A Deep Dive into Blockchain in Retail Banking Market Dynamics: Security and Trust

The global blockchain in retail banking market size is expected to reach USD 140.26 billion by 2030, advancing at a CAGR of 83.9% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rise in the fintech industry, the IT industry revolution, the rise in competition, and evolving customer expectations are some of the reasons that are driving the market growth. Retail banks are focusing on adopting digital transformation and advanced technologies to streamline their business process and customer offerings, which bodes well for the adoption of blockchain in retail banking.

Blockchain in Retail Banking Market Report Highlights

• The hybrid segment is expected to witness significant growth over the forecast period. Hybrid blockchain combines the benefits provided by both public and private blockchains. It allows retail banks to establish a private-permission-based system, with data stored on the blockchain being administered and public, contributing to the segment's growth
• The application & solution segment is expected to witness significant growth over the forecast period. Blockchain provides applications & solutions, which include remittance, KYC, and fraud detection, enhancing retail banks' business processes. The extensive end use of these applications & solutions is flourishing the segment’s growth
• The large enterprise segment dominated the market in 2021 and is expected to witness significant growth over the forecast period. Large enterprises deal with enormous amounts of data that must be processed, verified, and streamlined for better employee and consumer experience. Blockchain provides all these benefits, which are driving the segment's growth
• The remittances segment is expected to register significant growth over the forecast period. Some of the challenges faced by traditional remittance services include higher processing time and higher service costs. Blockchain eliminates these roadblocks and provides real-time remittance at a lower price, which is expected to drive the segment's growth
• Asia Pacific is expected to register rapid growth during the forecast period. The region is a hotspot for technologically inclined youth, who are more adaptable to technologies. Additionally, the favorable government initiatives to promote blockchain and many retail banks adopting advanced technologies to offer enhanced customer experience are driving the region's growth

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Blockchain technology uses distributed, decentralized ledger that records transactions across many networks, which cannot be altered once registered. This provides banks with the necessary infrastructure to maintain their data confidentiality, real-time information, and payment transactions. Additionally, no single entity controls the ledger and every time a transaction is added, everyone on the network gets a copy of it. This provides the utmost transparency to retail banks, contributing to the market's growth.

Blockchain technology also facilitates real-time payments, enabling users to make payments 24/7. Adopting this technology helps banks save on costs and meet the latest security standards while providing a sophisticated customer experience. Leading banks across the globe are adopting blockchain for operational efficiency, which is anticipated to boost the demand for these platforms, further propelling the industry’s growth.

The COVID-19 outbreak played a crucial role in the development of blockchain in the retail banking market. Significant banks and non-banking financial corporations in the retail segment have shifted from traditional technologies to digital infrastructure. Thus, market leaders' introduction of advanced blockchain financial software in retail banking and increasing digital infrastructure fueled during the pandemic are some critical factors contributing to the market's growth.

By Application Analysis

The KYC & fraud prevention segment is expected to register significant growth. Using blockchain, processes such as account opening and onboarding can be streamlined and verified from the beginning. Blockchain allows retail banks to lighten their information verification burden by automating the process, increasing the adoption of blockchain in retail banking in KYC and fraud prevention, propelling the growth. The emergence of several fintech in cross-border remittances leads to more efficiency in parts of the value chain. This emergence includes using application programming interfaces (APIs) that seamlessly integrate into current treasury infrastructure, offer real-time visibility into foreign currency exchange (FX) rates, and enable financial organizations to manage risks effectively.

By Product Type Analysis

Public blockchains are primarily used for mining and cryptocurrency exchange. Public blockchain allows participants free access, empowers them by eliminating regulatory borders, and allows them to explore possible applications. A public blockchain is decentralized, allowing anyone to run nodes and view the data held by the blockchain, which brings transparency and openness to the blockchain, its most significant strength. The hybrid blockchain is an amalgamation of both public and private blockchains. In a sense, hybrid blockchain provides the best of both entities by utilizing the ideal parts of both private and public blockchains. 

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By Component Analysis

The infrastructure & protocols segment dominated with a revenue share. These protocols provide an umbrella of standards, guidelines, and frameworks to build blockchain-based applications. The retail banking sector is constantly under the radar and needs to meet the pressures of utmost security and regularizations. Applications and solutions of blockchain include asset management, KYC, and fraud detection solutions over the private blockchain. These applications and solutions validate and record transactions without requiring third-party authorization, thereby driving the segment’s growth.

Market Latest Trends and Developments

Prominent players are focusing on expanding their customer base by adopting new technologies and business strategies. For instance, in 2019, with the help of IBM, Scentre Group, and a group of Australian financial services firms, launched a pilot project to put retail lease bank guarantees on a private blockchain. Moreover, international banking has generated several business opportunities to extend its services to a higher global reach. For instance, in 2022, PayBito, a US-based exchange, extended its reach to Japan by offering flagship crypto-banking solutions to prominent Japanese financial organizations.

List of Major Companies in the Blockchain in Retail Banking Market

• Unicsoft
• Accenture plc
• Cognizant technology solutions corp.
• International Business Machines Corporation (IBM)
• Microsoft Corporation
• Digital Asset Holdings, LLC
• Tata Consultancy Services (TCS)
• Axoni (SCHVEY, INC.)
• Ping An Insurance (Group) Company of China, Ltd.
• Santander Bank, N. A.

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Segmented the global blockchain in retail banking market based on type, component, enterprise size, application, and region:

Table of Contents

Fig. 1. Market segmentation and scope

Fig. 2. Global blockchain in retail banking market, 2017 - 2030 (USD Million)

Fig. 3. Blockchain in retail banking market - Value chain analysis

Fig. 4. Blockchain in retail banking market - Market dynamics

Fig. 5. Blockchain in retail banking market - Key market driver impact

Fig. 6. Blockchain in retail banking market - Key market challenge impact

Fig. 7. Key opportunities prioritized

Fig. 8. Blockchain in retail banking market - Porter’s five forces analysis

Fig. 9. Blockchain in retail banking market - Company market share analysis, 2021

Fig. 10. Blockchain in retail banking market - PESTEL analysis

Fig. 11. Blockchain in retail banking market, by type, 2021

Fig. 12. Blockchain in retail banking market, by component, 2021

Fig. 13. Blockchain in retail banking market, by enterprise size, 2021

Fig. 14. Blockchain in retail banking market, by application, 2021

Fig. 15. Blockchain in retail banking market, by region, 2021

Fig. 16. Blockchain in retail banking market - Regional takeaways

Fig. 17. North America blockchain in retail banking market - Key takeaways

Fig. 18. Europe blockchain in retail banking market - Key takeaways

Fig. 19. Asia Pacific blockchain in retail banking market - Key takeaways

Fig. 20. Latin America blockchain in retail banking market - Key takeaways

Fig. 21. MEA blockchain in retail banking market - Key takeaways