GITNUXREPORT 2025

Retail Banking Industry Statistics

Retail banking rapidly digitalizes, with increased mobile use and AI integration.

Jannik Lindner

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Key Statistics

Statistic 1

Over 80% of retail banking transactions worldwide are now digital

Statistic 2

In the U.S., approximately 67% of consumers use online banking services regularly

Statistic 3

Customers aged 18-34 are 45% more likely to prefer mobile banking than older customers

Statistic 4

Nearly 65% of retail bank customers prefer using their bank’s mobile app for transactions

Statistic 5

The average checking account fee in the US is $5.47 per month

Statistic 6

The average savings account interest rate in the US was 0.42% APY in 2023

Statistic 7

Over 55% of retail banking consumers in Asia-Pacific prefer using digital channels for their banking needs

Statistic 8

Customer satisfaction scores for digital banking platforms are 10% higher than traditional banking channels

Statistic 9

The average retail bank customer uses 3.5 channels for banking transactions in 2023

Statistic 10

Around 75% of millennials use mobile banking apps regularly

Statistic 11

Nearly 45% of retail bank customers worldwide are open to switching banks if offered better digital services

Statistic 12

The global retail banking customer loyalty rate is roughly 70%, but this drops to 55% among digital-only banks

Statistic 13

The deployment of AI chatbots in retail banking increased customer engagement rates by 20% in 2023

Statistic 14

Over 30% of retail banking customers cite high fees as a primary reason for switching banks

Statistic 15

The average age of retail banking customers worldwide is 38 years old

Statistic 16

Approximately 40% of retail bank customers prefer to access their banking services via mobile applications over web portals

Statistic 17

The average age of retail banking account holders in Africa is 33 years old

Statistic 18

Customer complaints related to digital banking issues decreased by 15% in 2023

Statistic 19

Over 60% of retail banking customers have experienced a seamless onboarding process digitally

Statistic 20

The percent of retail bank customers using cryptocurrencies for transactions was 5% in 2023

Statistic 21

The adoption of voice banking commands increased by 60% from 2020 to 2023

Statistic 22

55% of retail banking customers are willing to use biometric authentication for transactions

Statistic 23

The percentage of retail banking transactions conducted via mobile devices has increased to 65% in 2023

Statistic 24

Customer retention rates in retail banking are approximately 75%, but digital-only banks report retention rates of up to 85%

Statistic 25

Over 50% of retail banking customers prefer digital channels for loan applications

Statistic 26

Customer onboarding digitalization has decreased onboarding time by 50% over the past five years

Statistic 27

Over 80% of retail bankers believe that AI will revolutionize customer service by 2025

Statistic 28

Less than 10% of retail banks have fully implemented blockchain for payments and transactions as of 2023

Statistic 29

Retail banks in North America increased their digital delivery channels by 25% in 2022

Statistic 30

The average cost per retail banking customer to the bank has decreased by 15% over the last five years due to digital efficiencies

Statistic 31

The global retail banking market size was valued at approximately $4.9 trillion in 2022

Statistic 32

The number of mobile banking users is projected to reach 3.6 billion globally by 2024

Statistic 33

Retail banking revenue in Europe amounted to €300 billion in 2022

Statistic 34

Digital-only banks increased their customer base by over 50% from 2019 to 2022

Statistic 35

Card-based transactions constitute approximately 70% of retail banking payments globally

Statistic 36

The number of branches in retail banking declined by 24% globally between 2010 and 2022

Statistic 37

In 2022, about 40% of retail banking firms increased their investments in AI and automation

Statistic 38

The number of retail banking customers using biometric authentication reached 2 billion in 2022

Statistic 39

Digital-only banks hold approximately 15% of the global retail banking market share in 2023

Statistic 40

Contactless payment transactions in retail banking surged by 50% globally in 2022

Statistic 41

Retail banking branch footprint per 100,000 adults decreased from 20 in 2010 to 15 in 2022

Statistic 42

The adoption rate of digital-only banking accounts in Europe grew by 35% in 2023

Statistic 43

The total value of digital payments globally reached $9.7 trillion in 2022

Statistic 44

Retail banking services in emerging markets account for approximately 60% of global growth in banking

