The global banking and financial services market was valued at ~USD 20 trillion in 2020 and it is expected to grow at a CAGR of 6% from 2020 to 2027. The growth is majorly attributed due to the companies rearranging their operations and recovering from the COVID-19 pandemic, which had earlier led to restrictive containment measures including social distancing, remote working, and the closure of commercial activities. Banks and financial service providers are adopting digitization to modernize their commercial lending businesses owing to increasing competition among banks and growing demand for the simplified and quick commercial lending process.
Read report summary or request a free sample copy of the report “Banking and Financial Services Industry Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2020 – 2027”
A banking and financial services market include a group or network of institutions, responsible for operating a payment system, providing loans, taking deposits, and helping clients with investments. Banking and financial services can be categorized into ten major categories:
Banking: Checking accounts, savings accounts, debit/credit cards, loans, etc.
Professional advisory: Investment due diligence, M&A advisory, valuation, real-estate consulting, risk consulting, taxation consulting.
Wealth management: Managing and investing customers’ wealth across various financial instruments including debt, equity, insurance products, real estate, etc.
Mutual funds: Managing investments on mutual funds.
Insurance: Provide personal (automotive, home, medical) and business insurance.
Stock market: Provide investment solutions for customers in the stock market.
Treasury/debt management: Managing investments into government and private organization bonds (debt).
Tax/audit consulting: Determining tax liability, transfer pricing analysis, and structuring.
Capital restructuring: The restructuring of capital structure (debt and equity) to bolster profitability.
Portfolio management: Analyze and optimize investments for clients across a wide range of assets (debt, equity, insurance, real estate, etc.).
Cost Drivers
The cost of banking and financial services can be categorized into two segments; facility cost and service cost. Facility costs include site management and maintenance cost, in-house machinery cost, etc. However, the major cost driver of the banking sector is the service cost. Service cost is segmented into employee costs, technology costs, training & development costs, employee benefits, taxes, and legal expenses. Among these, employee costs hold more than 60% share in the overall cost of banking and financial services followed by technology and employee.
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There are multiple challenges present in the global banking and financial services industry such as intense competition, keeping up with regulatory changes, customer retention policies, security measures, etc. Banking and financial service providers are forced to continuously modify their strategies to overcome these challenges. It creases an unstable environment within the banking sector.
Some of the leading banking and financial service providers are:
HSBC Holdings
Bank of China
JP Morgan Chase & Co.
BNP Paribas
China construction Bank Corp.
Mitsubishi UFJ Financial Group
Bank of America
Industrial and Commercial Bank of China
Credit Agricole Group
The global banking and financial services industry feature a moderately fragmented landscape with leading players contributing less than 45% of the market share. Industry leaders are strengthening their presence through multiple mergers and acquisitions.
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