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.
New York, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "US RETAIL BANKING MARKET - GROWTH, TRENDS, AND FORECAST (2020 - 2025)" - https://www.reportlinker.com/p05962029/?utm_source=GNW
- 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.
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.
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.
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
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05962029/?utm_source=GNW
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