The Saudi Arabia retail banking market was valued at USD 21.28 Billion in 2025. The industry is expected to grow at a CAGR of 6.50% during the forecast period of 2026-2035 to reach a value of USD 39.95 Billion by 2035. The region is experiencing rapid digital transformation, resulting in heighted technology adoption, thereby influencing the market growth.
Banks across the Kingdom are implementing AI-driven platforms, mobile-first initiatives, and omnichannel banking to enhance customer experience and offer simpler access to financial products. BSF introduced its next-generation banking platform with Backbase in May 2025. The platform provides AI-powered personalization, effortless account management, enhanced payment capabilities, and digital sales. It also features robust security mechanisms like biometric authentication and multi-factor authentication. These attributes enable customers to undertake everyday transactions themselves and release staff for more sophisticated services, thereby contributing to the Saudi Arabia retail banking market growth.
Meanwhile, the opening of Saudi Arabia's first digital-only banks in December 2024 and February 2025 indicates the speedy embrace of new digital entrants by the Saudi Arabia retail banking sector. D360 Bank acquired over 600,000 clients in the two months since its opening. It provides Shariah-compliant business and personal accounts, instant transfer, payment cards, and AI-powered financial information. Vision Bank and STC Bank also have innovative customer-centric services. The digital banks enjoy government backing in the form of SAMA's Open Banking Framework, rules on E-wallets, and fintech sandbox initiatives. These regulations facilitate secure and dynamic financial services.
Both the evolution of traditional banks and expansion of online-only banks are transforming the retail banking industry in Saudi Arabia. Growth is driven by digital innovation, personalized experiences with AI, convenient mobile access, and fintech collaborations. These initiatives are aligned with Saudi Vision 2030, its vision for a digital-first economy. The Saudi Arabia retail banking market is growing significantly, customer interaction is on the rise, and more individuals now enjoy access to financial services
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
6.5%
Value in USD Billion
2026-2035
*this image is indicative*
Retail lending has emerged as a major growth factor driving the Saudi Arabia retail banking market growth. As of March 2024, Saudi Central Bank indicated a year-on-year growth of 9.65% in retail loans. The growth illustrates increasing consumer appetite for personal loans, credit facilities, and flexible financing options. Banks are reacting by providing competitive interest rates, easy loan procedures, and tailored lending products to drive and maintain customer acquisition. The growth in retail lending not only augments bank revenues but also promotes financial inclusion, complementing the overall growth of the market.
The growing accessibility of advanced digital verification and security is driving the Saudi Arabia retail banking market growth. SAMA introduced the "Account Finder" service during May 2024, enabling retail consumers to verify account ownership in local banks via digital means. This effort minimizes the risk of unauthorized transactions and impersonation but enhances confidence in internet banking. Aside from security, it is part of a larger drive toward digital innovation, convenience, and added-value services. By securely and dependably making digital banking more accessible, regulators and banks are promoting broader acceptance, deepening financial inclusion, and driving stable expansion.
The emergence of digital-only banks has become a prime driver. . Shifting consumer behavior towards seeking more convenient, mobile-led, and customer-oriented banking services is creating demand for all-digital banks. In March 2023, D360 Bank confirmed its launch plans to target underserved customer groups like youth, SMEs, and B2B customers with Sharia-compliant digital banking products. Leveraging advanced technology and data-driven operations, D360 Bank exemplifies how digital platforms can simplify banking and expand access. Supported by regulators like SAMA, such innovations are fostering financial inclusion, encouraging adoption of online services.
The transition of digital wallets into full-fledged banks is driving the Saudi Arabia retail banking market. STC Pay introduced a beta digital banking platform in April 2024, capitalizing on its wallet user base of 12 million to leapfrog into mainstream banking products. The step is in line with Vision 2030 ambitions for digitalization and financial industry modernization. While conventional banks are losing popularity with consumers, STC Bank is poised to provide differentiated, Sharia-compliant products along with better customer experiences. Through filling in market voids and facilitating easy, technology-enabled banking, projects such as STC Bank are driving digital banking adoption and enhancing long-term market growth.
The market expansion is fueled by economic reforms under Vision 2030. Through diversification and less reliance on oil revenues, the program is driving demand across a broad spectrum of financial products, ranging from retail loans to electronic payment products. Banks are opening up products for entrepreneurship, SMEs, and consumer individuals. For example, Vision 2030’s reforms have encouraged banks to innovate, improve infrastructure, and adopt digital solutions, creating new opportunities. These efforts are enhancing financial inclusion, increasing service accessibility, and driving sustained growth.
The EMR’s report titled “Saudi Arabia Retail Banking Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Services
Key Insight: Loans dominate market with the highest percentage, sustained by increased personal lending, positive interest rates, and increasing consumer borrowing. Debit cards are the most rapidly growing segment, powered by digital payment, mobile banking, and fintech adoption. Savings accounts and transactional accounts sustain steady growth fueled by increased financial literacy and government-backed inclusion campaigns. Credit cards bear a moderate contribution, while others have a niche share, indicating a trend in the market towards technology-enabled, convenient, and flexible financial products that address changing needs of consumers.
Market Breakup by Bank Type
Key Insight: Private banks hold the largest proportion of the Saudi Arabia retail banking market, with advanced digital platforms, tailored services, and strong brand presence. NBFCs are the fastest-growing segment, aided by flexible lending solutions, innovative products, and fintech partnerships catering to underserved consumers. Public banks remain stable through government-backed initiatives, but private banks and NBFCs are the key growth drivers, deepening access, improving customer engagement, and creating a competitive retail banking landscape.
