Gcc Retail Banking Market
GCC Retail Banking Market - By Solution Type (Hardware, Software); By Type (Community Development Bank, Private Banks, Public Banks, NBFC); By Service Type (Transactional Accounts, Savings Account, Debit Cards, ATM Cards, Credit Cards, Mortgage, Loans, Others); By Country (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: May 2023
- Report ID: BWC23355
- Available Format: PDF
- Page: 260
Report Overview
Increasing adoption of digital banking, growing demand for Islamic banking products, government initiatives to promote financial inclusion, rising income levels, and changing consumer behavior are propelling the growth of GCC Retail Banking Market during the forecast period between 2023 and 2029.
GCC Retail Banking Market – Industry Trends & Forecast Report, 2029
GCC retail banking market size is projected to grow at a CAGR of 8.22% during the forecast period between 2023 and 2029. The growth of GCC retail banking market is driven by an increasing focus on financial inclusion, with governments and regulators promoting initiatives to bring more people into the formal banking system. The growth of e-commerce and digital payments is driving demand for digital banking services. The region has a high level of wealth, which is leading to demand for premium banking services. The increasing competition among banks is leading to innovative product offerings, better customer service, and more attractive interest rates, which is further driving growth in the GCC retail banking market.
GCC Retail Banking Market - Overview
Retail banking refers to the provision of banking services to individuals and small businesses. These services include deposits, loans, and basic financial management products such as credit cards and savings accounts. Retail banks typically operate through a network of physical branches, online banking platforms, and mobile apps. They serve as a bridge between individual customers and the financial system, allowing people to securely store and access their money, make transactions, and access credit. Retail banking is distinct from investment banking, which serves larger corporate clients and focuses on complex financial products and services, such as underwriting, mergers and acquisitions, and securities trading.
Growth Drivers
Digitalization and Economic Growth to Propel GCC Retail Banking Market
The retail banking sector in the Gulf Cooperation Council (GCC) region is expected to witness significant growth during the forecast period due to several key factors. One of the primary drivers is the increasing digitization of banking services, which is enabling customers to access financial products and services more easily and conveniently. Also, the rising adoption of Islamic banking products, such as Sharia-compliant mortgages and personal loans, is expected to drive the growth of the retail banking market in the GCC region. Overall, the combination of digitalization, economic growth, and the popularity of Islamic banking is expected to support the growth of the GCC retail banking market during the forecast period.
Restraints
Limited Digital Adoption and Intense Competition
The retail banking market in the GCC (Gulf Cooperation Council) countries, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, faces significant challenges due to limited digital adoption and competition. Despite a growing population and a relatively high GDP per capita, the GCC retail banking market is dominated by a few large players, resulting in limited options and high costs for consumers. Also, many GCC banks have been slow to adopt digital technologies, such as mobile banking and online services, which has led to a gap in customer experience compared to global standards. These factors pose a significant restraint on the growth and potential of the GCC retail banking market.
Impact of COVID-19 on the GCC Retail Banking Market
The COVID-19 pandemic adversely affected the GCC retail banking market. With widespread job losses and reduced economic activity, many consumers have faced financial difficulties, leading to 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
Segmental Coverage
GCC Retail Banking Market - By Solution Type
On the basis of solution type, GCC retail banking market is split into Hardware and Software segments. Automatic Teller Machines (ATMs) are retail banking hardware solutions. They are popular and have a large customer base. Retail banks provide typical software solutions, such as card processing, payment processing, electronic commerce solutions, and cheque processing.
GCC Retail Banking Market – By Type
On the basis of type, GCC retail banking market is divided into Community Development Bank, Private Banks, Public Banks, and NBFC segments. The public banks segment is the highest contributor to the GCC retail banking market. These banks are expected to obtain the highest market share during the forecast period because their balance sheets are stronger, they are more competitive, and they have better governance.
GCC Retail Banking Market – By Service Type
By 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 is the largest contributor to 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.
GCC Retail Banking Market – By Country
The in-depth research report on the GCC retail banking market covers the region’s major countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE). Bahrain dominates the GCC retail banking market. The retail banking market in Bahrain is well-developed, with a high degree of competition among banks. The market is dominated by local banks, such as Ahli United Bank, Bahrain Islamic Bank, and National Bank of Bahrain, along with few international players.
Competitive Landscape
Major players in the GCC retail banking 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). The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
Recent Developments
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In February 2021 - Abu Dhabi Islamic Bank (ADIB) launched a new digital banking platform called 'ADIB Direct' that enables customers to open an account in minutes and manage their finances digitally.
