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Retail Banking Market to Hit $2,840.70 Billion by 2030: Grand View Research, Inc.SAN FRANCISCO, June 7, 2023 /PRNewswire/ -- 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.  Key Industry Insights & Findings from the report:
Read full market research report for more latest insights, "Retail Banking Market Size, Share & Trends Analysis Report By Type (Public Sector Banks, Private Sector Banks, Foreign Banks), By Service (Saving & Checking Accounts, Credit & Debit Cards), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research. Retail Banking Market Growth & Trends 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 operate with lower marketing efforts and focus on meeting the evolving expectations of customers for various products and services. Another factor is the ongoing modification of business processes by retail banking companies to reduce operational costs. By streamlining operations and optimizing efficiency, banks can lower their expenses and potentially pass on cost savings to customers in the form of more competitive rates and fees. This cost-reduction strategy enhances the attractiveness of their products and services, driving the growth of the retail banking industry. The COVID-19 pandemic highlighted the importance of remote banking services, pushing banks to improve their digital infrastructure and customer experience. As a result, customers who may have been hesitant to embrace digital banking before the pandemic becae more comfortable and experienced the benefits of convenience, speed, and accessibility. This shift in customer behavior and the growing acceptance of digital banking services are expected to have a lasting positive impact on the growth trajectory of the retail banking industry. Retail Banking Market Segmentation Grand View Research has segmented the global retail banking market based on type, service, and region Retail Banking Market - Type Outlook (Revenue, USD Billion, 2017 - 2030)
Retail Banking Market - Service Outlook (Revenue, USD Billion, 2017 - 2030)
Retail Banking Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
List of Key Players in the Retail Banking Market
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Browse through Grand View Research's Next Generation Technologies Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
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