Statistic 45

The use of AI for credit scoring in retail banking increased by 45% between 2020 and 2023

Statistic 46

Integration of ESG initiatives in retail banking increased by 50% worldwide in 2022

Statistic 47

Revenue from retail banking in Latin America increased by 12% in 2022

Statistic 48

The number of branches in retail banking globally decreased by 24% from 2010 to 2022

Statistic 49

The global retail banking deposit growth rate was approximately 3.2% annually from 2018-2022

Statistic 50

The global value of microfinance services reached $120 billion in 2022, contributing to retail banking expansion in underserved markets

Statistic 51

The number of retail banking ATMs worldwide surpassed 3 million in 2023

Statistic 52

Banking fraud losses in the retail sector reached $16.9 billion globally in 2021

Statistic 53

Retail banking fraud accounts for about 21% of overall banking fraud losses

Statistic 54

Retail banking digital fraud tactics increased by 25% globally in 2022

Statistic 55

Over 70% of retail banks are investing in cybersecurity measures to protect customer data

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Key Highlights

  • The global retail banking market size was valued at approximately $4.9 trillion in 2022
  • Over 80% of retail banking transactions worldwide are now digital
  • In the U.S., approximately 67% of consumers use online banking services regularly
  • The number of mobile banking users is projected to reach 3.6 billion globally by 2024
  • Retail banking revenue in Europe amounted to €300 billion in 2022
  • Digital-only banks increased their customer base by over 50% from 2019 to 2022
  • Customers aged 18-34 are 45% more likely to prefer mobile banking than older customers
  • Card-based transactions constitute approximately 70% of retail banking payments globally
  • Nearly 65% of retail bank customers prefer using their bank’s mobile app for transactions
  • Banking fraud losses in the retail sector reached $16.9 billion globally in 2021
  • The average checking account fee in the US is $5.47 per month
  • The average savings account interest rate in the US was 0.42% APY in 2023
  • Over 55% of retail banking consumers in Asia-Pacific prefer using digital channels for their banking needs

The retail banking industry is experiencing a seismic shift as digital transactions now account for over 80% of global activity, fueling rapid growth in mobile and digital-only banks, while traditional branches decline and technology like AI and biometrics reshape customer experiences worldwide.

Customer Behavior and Preferences

  • Over 80% of retail banking transactions worldwide are now digital
  • In the U.S., approximately 67% of consumers use online banking services regularly
  • Customers aged 18-34 are 45% more likely to prefer mobile banking than older customers
  • Nearly 65% of retail bank customers prefer using their bank’s mobile app for transactions
  • The average checking account fee in the US is $5.47 per month
  • The average savings account interest rate in the US was 0.42% APY in 2023
  • Over 55% of retail banking consumers in Asia-Pacific prefer using digital channels for their banking needs
  • Customer satisfaction scores for digital banking platforms are 10% higher than traditional banking channels
  • The average retail bank customer uses 3.5 channels for banking transactions in 2023
  • Around 75% of millennials use mobile banking apps regularly
  • Nearly 45% of retail bank customers worldwide are open to switching banks if offered better digital services
  • The global retail banking customer loyalty rate is roughly 70%, but this drops to 55% among digital-only banks
  • The deployment of AI chatbots in retail banking increased customer engagement rates by 20% in 2023
  • Over 30% of retail banking customers cite high fees as a primary reason for switching banks
  • The average age of retail banking customers worldwide is 38 years old
  • Approximately 40% of retail bank customers prefer to access their banking services via mobile applications over web portals
  • The average age of retail banking account holders in Africa is 33 years old
  • Customer complaints related to digital banking issues decreased by 15% in 2023
  • Over 60% of retail banking customers have experienced a seamless onboarding process digitally
  • The percent of retail bank customers using cryptocurrencies for transactions was 5% in 2023
  • The adoption of voice banking commands increased by 60% from 2020 to 2023
  • 55% of retail banking customers are willing to use biometric authentication for transactions
  • The percentage of retail banking transactions conducted via mobile devices has increased to 65% in 2023
  • Customer retention rates in retail banking are approximately 75%, but digital-only banks report retention rates of up to 85%
  • Over 50% of retail banking customers prefer digital channels for loan applications

Customer Behavior and Preferences Interpretation

With over 80% of transactions now digital, the average customer, armed with 3.5 channels and a smartphone, is voting with their screen—a trend that’s pushing banks to innovate faster than ever, lest they risk being replaced by brighter, more biometric, and chatbot-friendly competitors.

