Saudi Arabia Retail Banking Market Report and Forecast 2024-2032
Market Report I 2024-04-09 I 145 Pages I EMR Inc.
Saudi Arabia Retail Banking Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the Saudi Arabia retail banking market size is projected to grow at a CAGR of 5.1% between 2024 and 2032. Aided by technological advancements, regulatory reforms, and evolving consumer expectations, the market is expected to grow significantly by 2032.
Retail banking in Saudi Arabia represents a critical component of the national economy, offering essential services such as personal banking, loans, credit cards, and asset management to individual customers. The sector is characterized by a deep penetration of banking services facilitated by extensive networks of branches and ATMs, as well as a growing inclination towards digital banking solutions.
As per the Saudi Arabia retail banking market analysis, Saudi Arabia's Vision 2030, aimed at reducing the kingdom's dependence on oil, underscores the government's commitment to economic diversification, which includes substantial support for the financial sector. Regulatory reforms designed to foster competition and enhance consumer protection are encouraging both local and international banks to expand their services and invest in innovative banking technologies.
As per the Saudi Arabia retail banking market outlook, the integration of technology in banking, particularly through the adoption of fintech solutions, has revolutionised the way banks operate and interact with their customers. Technologies such as blockchain, artificial intelligence (AI), and machine learning are being deployed to streamline operations, enhance security, and provide personalized banking experiences. The increasing use of mobile banking apps and contactless payments reflects a shift towards more convenient and user-friendly banking services.
Saudi Arabia's youthful population, where a significant portion of the population is under 30, is tech-savvy and increasingly demanding more sophisticated banking services which aids the Saudi Arabia retail banking market growth. Coupled with rising financial literacy, this demographic trend is driving the demand for diverse financial products tailored to the needs of younger consumers, including flexible loan options, investment services, and digital-only bank accounts.
The rise of digital-only banks, or neobanks, is a significant trend in the Saudi market. These banks operate entirely online without traditional physical branches, offering user-friendly, technology-driven services that appeal especially to tech-savant younger demographics. These platforms in the retail banking market in Saudi Arabia prioritise convenience, reduced fees, and enhanced customer experience, leveraging cutting-edge technologies to streamline operations and offer competitive products.
Banks are increasingly using big data and analytics to offer personalised banking experiences. By analysing vast amounts of data, banks can understand individual customer preferences and behaviour, allowing them to tailor products, services, and communications effectively. This trend is not only improving customer satisfaction but also enhancing banks' ability to cross-sell and up-sell products, thereby increasing their profitability and fuelling the Saudi Arabia retail banking market growth.
There is a growing trend towards sustainability and ethical banking practices within the Saudi banking sector. This includes increased transparency, the introduction of green banking products, and investments in sustainable development projects which can also propel the Saudi Arabia retail banking market expansion. Consumers are becoming more conscious of environmental and social issues, and banks are responding by integrating these considerations into their business models and operations.
Looking ahead, the market is set to grow significantly, driven by continuous technological innovation and a strong regulatory framework aimed at promoting financial inclusion and digital transformation. The increasing adoption of digital banking platforms, personalised customer services, and sustainable banking practices are anticipated to shape the future trajectory of the market. Additionally, collaborations between banks and FinTech companies may further enhance service delivery and customer satisfaction, boosting the Saudi Arabia retail banking market share.
Market Segmentation
The market can be divided based on services and bank type.
Market Breakup by Services
- Transactional Accounts
- Debit Cards
- Savings Accounts
- Loans
- Credit Cards
- Others
Market Breakup by Bank Type
- Private Bank
- NBFCs
- Public Bank
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Saudi Arabia retail banking market. Some of the major players explored in the report by Expert Market Research are as follows:
- Saudi National Bank
- Al Rajhi Banking & Investment Corp.
- Saudi Awwal Bank
- Banque Saudi Fransi
- Riyad Bank
- Alinma Bank
- Bank Albilad
- Bank Aljazira
- The Saudi Investment Bank
- CitiGroup, Inc.
- HSBC Group
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Middle East and Africa Retail Banking Market Overview
8.1 Key Industry Highlights
8.2 Middle East and Africa Retail Banking Historical Market (2018-2023)
8.3 Middle East and Africa Retail Banking Market Forecast (2024-2032)
9 Saudi Arabia Retail Banking Market Overview
9.1 Key Industry Highlights
9.2 Saudi Arabia Retail Banking Historical Market (2018-2023)
9.3 Saudi Arabia Retail Banking Market Forecast (2024-2032)
10 Saudi Arabia Retail Banking Market by Services
10.1 Transactional Accounts
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Debit Cards
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Savings Accounts
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Loans
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Credit Cards
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 Saudi Arabia Retail Banking Market by Bank Type
11.1 Private Bank
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 NBFCs
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Public Bank
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter's Five Forces Analysis
12.2.1 Supplier's Power
12.2.2 Buyer's Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Saudi National Bank
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Al Rajhi Banking & Investment Corp.
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Saudi Awwal Bank
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Banque Saudi Fransi
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Riyad Bank
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Alinma Bank
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Bank Albilad
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Bank Aljazira
13.2.8.1 Company Overview
13.2.8.2 Product Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 The Saudi Investment Bank
13.2.9.1 Company Overview
13.2.9.2 Product Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 CitiGroup, Inc.
13.2.10.1 Company Overview
13.2.10.2 Product Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 HSBC Group
13.2.11.1 Company Overview
13.2.11.2 Product Portfolio
13.2.11.3 Demographic Reach and Achievements
13.2.11.4 Certifications
13.2.12 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Middle East and Africa Retail Banking Market: Key Industry Highlights, 2018 and 2032
2. Saudi Arabia Retail Banking Market: Key Industry Highlights, 2018 and 2032
3. Saudi Arabia Retail Banking Historical Market: Breakup by Services (USD Million), 2018-2023
4. Saudi Arabia Retail Banking Market Forecast: Breakup by Services (USD Million), 2024-2032
5. Saudi Arabia Retail Banking Historical Market: Breakup by Bank Type (USD Million), 2018-2023
6. Saudi Arabia Retail Banking Market Forecast: Breakup by Bank Type (USD Million), 2024-2032
7. Saudi Arabia Retail Banking Market Structure
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