GCC Retail Banking Market Size Set to Expand at Significant CAGR of 8.22% During 2023-2029.
GCC retail banking market is flourishing due to the population growth, rapid urbanization, rising disposable incomes, government initiatives, and digitalization of banking services.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, expects GCC retail banking market size to grow at a significant CAGR of 8.33% during the forecast period between 2023 and 2029. The GCC retail banking market refers to the financial services provided by banks to individual customers in the Gulf Cooperation Council (GCC) region. The market has been growing steadily due to the increasing demand for banking services, a growing population, and rising disposable incomes. However, the market is also facing challenges such as intense competition, changing customer behavior, and the impact of COVID-19 on the economy. Banks in the GCC region are focusing on digital transformation, innovations, and customer experience to stay competitive in the market. Also, regulatory changes and initiatives such as open banking are also shaping the future of the GCC retail banking market.
GCC Retail Banking Market – Overview:
The provision of financial services to people and small businesses is referred to as retail banking. Deposits, loans, and fundamental financial management tools like credit cards and savings accounts are among the services offered. The normal way that retail banks function is through a network of physical branches, internet banking services, and mobile applications. They act as a connection point between particular users and the financial system, enabling users to safely store and access their money, conduct transactions, and obtain credit. Investment banking, which caters to larger corporate clients and concentrates on complicated financial products and services like underwriting, mergers and acquisitions, and securities trading, is different from retail banking.
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Impact of COVID-19 on GCC Retail Banking Market
The COVID-19 pandemic significantly impacted the GCC retail banking market. With widespread job losses and reduced economic activity, many consumers faced financial difficulties, leading to an increased demand for loan restructuring and other forms of debt relief. At the same time, the pandemic accelerated the shift towards digital banking, as consumers sought to avoid physical branch visits. Thus, many banks ramped up their digital capabilities and invested in online and mobile banking platforms. Overall, the pandemic highlighted the importance of agility and resilience in the retail banking sector, as banks had to quickly adapt to changing customer needs and market conditions.
GCC Retail Banking Market – By Service Type
On the basis of service type, GCC retail banking market is divided into Transactional Accounts, Savings Account, Debit Cards, ATM Cards, Credit Cards, Mortgages, and Loans segments. The transactional account segment holds the highest market share in the GCC retail banking market. Transactional accounts are basic bank accounts that allow customers to deposit and withdraw money, pay bills, and transfer funds. They are the most common type of bank account and are typically used for day-to-day banking activities. Also, the ATM cards segment is expected to grow during the forecast period. ATM cards allow customers to withdraw cash from ATMs without having to visit a bank branch. ATM cards can also be used to check account balances and make deposits.
Competitive Landscape:
GCC retail banking market is significantly competitive. Major companies in the market include: National Commercial Bank (NCB), Emirates NBD Bank, Qatar National Bank (QNB), Abu Dhabi Commercial Bank (ADCB), Al Rajhi Bank, Gulf International Bank (GIB), Dubai Islamic Bank (DIB), Commercial Bank of Dubai (CBD), Arab National Bank (ANB), Ahli United Bank (AUB), Riyad Bank, Bank AlJazira, Saudi British Bank (SABB), Kuwait Finance House (KFH), and Oman Arab Bank (OAB). These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in GCC retail banking market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of GCC Retail Banking Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in GCC Retail Banking Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global GCC Retail Banking Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global GCC Retail Banking market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global GCC Retail Banking Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global GCC Retail Banking market Size Forecast (2023-2030).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of GCC Retail Banking market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the GCC Retail Banking market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the GCC Retail Banking market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate GCC Retail Banking business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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