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In November 2020 - Dubai Islamic Bank (DIB) launched its first-ever digital-only bank, called 'Liv.', which offers a range of banking services through a mobile app.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
|
Estimated Year – 2023 |
|
Forecast Period – 2023–2029 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates |
Product/ Service Segmentation |
Solution Type, Type, Service Type, Country |
Key Players |
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), Oman Arab Bank (OAB) |
By Solution Type
- Hardware
- Software
By Type
- Community Development Bank
- Private Banks
- Public Banks
- NBFC
By Service Type
- Transactional Accounts
- Savings Account
- Debit Cards
- ATM Cards
- Credit Cards
- Mortgage
- Loans
- Others
By Country
-
- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- United Arab Emirates
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- GCC Retail Banking Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Expansion of the middle class and rising incomes
- Increasing use of digital banking services and technology
- Growing awareness and demand for Islamic banking products, which adhere to Shariah principles
- Restraints
- Competition from non-banking financial institutions, such as fintech companies and digital payment providers
- Regulatory challenges, particularly related to anti-money laundering and terrorist financing regulations
- Opportunities
- Increasing focus on sustainable and socially responsible banking,
- Favorable government policies and regulations, supporting growth and investment in the banking sector
- Challenges
- Growing cybersecurity risks can lead to data breaches and financial losses
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- GCC Retail Banking Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Solution Type
- Hardware
- Software
- By Type
- Community Development Bank
- Private Banks
- Public Banks
- NBFC
- By Service Type
- Transactional Accounts
- Savings Account
- Debit Cards
- ATM Cards
- Credit Cards
- Mortgage
- Loans
- Others
- By Country
- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- United Arab Emirates
- By Solution Type
- Market Size & Forecast, 2019–2029
- Bahrain Retail Banking Market
-
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Solution Type
- By Type
- By Service Type
-
- Kuwait Retail Banking Market
-
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Solution Type
- By Type
- By Service Type
-
- Oman Retail Banking Market
-
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Solution Type
- By Type
- By Service Type
-
- Qatar Retail Banking Market
-
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Solution Type
- By Type
- By Service Type
-
- Saudi Arabia Retail Banking Market
-
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Solution Type
- By Type
- By Service Type
-
- United Arab Emirates Retail Banking Market
-
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Solution Type
- By Type
- By Service Type
-
- Competitive Landscape
- List of Key Players and Their Offerings
- GCC Retail Banking Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- Impact of Covid-19 on GCC Retail Banking Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT)
- 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)
- Oman Arab Bank (OAB)
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 GCC Retail Banking Segmentation
Figure 2 GCC Retail Banking Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 GCC Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 5 GCC Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 6 GCC Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 7 GCC Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 8 GCC Retail Banking Market Share, By Country, By Value, 2019–2029
Figure 9 Bahrain Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 10 Bahrain Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 11 Bahrain Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 12 Bahrain Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 13 Kuwait Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 14 Kuwait Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 15 Kuwait Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 16 Kuwait Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 17 Oman Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 18 Oman Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 19 Oman Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 20 Oman Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 21 Qatar Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 22 Qatar Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 23 Qatar Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 24 Qatar Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 25 Saudi Arabia Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 26 Saudi Arabia Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 27 Saudi Arabia Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 28 Saudi Arabia Retail Banking Market Share, By Service Type, By Value, 2019–2029
Figure 29 United Arab Emirates Retail Banking Market Size, By Value (USD Million), 2019–2029
Figure 30 United Arab Emirates Retail Banking Market Share, By Solution Type, By Value, 2019–2029
Figure 31 United Arab Emirates Retail Banking Market Share, By Type, By Value, 2019–2029
Figure 32 United Arab Emirates Retail Banking Market Share, By Service Type, By Value, 2019–2029
List of Tables
Table 1 GCC Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 2 GCC Retail Banking Market Size, By Type, By Value, 2019–2029
Table 3 GCC Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 4 GCC Retail Banking Market Size, By Country, By Value, 2019–2029
Table 5 Bahrain Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 6 Bahrain Retail Banking Market Size, By Type, By Value, 2019–2029
Table 7 Bahrain Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 9 Kuwait Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 10 Kuwait Retail Banking Market Size, By Type, By Value, 2019–2029
Table 11 Kuwait Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 13 Oman Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 14 Oman Retail Banking Market Size, By Type, By Value, 2019–2029
Table 15 Oman Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 17 Qatar Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 18 Qatar Retail Banking Market Size, By Type, By Value, 2019–2029
Table 19 Qatar Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 21 Saudi Arabia Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 22 Saudi Arabia Retail Banking Market Size, By Type, By Value, 2019–2029
Table 23 Saudi Arabia Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 25 United Arab Emirates Retail Banking Market Size, By Solution Type, By Value, 2019–2029
Table 26 United Arab Emirates Retail Banking Market Size, By Type, By Value, 2019–2029
Table 27 United Arab Emirates Retail Banking Market Size, By Service Type, By Value, 2019–2029
Table 27 National Commercial Bank (NCB) Company Overview
Table 28 National Commercial Bank (NCB) Financial Overview
Table 29 Emirates NBD Bank Company Overview
Table 30 Emirates NBD Bank Financial Overview
Table 31 Qatar National Bank (QNB) Company Overview
Table 32 Qatar National Bank (QNB) Financial Overview
Table 33 Abu Dhabi Commercial Bank (ADCB) Company Overview
Table 34 Abu Dhabi Commercial Bank (ADCB) Financial Overview
Table 35 Al Rajhi Bank Company Overview
Table 36 Al Rajhi Bank Financial Overview
Table 37 Gulf International Bank (GIB) Company Overview
Table 38 Gulf International Bank (GIB) Financial Overview
Table 39 Dubai Islamic Bank (DIB) Company Overview
Table 40 Dubai Islamic Bank (DIB) Financial Overview
Table 41 Commercial Bank of Dubai (CBD) Company Overview
Table 42 Commercial Bank of Dubai (CBD) Financial Overview
Table 43 Arab National Bank (ANB) Company Overview
Table 44 Arab National Bank (ANB) Financial Overview
Table 45 Ahli United Bank (AUB) Company Overview
Table 46 Ahli United Bank (AUB) Financial Overview
Table 47 Riyad Bank Company Overview
Table 48 Riyad Bank Financial Overview
Table 49 Bank AlJazira Company Overview
Table 50 Bank AlJazira Financial Overview
Table 51 Saudi British Bank (SABB) Company Overview
Table 52 Saudi British Bank (SABB) Financial Overview
Table 53 Kuwait Finance House (KFH) Company Overview
Table 54 Kuwait Finance House (KFH) Financial Overview
Table 55 Oman Arab Bank (OAB) Company Overview
Table 56 Oman Arab Bank (OAB) Financial Overview
Market Segmentation
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