Report Overview

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

• 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.

• 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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. GCC Retail Banking Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Expansion of the middle class and rising incomes
         2. Increasing use of digital banking services and technology
         3. Growing awareness and demand for Islamic banking products, which adhere to Shariah principles
      2.  Restraints
         1. Competition from non-banking financial institutions, such as fintech companies and digital payment providers
         2. Regulatory challenges, particularly related to anti-money laundering and terrorist financing regulations
      3. Opportunities
         1. Increasing focus on sustainable and socially responsible banking,
         2. Favorable government policies and regulations, supporting growth and investment in the banking sector
      4. Challenges
         1. Growing cybersecurity risks can lead to data breaches and financial losses
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. GCC Retail Banking Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Solution Type
         1. Hardware
         2. Software
      2. By Type
         1. Community Development Bank
         2. Private Banks
         3. Public Banks
         4. NBFC
      3. By Service Type
         1. Transactional Accounts
         2. Savings Account
         3. Debit Cards
         4. ATM Cards
         5. Credit Cards
         6. Mortgage
         7. Loans
         8. Others
      4. By Country 
         1. Bahrain
         2. Kuwait
         3. Oman
         4. Qatar
         5. Saudi Arabia
         6. United Arab Emirates

5. Bahrain Retail Banking Market
   1. 1. Market Size & Forecast, 2019–2029
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Solution Type
      2. By Type
      3. By Service Type
6. Kuwait Retail Banking Market
   1. 1. Market Size & Forecast, 2019–2029
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Solution Type
      2. By Type
      3. By Service Type
7. Oman Retail Banking Market
   1. 1. Market Size & Forecast, 2019–2029
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Solution Type
      2. By Type
      3. By Service Type
8. Qatar Retail Banking Market
   1. 1. Market Size & Forecast, 2019–2029
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Solution Type
      2. By Type
      3. By Service Type
9. Saudi Arabia Retail Banking Market
   1. 1. Market Size & Forecast, 2019–2029
      2. By Value (USD Million)
   2. Market Share & Forecast
      1. By Solution Type
      2. By Type
      3. By Service Type
10. United Arab Emirates Retail Banking Market
    1. 1. Market Size & Forecast, 2019–2029
       2. By Value (USD Million)
    2. Market Share & Forecast
       1. By Solution Type
       2. By Type
       3. By Service Type
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. GCC Retail Banking Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
12. Impact of Covid-19 on GCC Retail Banking Market
13. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT)
    1. National Commercial Bank (NCB)
    2. Emirates NBD Bank
    3. Qatar National Bank (QNB)
    4. Abu Dhabi Commercial Bank (ADCB)
    5. Al Rajhi Bank
    6. Gulf International Bank (GIB)
    7. Dubai Islamic Bank (DIB)
    8. Commercial Bank of Dubai (CBD)
    9. Arab National Bank (ANB)
    10. Ahli United Bank (AUB)
    11. Riyad Bank
    12. Bank AlJazira
    13. Saudi British Bank (SABB)
    14. Kuwait Finance House (KFH)
    15. Oman Arab Bank (OAB)
    16. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

*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