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The Saudi Arabia retail banking market size is projected to expand at a CAGR of 5.7% between 2024 and 2032, driven by the ongoing shift towards mobile banking due to rapid digitalisation and the development of the banking and financial services sector in the region.
Retail banking, also known as personal banking, refers to the provision of financial services by institutions/banks directly to individuals rather than businesses and large corporations. It is the most common and widely recognised form of banking, catering to the everyday financial needs of the general public. The services offered by retail banks include basic transactions such as savings and checking accounts, loans, and credit cards, among others.
Based on services, the market can be segmented into transactional accounts, debit cards, savings accounts, loans, and credit cards, among others. The Saudi Arabia retail banking market segmentation, based on bank type, includes private banks, NBFCs, and public banks.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Saudi Arabia retail banking market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
According to the Saudi Arabia retail banking market analysis, credit cards are expected to soar in demand during the forecast period owing to the evolving technology around the banking sector. Some of the major advancements include biometric credit cards, contactless payments, integration of blockchain and artificial intelligence, and subscription-based payments.
Biometric credit cards are revolutionising credit card security by providing an extra layer of security by utilising physiological features such as fingerprints or iris for authentication. This makes it more challenging for unauthorised users to access the card, reducing the risk of identity theft and fraudulent transactions.
Public banks are expected to occupy a major portion of the Saudi Arabia retail banking market share in the coming years. This development can be attributed to frequent collaborations of banks with government agencies to support initiatives directed towards the effective implementation of economic development plans, including Vision 2030, which emphasises the diversification of the economy and the growth of the financial sector.
Additionally, the increasing focus of public banks on enhancing customer experience is encouraging them to provide innovative and secure digital banking solutions by integrating advanced technologies into the existing system. These banks offer a range of retail banking services, which make up a significant portion of their revenue.
The Saudi National Bank (SNB) is a prominent financial institution in Saudi Arabia, recognised as one of the largest and most influential banks in the country. Established as a result of the merger between National Commercial Bank (NCB) and Samba Financial Group, SNB operates with a commitment to providing comprehensive banking services to a diverse customer base. The bank has developed a service and product portfolio that includes a strategic blend of traditional and innovative offerings to cater to the evolving needs of its customers.
Al Rajhi Banking & Investment Corp., commonly known as Al Rajhi Bank, is a key player in the Saudi Arabian banking sector. Established in 1957, the bank has evolved into one of the largest Islamic banks globally. The bank offers a comprehensive range of Islamic banking products and services, including Sharia-compliant financing solutions, savings accounts, investment products, and electronic banking services.
Saudi Awwal Bank is a dynamic financial institution in Saudi Arabia, recognised for its focus on innovation and customer-centric solutions. It offers a diverse range of banking products and services, including personal and business banking solutions, investment products, and digital banking offerings.
Other key players in the Saudi Arabia retail banking market are Banque Saudi Fransi, Riyad Bank, Alinma Bank, Bank Albilad, Bank Aljazira, The Saudi Investment Bank, CitiGroup, Inc., and HSBC Group, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Services |
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Breakup by Bank Type |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, expanding at a CAGR of 5.7% during the period.
The market is being driven by the increasing focus of financial institutions on offering improved customer experience and personalised services, along with the rising prevalence of fintech firms.
The ongoing digital transformation of the banking sector and the increasing security features implemented through technological advancements are likely to aid in the expansion of the market.
The largest banks of Saudi Arabia include Saudi National Bank, Al Rajhi Bank, and Riyad Bank.
The different services include transactional accounts, debit cards, savings accounts, loans, and credit cards, among others.
The key players in the market include 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., and HSBC Group, among others.
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