Research Expert: Sarah Overall
  • Published: Feb 2025
  • Pages: 150
  • SKU: IRTNTR77565

  • 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. By utilizing cloud infrastructure, banks can easily scale their operations, responding to shifting customer demands with agility. This flexibility eliminates the need for costly on-premises hardware and IT personnel. Additionally, cloud providers ensure robust security measures and regulatory compliance, safeguarding sensitive financial data. The absence of extensive physical infrastructure leads to substantial cost savings, enabling retail banks to reallocate resources towards innovation and customer-centric initiatives. 

    Get more information on Retail Banking Market in US by requesting a sample report

    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
    • 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

    Benefits of Buying Global Retail Banking Market in US Research Report by Technavio

    Rich Experience: 20+ years leading global market research, trusted insights across industries.

    Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

    Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

    Market Scope in Retail Banking Market in US Research Report

    Market Scope

    Report Coverage

    Details

    Page number

    174

    Base year

    2024

    Historic period

    2019-2023

    Forecast period

    2025-2029

    Growth momentum & CAGR

    Accelerate at a CAGR of 4.2%

    Market growth 2025-2029

    USD 92.1 billion

    Market structure

    market_structure.ucfirst

    YoY growth 2024-2025(%)

    3.9

    Key countries

    US

    Competitive landscape

    Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

    Request Free Sample

    Find out which segment is leading the market by accessing the free PDF report

    Research Analysis Overview

    The Retail Banking Market in the US is witnessing a shift towards digital banking, with consumer preferences leaning towards tech-savvy competitors. Domestic consumption drives growth, but bankruptcy and loan defaults pose challenges. Digital-first banks offer pre-approvals, funding, and investment opportunities, while fintechs and online banks target the consumer lending niche. Credit card balances and disposable income influence credit spectrum, with strategic partnerships key to success. Cash remains important, but digital banking is the future. Underbanked consumers present opportunities, with core products and services essential for meeting diverse needs.

    Market Research Overview

    The Retail Banking Market in the US encompasses revenue generated from various banking services, including credit card balances, consumer loans, and personal disposable income. According to Technavio's market analysis, the US market size is significant due to increasing credit card balances, growing disposable income, and a rising number of bankruptcies. Tech-savvy competitors, such as digital-first banks, are disrupting traditional banking models, leading to heightened customer expectations for seamless digital experiences. This trend is driving the adoption of advanced technologies, such as artificial intelligence and machine learning, to enhance customer service and streamline operations. The report also highlights the importance of loans, with a focus on mortgage, auto, and personal loans, as key growth areas for retail banks in the US market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.


    Contacts

    Technavio Research
    Jesse Maida
    Media & Marketing Executive
    US: +1 844 364 1100
    UK: +44 203 893 3200
    Email: media@technavio.com
    Website: www.technavio.com/

    Read News Read Less
    Interested in this report?
    Get your sample now!

Safe and Secure SSL Encrypted

Technavio

  • 2500 USD

[5 reports/month/user]

  • 5000 USD

close
  • Basic Plan [5000 USD/Year]:

    Single User
    Download 5 Reports/Month
    View 100 Reports/Month
    Add upto 3 Users at 625 USD/user

  • Teams Plan [7500 USD/Year]:

    5 User
    Download 5 Reports/Month/User
    View 100 Reports/Month/User
    Add upto 30 Users at 500 USD/user

*You can upgrade to Teams plan at Subscription page

close
  • Single:

    One user only.
    Quick & easy download option

  • Enterprise:

    Unlimited user access (Within your organization).
    Complimentary Customization Included

*For Enterprise license, go to checkout page

Technavio Get the report (PDF) sent to your email within minutes.