The banking sector is one of the most crucial fundamental blocks for the economic growth of a country. It channels financial investments from various sources to encourage agricultural, industrial, technological, and commercial growth. It consists of financial institutions that undertake retail, commercial, central and investment banking and act as intermediaries between depositors and borrowers. They also perform various other functions, such as offering checking and savings accounts, individual retirement accounts (IRA), currency exchange, mortgages, foreign exchange (forex) trading and wealth management. Banks and other financial institutions generate revenue by charging interest on the loans extended, which is usually higher than the interest payable on customer deposits. There are numerous factors that are currently favoring growth in the banking sector, such as the advent of mobile and internet banking solutions and increasing utilization of advanced blockchain, artificial intelligence (AI) and augmented reality (AR) technologies. These innovations are facilitating open and predictive banking and providing consumers with more security and control over their data.
IMARC Group continuously monitors and analyzes the market dynamics of the banking industry to develop comprehensive reports on the underlying sectors. These reports offer detailed insights regarding the market dynamics, leading players and current and future trends. They also include market sizes, revenue forecasts, value chains, product and price trends, feasibility analysis, opportunities for growth and challenges faced by the end-use organizations.