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The global banking industry is undergoing a significant transformation, fueled by rapid advancements in technology, evolving customer expectations, and progressive regulatory frameworks. According to a new report from Market Research Future, the banking market—valued at USD 35.40 billion in 2024—is projected to reach USD 55.25 billion by 2034, growing at a steady CAGR of 4.55% over the forecast period.
Digitization is the driving force. As financial institutions pivot to digital-first strategies, services such as mobile banking apps, online onboarding, and virtual branches are becoming standard. These initiatives not only lower operational costs but also enhance accessibility and customer engagement, particularly among digitally native millennials and Gen Z.
Financial inclusion is another key growth engine. Governments and banks are working to bridge the gap in underbanked and rural areas by deploying microfinance, digital wallets, and agent banking models to deliver essential financial services to previously underserved populations.
The market is also being reshaped by collaboration between banks and fintechs. Instead of competing, traditional institutions are partnering with startups to enable embedded finance, AI-powered credit models, and blockchain-enabled transaction systems.
Customer expectations are pushing banks toward hyper-personalized and 24/7 digital service. As a result, AI, machine learning, and chatbots are now widely adopted across customer service operations.
On the regulatory front, open banking policies such as PSD2 in Europe and India’s Account Aggregator framework are accelerating data interoperability and transparency, transforming how financial institutions manage customer data and innovate around it.
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As digitization deepens and financial inclusion spreads, the global banking market is well-positioned for a decade of steady growth, disruption, and opportunity.
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