An important trend that will propel market growth is the use of big data analytics. Many top retail banks are focusing on expense management to increase the profit margin of their business. This is possible by upgrades and integration of technology. Many retail banks are shifting their focus from stand-alone technology projects to an environment where there is continuous technological improvement. They enter into M&A and joint ventures to reduce the costs and enable smooth integration in data mining and organizational resources. It is important that the top retail banking vendors formulate strategies to attract different customer segments. This could be possible only through multiple distribution and communication channels. Many top retail banking vendors are also making use of the cost-effective solutions in infrastructure, communication, and analytics.
Complete retail banking market report is available at http://www.rnrmarketresearch.com/global-retail-banking-market-2016-2020-market-report.html .
According to the report, a key growth driver for this market is quick access to credit for borrowers. Traditional banking institutions are trying to address the specific needs of potential clients to reduce the huge funding gap between large corporate and SMEs. For instance, in China there are separately regulated financial firms that are licensed to lend in small amounts to encourage credit access to the small and rural borrowers. This will bring in liquidity into the system, bringing in credit transformation.
Retail banking refers to the business conducted by financial institutions directly with customers. The services offered by retail banks includes savings and transactional accounts, debit cards, credit cards, personal loans, and mortgages. Retail banking is also considered as a mass market banking for individual customers who make use of local branches of larger commercial banks. The retail banking services offer banking provision to individuals and small businesses and deal with large number of low value transactions.
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The report, Global Retail Banking Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The report covers the present scenario and the growth prospects of the global retail banking market for 2016-2020. To calculate the market size, the following retail banking products have been taken into consideration: transactional accounts (checking accounts/current accounts), savings accounts, debit cards, automated teller machine (ATM) cards, credit cards, traveler’s checks, mortgages, home equity loans, personal loans, and certificates of deposit or term deposits.
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Key players in the global retail banking market: BNP Paribas, Citigroup, HSBC, ICBC, and JPMorgan Chase. Other Prominent Vendors in the market are: Bank of America, Barclays, China Construction Bank, Deutsche Bank, Mitsubishi UFJ Financial Group, and Wells Fargo
Further, the report states that one challenge that could restrict market growth is the ability to manage risk. Banks have to focus on a number of issues to protect themselves against fraud and unwanted litigation.
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