Digital Led Retail Banking Market: Global Industry Analysis and Forecast (2022-2029)

Digital Led Retail Banking Market was valued at USD 15.64 Billion in 2021 and is predicted to grow at a CAGR of 15.7 % to USD 50.22 Billion by 2029.
Digital Led Retail Banking Market Overview:
The Digital Led Retail Banking Market is studied by segments like Application (Transactional Accounts and Non-Transactional accounts), Device Used (PC, Laptop, Mobile Phones), and Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa). The report consists of the Trend, forecasts, Competitive Analysis, and Growth Opportunities of the market.

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Digitally managed retail banking refers to online-only retail banking services such as account opening, money transfers, loans, and debit cards. By delivering integrated account services in an easy-to-use manner, the digital retail business takes convenience and access to a whole new level. Fast client acquisition, more remarkable customer experience, the more rapid development of new and creative products and services, cheaper operating expenses, and less reliance on expensive property, plant, and equipment are the significant benefits of a digitally managed private customer business. The Digital Led Retail Banking market has grown significantly over the last few years.
Digital Led Retail Banking Market Dynamics:
The global Digital Led Retail Banking market demand is rising across various industries.

Digital Led Retail Banking Market Opportunities:

• Increasing use of technology: The advent of COVID-19 has resulted in more dependence on technology, mainly mobile phones, to conduct daily activities. Technological advancement in Online and Mobile Banking over the last few years has increased the convenience for customers to conduct banking services such as making payments, checking account balance, and more. This is one of the significant advantages and future opportunities of the Digital Led Retail Banking market.

• Increasing Awareness about the Benefits of Online and Mobile Banking among Consumers: The presence of COVID-19 and increased awareness among consumers all over the world, regarding the use of technology and various services mobile phones offer has led to more knowledge of the benefits of online and mobile banking among customers. Customer can perform banking functions at the comfort of their homes, and it is especially beneficial for older population, allowing them to conduct transactions without venturing outside.

At the time when the world was affected by a global pandemic- COVID-19, causing a havoc and extensive lockdowns in the world, the availability of online banking services was the only mode of making banking transactions, as no one was allowed to venture out due to the presence of the virus. These factors can lead to the massive growth of the Digital Led Retail Banking market in the forecast period.

Digital Led Retail Banking Market Drivers:

• The Rapid Adoption of Online & Mobile Banking Platforms: Mobile banking platforms have been adopted rapidly globally due to the convenience it provides. Protection of personal information, easy transfer of funds, immediate access to the account, and easy deposit of cheques are opportunities in the digital-led retail banking market.

• The Rising Number of Internet Users and Adoption of Smartphones: Growing internet penetration, increasing marketing activities performed by smartphone, and the dependence on them due to the lockdowns caused due to COVID-19 has risen the number of internet and smartphone users significantly over the last few years. This number is expected to rise more in the forecast period, thus leading to a growth in the digital-led retail banking market.

Market Challenges: Challenges related to internet infrastructure security and the potential of data hacking are primary reasons that may limit demand for digital banking systems and impede worldwide Digital Led Retail Banking market growth over the projection period.
Digital Led Retail Banking Market Segment Analysis:
On the basis of Application, the Digital Led Retail Banking Market is segmented into Transactional Accounts and non-transactional accounts. By 2029, transactional services are expected to account for approximately 90% of the digital banking market. With the widespread adoption of digital banking, cash withdrawal has become convenient for customers.

Customers can generate a cash withdrawal voucher from their mobile banking app, which can then be redeemed at any ATM outlet for cash withdrawals without the need for a card. Easy cash loads and increased security features are predicted to lead to the growth of the digital-led retail banking market.

The non-transactional services market is expected to increase at a rate of above 5% until 2029. Information security services are quickly gaining popularity as the banking industry invests more in digital infrastructure, however, as a result, cyberattacks on financial institutions are becoming more common.

On the basis of Device-used, the Digital Led Retail Banking Market is segmented into mobile phones, laptops, and PC. Mobile phones dominate this segment due to their high availability among all classes of customers. Due to the advent of the internet as well as the Advent of COVID-19, and lockdowns, customers all over the world have started using mobile phones more, and hence this is one of the segments which holds the largest share in the digital-led retail banking market.

