Latest News- Retail Banking Market in US: Private sector banks is expected to lead the Type segment during 2025-2029

The Retail Banking Market in US is being driven by Ongoing digital transformation in retail banking

The Retail Banking Market in US is expected to grow at a CAGR of 4.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 92.1 billion. In the dynamic retail banking landscape of the US, cloud-based solutions offer significant advantages. These solutions enable banks to effortlessly scale operations by adjusting resources, introducing new services, and optimizing processes in response to evolving customer demands. By eliminating the need for costly on-premises hardware and IT personnel, cloud computing leads to substantial cost savings and optimized resource allocation. Robust security features and expertise in handling sensitive financial data from cloud providers ensure regulatory compliance and data protection. The absence of extensive physical infrastructure reduces the costs associated with maintaining and upgrading traditional IT systems, allowing retail banks to reallocate resources towards innovation and customer-centric initiatives. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Private sector banks
  • Public sector banks
  • Foreign banks
  • Community development banks
  • Non-banking financial companies
• Service
  • Saving and checking account
  • Personal loan
  • Mortgages
  • Debit and credit cards
  • Others
• Channel
  • Direct sales
  • Distributor
• Consumer Segment
  • Individual Consumers
  • Small Businesses
  • Corporation
• Delivery Mode
  • Branch Banking
  • Online Banking
  • Mobile Banking
• Geography
  • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Ongoing digital transformation in retail banking
• Growing collaboration with fintech companies
• Increasing focus on financial inclusion

However, the market also witnesses some limitations, which are as follows:

• Rising cybersecurity threats in retail banking sector
• Unstable customer expectations in retail banking sector
• Fluctuation in interest rates in retail banks

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Market Scope in Retail Banking Market in US Research Report

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Research Analysis Overview

In the US Retail Banking sector, prioritization of security and compliance is paramount. Key areas include transaction security protocols, financial crime prevention, customer data privacy, and digital identity verification. Network infrastructure resilience, regulatory reporting systems, and fraud prevention technologies are essential for maintaining trust. Customer service automation, personalized banking experiences, and data analytics dashboards enhance user experience. Risk assessment methodologies, operational efficiency metrics, and compliance management software ensure regulatory compliance. Customer loyalty programs, financial product innovation, payment processing speed, and customer support channels foster customer satisfaction. Branch network optimization, investment advisory services, wealth management solutions, insurance product integration, account opening procedures, and loan underwriting processes streamline operations.

Market Research Overview

In the dynamic retail banking sector of the US market, Technavio's latest research focuses on key trends, including mobile banking security, advanced fraud detection systems, and streamlined customer onboarding processes. These elements are integral to risk management models, ensuring secure transactions and customer trust. The report delves into the specialized consumer services market, generating revenue from providers of residential services, home security services, legal services, personal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Technavio's analysis excludes revenue from consumer services classified under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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