Digital Transformation and Technology Adoption

  • Customer onboarding digitalization has decreased onboarding time by 50% over the past five years
  • Over 80% of retail bankers believe that AI will revolutionize customer service by 2025
  • Less than 10% of retail banks have fully implemented blockchain for payments and transactions as of 2023
  • Retail banks in North America increased their digital delivery channels by 25% in 2022
  • The average cost per retail banking customer to the bank has decreased by 15% over the last five years due to digital efficiencies

Digital Transformation and Technology Adoption Interpretation

While rapid digitalization—cutting onboarding time in half and expanding channels—paves the way for AI-driven customer service to revolutionize banking by 2025, the slow adoption of blockchain underscores that embracing innovation remains a work in progress despite both cost savings and strategic shifts.

Market Size and Growth Trends

  • The global retail banking market size was valued at approximately $4.9 trillion in 2022
  • The number of mobile banking users is projected to reach 3.6 billion globally by 2024
  • Retail banking revenue in Europe amounted to €300 billion in 2022
  • Digital-only banks increased their customer base by over 50% from 2019 to 2022
  • Card-based transactions constitute approximately 70% of retail banking payments globally
  • The number of branches in retail banking declined by 24% globally between 2010 and 2022
  • In 2022, about 40% of retail banking firms increased their investments in AI and automation
  • The number of retail banking customers using biometric authentication reached 2 billion in 2022
  • Digital-only banks hold approximately 15% of the global retail banking market share in 2023
  • Contactless payment transactions in retail banking surged by 50% globally in 2022
  • Retail banking branch footprint per 100,000 adults decreased from 20 in 2010 to 15 in 2022
  • The adoption rate of digital-only banking accounts in Europe grew by 35% in 2023
  • The total value of digital payments globally reached $9.7 trillion in 2022
  • Retail banking services in emerging markets account for approximately 60% of global growth in banking
  • The use of AI for credit scoring in retail banking increased by 45% between 2020 and 2023
  • Integration of ESG initiatives in retail banking increased by 50% worldwide in 2022
  • Revenue from retail banking in Latin America increased by 12% in 2022
  • The number of branches in retail banking globally decreased by 24% from 2010 to 2022
  • The global retail banking deposit growth rate was approximately 3.2% annually from 2018-2022
  • The global value of microfinance services reached $120 billion in 2022, contributing to retail banking expansion in underserved markets
  • The number of retail banking ATMs worldwide surpassed 3 million in 2023

Market Size and Growth Trends Interpretation

As retail banking morphs into a digital-first universe with a $4.9 trillion market, 3.6 billion mobile users, and a 50% surge in digital-only banks, traditional brick-and-mortar branches are shrinking faster than cash in an AI-driven contactless world—yet, amid this rapid evolution, the core of banking remains rooted in card payments, biometric security, and a growing embrace of ESG principles fueling both innovation and inclusivity worldwide.

Security, Fraud, and Risk Management

  • Banking fraud losses in the retail sector reached $16.9 billion globally in 2021
  • Retail banking fraud accounts for about 21% of overall banking fraud losses
  • Retail banking digital fraud tactics increased by 25% globally in 2022
  • Over 70% of retail banks are investing in cybersecurity measures to protect customer data

Security, Fraud, and Risk Management Interpretation

With retail banking fraud losses ballooning to $16.9 billion in 2021—accounting for a fifth of all banking fraud—and digital schemes soaring by 25% in 2022, it's clear that while banks are investing heavily in cybersecurity, the digital battlefield remains a high-stakes game of cat and mouse.

Sources & References