US RETAIL BANKING MARKET - GROWTH, TRENDS, AND FORECAST (2019-2024)

The market is segmented by Product, Industry, and Channel.

Market Snapshot

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Study Period:

2015-2024

Base Year:

2018

Key Players:

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Market Overview

  • In the recent years, retail banking has become a key area of strategic emphasis in the US banking industry, as evidenced by rising trends in retail loan and deposit shares on commercial bank balance sheets, and a continuing increase in the number of bank branches.
  • Retail banks offer consumers credit to purchase homes, cars, and furniture. These include mortgages, auto loans, and credit cards. The resulting consumer spending drives almost 70% of the US economy.
  • Digital media is gaining importance in the banking sector. In 2013, 43% of the retail banking customers expected their banks to invest in and develop online banking stream, 20% wanted a similar investment in mobile banking, and 7% in social media.

Scope of the Report

The report offers a complete background analysis of the US retail banking market, including an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview.

By Product
Transactional Accounts
Savings Accounts
Debit Cards
Credit Cards
Loans
Other Products
By Industry
Hardware
Software
Services
By Channel
Direct Sales
Distributor

Report scope can be customized per your requirements. Click here.

Key Market Trends

Retail Banking Financial Advice Satisfaction, 2018

About 78% of the US retail bank customers say that they are interested in receiving financial advice from their banks. However, only a 28% of retail bank customers say that they receive financial advice. The study also finds that customer satisfaction surges when banks get the advice formula right.

In the recent years, large US retail banks have steadily improved customer satisfaction because of technological investments, to provide greater banking convenience and more consistent products and services.

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To understand key trends, Download Sample Report

Percentage of Retail Banking Customers Interacting with Branch or Call

Customers who use mobile and online banking more than once a week are over 60% more likely to be active retail-branch users, than those who do not. Thus, customers who have embraced multichannel access also expect higher value from face-to-face interactions at their bank branch.

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Competitive Landscape

The report covers major international players operating in the US retail banking market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence, by securing new contracts and tapping new markets. Some of the major players in the market are as follows:

  • Wells Fargo
  • JP Morgan Chase and Co.
  • Bank of America
  • US Bank
  • PNC Financial Services
  • BB&T Corporation
  • Regions Bank
  • Suntrust Bank
  • TD Bank
  • KeyBank

Major Players

  1. PNC Financial Services
  2. Bank of America
  3. US Bank
  4. JP Morgan Chase and Co.
  5. Wells Fargo

* Complete list of players covered available in the table of contents below

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Download the market shares of key players in this industry.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Key Deliverables of the Study

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Drivers

    3. 4.3 Restraints

    4. 4.4 Opportunities

    5. 4.5 Trends Shaping the US Retail Banking Market

    6. 4.6 Consumer Behavior and Loyalty Analysis

    7. 4.7 Government Regulations

    8. 4.8 Porter's Five Forces Analysis

    9. 4.9 Fintech Disruption in the US Retail Banking Market

    10. 4.10 Industry Value Chain Analysis

    11. 4.11 Affect of Retail Banking on the US Economy

    12. 4.12 Recent Developments in the Market

    13. 4.13 A Challenging Environment Harbors Growth Opportunities

    14. 4.14 The Future of US Retail Banking Distribution

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Transactional Accounts

      2. 5.1.2 Savings Accounts

      3. 5.1.3 Debit Cards

      4. 5.1.4 Credit Cards

      5. 5.1.5 Loans

      6. 5.1.6 Other Products

    2. 5.2 By Industry

      1. 5.2.1 Hardware

      2. 5.2.2 Software

      3. 5.2.3 Services

    3. 5.3 By Channel

      1. 5.3.1 Direct Sales

      2. 5.3.2 Distributor

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Wells Fargo

    2. 6.2 JP Morgan Chase and Co.

    3. 6.3 Bank of America

    4. 6.4 US Bank

    5. 6.5 PNC Financial Services

    6. 6.6 BB&T Corporation

    7. 6.7 Regions Bank

    8. 6.8 Suntrust Bank

    9. 6.9 TD Bank

    10. 6.10 KeyBank *

  7. 7. INVESTMENT ANALYSIS ON THE MARKET

  8. 8. FUTURE OF THE MARKET

  9. 9. APPENDIX

  10. 10. *List Not Exhaustive

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