The use of laptops and personal computers is prevalent; however, since mobile phones are locomotive, they can be used to conduct banking transactions anywhere, even while on the move.

On the basis of region, the Digital Led Retail Banking market is segmented into North America, South America, Asia-Pacific, Middle East & Africa, and Europe. North America has dominated the Digital Led Retail Banking market. This is due to preferred mode of payment, increase in e-commerce sales and increasing use of technology for digital banking services.

The modernization or upgrading of technology in Europe has enabled the market for Digital Led Retail Banking to grow over time. The Asian-Pacific region is expected to witness the highest growth in the forecast period 2022-2029, owing to an intense penetration of digital payments, increasing purchasing power, and adoption of online payments methods by customers in developing countries like China, India, and Australia.

The objective of the report is to present a comprehensive analysis of the Digital Led Retail Banking market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complex data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which is anticipated to give a clear, futuristic view of the industry to the decision-makers.

The report also helps understand the Digital Led Retail Banking market dynamics and structure by analyzing the market segments and projecting the Digital Led Retail Banking market size. Explicit representation of competitive analysis of key players by-products, price, financial position, product portfolio, growth strategies, and regional presence in the Digital Led Retail Banking market make the report investor’s guide.
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Digital Led Retail Banking Market


Base Year
2021
Forecast Period
2022-2029


Historical Data
CAGR
Market Size in 2021
Market Size in 2029


2017 to 2021
15.7%
US$ 15.64 Bn
US$ 50.22 Bn


Segments Covered


by Application
• Transactional
• Non-Transactional
by Device used
• Mobile Phones
• Laptops
• PCs


Regions Covered


North America
• United States
• Canada
• Mexico
Europe
• UK
• France
• Germany
• Italy
• Spain
• Sweden
• Austria
• Rest of Europe
Asia Pacific
• China
• S Korea
• Japan
• India
• Australia
• Indonesia
• Malaysia
• Vietnam
• Taiwan
• Bangladesh
• Pakistan
• Rest of APAC
Middle East and Africa
• South Africa
• GCC
• Egypt
• Nigeria
• Rest of ME&A
South America
• Brazil
• Argentina
• Rest of South America



Digital Led Retail Banking Market Key Players
The Digital Led Retail Banking Market has become competitive. Various players in the industry have adopted product launches and business growth as their developmental strategies to their market share, increase profitability and remain stable in the market.

To grow their product range and acquire a competitive edge in the industry, Digital Led Retail Banking market players employ various business tactics such as business growth and product innovation. Significant organizations pursue multiple business strategies such as mergers and acquisitions to strengthen their market position.

• Iam Bank (Kenya)
• N26 (Germany)
• Babb (United Kingdom)
• Fidor Bank (Germany)
• Tandem (United States)
• Monzo (United Kingdom)
• Zopa (United Kingdom)
• Starling Bank (United Kingdom)
• Ffrees (United Kingdom)
• Atom Bank (United Kingdom)
• Revolut (United Kingdom)

Frequently Asked Questions:

1. What forecast period is considered for the Digital Led Retail Banking market report?
Ans. The forecast period for the Digital Led Retail Banking market is 2022-2029.

2. What are the market challenges for the Digital Led Retail Banking market?
Ans. Challenges related to internet infrastructure security and the potential of data hacking are primary reasons that may limit demand for digital banking systems and impede worldwide Digital Led Retail Banking market growth over the projection period.

3. What is the Digital Led Retail Banking market's compound annual growth rate (CAGR) for the forecast period?
Ans. The CAGR of the Digital Led Retail Banking market for the forecast period 2022-2029 is 15.7 %.

4. What are the key factors driving the growth of the Digital Led Retail Banking market?
Ans. The increasing use of technology, awareness among Consumers, and the rapid adoption of online & mobile banking platforms are the key factors driving the growth of the Digital Led Retail Banking market.

5. What major key players are covered in the Digital Led Retail Banking market report?
Ans. The major worldwide critical players in the Digital Led Retail Banking market are Atom Bank, Revolut, and Zopa.