Saudi Arabia Retail Banking Market Report and Forecast 2025-2034

Key Trends in the Market

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.

• One of the major Saudi Arabia retail banking market trends is the digital transformation of the banking and financial services sector. Financial institutions are leveraging technology to enhance customer experiences, streamline operations, and offer innovative products and services. Mobile banking apps, online platforms, and digital payment solutions have become integral parts of the banking landscape.

• The rising prevalence of fintech companies is one of the key factors propelling the Saudi Arabia retail banking market growth. Fintech firms are bringing in fresh and innovative solutions like peer-to-peer lending, robo-advisors, and services based on blockchain technology. To stay competitive and capitalise on technological advancements, traditional banks are progressively entering into partnerships or making investments in fintech startups.

• The Saudi Arabia retail banking market demand is increasing due to the growing focus on customer experience and personalised services. Banks around the country are leveraging advanced data analytics and artificial intelligence to understand consumer behaviour, preferences, and needs. Companies are increasingly introducing tailored products and personalised communication strategies to fortify customer loyalty.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Market Analysis

Market Share by Services

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.

Market Share by Bank Type

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.

Competitive Landscape

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.