Shaping the Future of Financial Services
The global retail banking market size is expected to reach USD 2,840.70 billion by 2030, growing at a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing focus of banks on improving the customer experience through offering competitive interest rates and improved customer connectivity. By providing better rates and strengthening customer interactions, banks aim to attract and retain customers, leading to increased market demand for their services. In addition, the stable nature of retail deposits in a demand-driven economy contributes to the growth of the market. Retail banks typically rely on customer deposits as a stable and reliable source of funding. As customers trust the stability of retail banking institutions, they are more likely to deposit their funds, providing banks with a solid foundation for lending and other banking activities. This stability allows retail banks to opera...