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. 

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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

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.

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