By services, loans represent the biggest market share
Loans cover the majority of the Saudi Arabia retail banking industry, and their expansion is being boosted by technological innovation in digital lending. Growing demand for fast and convenient credit options has prompted banks and fintechs to embrace cutting-edge technology that streamlines loan processing and improves transparency. For example, in July 2024, Quara Finance introduced a Shariah-compliant digital personal loan with open banking integrated into it, providing instant eligibility checks, AI-based approvals, and flexible repayment. Initiatives like these are broadening financial inclusion as well as addressing consumer needs for convenience and speed.
Meanwhile, debit cards are getting increasingly popular, driven by the Kingdom's drive toward a cashless economy as part of Vision 2030. Government-supported schemes such as the SARIE instant payment scheme have speeded up and facilitated transactions, while fintech platforms and mobile banking apps are driving debit card usage for day-to-day purchases. Young, technologically empowered customers are increasingly favoring digital-first modes for e-commerce and point-of-sale payments. This increased dependence on hassle-free digital payments boosts demand for debit cards.
By bank type, private banks to amass substantial revenue
Private banks control the Saudi Arabia retail banking market due to their robust digital architecture, customized offerings, and brand reputation. Their capacity for delivering hassle-free mobile banking, AI-based advisory services, and Shariah-compliant products has enhanced customer loyalty in urban and semi-urban areas. Supported by ample capital strength, private banks continue to increase their books in terms of loans, deposits, and cards. This technology advantage and emphasis on customer-focused banking led them to be the biggest contributors to the Kingdom's fast-growing financial industry.
NBFCs are becoming the most rapidly growing bank segment in Saudi Arabia retail banking market due to their nimbleness, digital-first strategy, and emphasis on underserved consumers. Their capacity to offer fast, flexible, and Shariah-compliant lending services has appealed greatly to the younger generations and SMEs. Strategic partnerships with fintech companies, coupled with open banking, are empowering NBFCs to offer faster authorization and innovative products. Such flexibility positions them at the vanguard of expansion, as they keep expanding into market niches abandoned by conventional banks.
Reputed retail banking companies in Saudi Arabia are prioritizing the growth of digital platforms for greater convenience and confidence of customers. They are doing this through the expansion of mobile banking, launching Shariah-compliant offerings, and applying artificial intelligence to offer tailored financial solutions. Many are revamping old-fashioned services by investing in safe open banking systems and hassle-free digital payment systems. Through the synergy of innovation and reliability, these institutions are sustaining robust market positions while responding to changing demands of digital-friendly customers in a competitive market.
New institution and non-bank financial entities are embracing nimble approaches to drive growth and inclusion within the Saudi Arabia retail banking industry. Their strategies are geared towards providing flexible digital lending, automated credit checks, and instant approvals for enticing underserved segments. By partnering with fintechs and emphasizing mobile-first solutions, they are taking in younger markets and SMEs. Customer-centric innovation emphasis, open banking enablement, and rapid turnaround services are allowing these players to transform the industry and propel fast growth throughout the Kingdom.
Saudi National Bank, based in Riyadh and founded in 1953, is the biggest financial institution in Saudi Arabia. It is actively involved in financing national projects and providing a broad array of retail and corporate banking services. SNB goes on to facilitate the Kingdom's Vision 2030 through financial inclusion and digital innovation.
Established in 1957 and based in Riyadh, Al Rajhi Bank is the world's largest Islamic bank. It provides Shariah-compliant retail and corporate banking services while having a very strong network presence throughout the Kingdom. The bank has a large number of branches and emphasizes digital banking solutions.
Based in Riyadh and initially founded in 1978 as Saudi British Bank, Saudi Awwal Bank has grown to become one of the top financial institutions. It offers retail, commercial, and investment banking with a digital transformation emphasis. SAB continues to enhance its position in financing the growth of Saudi Arabia's financial sector.
Founded in 1977 and based in Riyadh, Banque Saudi Fransi is a key commercial bank with a franchise from Crédit Agricole Corporate and Investment Bank. It provides diversified banking solutions in retail, corporate, and treasury banking. BSF has established a strong brand reputation in the Kingdom of customer-focused services and innovative financial products.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players in the Saudi Arabia retail banking market include Riyad Bank, Alinma Bank, Bank Albilad, Bank Aljazira, The Saudi Investment Bank, CitiGroup, Inc., HSBC Group, among others.
Explore the latest trends shaping the Saudi Arabia Retail Banking Market 2026-2035 with our in-depth report. Gain strategic insights, future forecasts, and key market developments that can help you stay competitive. Get your free sample report or contact our team for customized consultation on Saudi Arabia retail banking market trends 2026.
United Kingdom Retail Banking Market
Saudi Arabia Consumer Credit Innovation
Saudi Arabia Mobile Payments Growth
Saudi Arabia Islamic Banking Outlook
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The market is projected to grow at a CAGR of 6.50% between 2026 and 2035.
Key strategies driving the market include digital transformation through AI-powered personalization and mobile-first platforms, the expansion of Shariah-compliant products, adoption of open banking frameworks, and collaborations with fintechs to enhance financial inclusion. Banks are also focusing on customer-centric innovations, secure digital verification, and omnichannel experiences to improve convenience and trust.
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., HSBC Group, and other notable institutions.
In 2025, the Saudi Arabia retail banking market reached an approximate value of USD 21.28 Billion.
Debit cards demonstrate notable growth, supported by the Kingdom’s push toward a cashless economy, rising e-commerce adoption, fintech-enabled payments, and instant transfer solutions like SARIE.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| 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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