Published Date : Jul 31, 2017
ALBANY, New York, July 31, 2017: MarketResearchReports.biz. has added a new report to its database, titled “Global Retail Banking Market 2016-2020.” As per the report, the global retail banking market will expand at a 6% CAGR from 2016 to 2020. The improved monitoring capabilities and quick access to credit, the retail banking sector is anticipated to witness a positive growth in the coming years. one of the trends gaining traction in this sector is the increasing focus on customer connectivity. Moreover, many of the retail banking institutions are striving to achieve accuracy in their operating models so as to achieve enhanced data driven decision making for risk strategies and pricing structure. This is driving the growth of the global retail banking market.
Retail banking institutions are changing their business processes so as to enhance customer services by reducing operational costs and striving to offer different services and products to customers. This is not only attracting more customers but also boosting the growth of the retail banking sector. The customer retention strategies adopted by players in the market so as to expand their customer base is also bringing success to players and is anticipated to further fuel the adoption of retail banking services.
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The report segments the global retail banking market on the basis of geography into Europe, Asia Pacific (APAC), the Americas, and the Middle East and Africa (MEA). In the recent past, Europe and the Middle East and Africa region led the market, accounting for a 44% share of the global retail banking market. The constant efforts by the retail banks in this region to improve the business model, through use of digital channels are expected to be the key factor driving the growth of the market in the region. In addition to this, the flexibility and adjustments made by retail banks in the customer proposition in Micro, Small & Medium Enterprises (MS ME) segment is also a factor aiding the growth in the region. Increasing focus on the implementation of secured financing techniques is boosting the confidence of customers and thus driving the retail banking market in the region.
As of now, the global players within the market are focusing on consumer protection and are formulating cost effective models for products and services. For retention of customers, it is important that retail banks stay competitive by adding value added price to products and services. The retail banking sector has a tremendous growth opportunity in terms of innovations in developing economies.
Key players in the global retail banking market are: HSBC, BNP Paribas, Bank of America, Citigroup, ICBC, JPMorgan Chase, China Construction Bank, Barclays, Deutsche Bank, Wells Fargo, and Mitsubishi UFJ Financial Group. The report profiles some of the leading players for the purpose of study, and enlists the recent developments and strategies adopted by these banks for achieving maximum customers.
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