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The retail banking market was valued at USD 1.94 trillion in 2022 and is estimated to register a CAGR of over 5% between 2023 and 2032. Online banks are driving the market due to their user-friendly interfaces, convenience, and cost-effective operations. Artificial Intelligence (AI) is a driving the retail banking industry, enabling banks to make data-driven decisions and improve customer experiences and operational efficiency. Fintech disruptors pose a challenge to the retail banking market, as traditional banks must adapt to stay competitive. The COVID-19 pandemic had a negative impact on the retail banking market, causing a decline in lending and credit card usage, and creating concerns about loan defaults.
