Strategy& – Retail Banking Monitor, 2024

The Strategy& Retail Banking Monitor for 2024 provides a comprehensive analysis of retail banking in Europe, the US, and Australia, covering approximately 50 retail banks across 15 countries. The report includes data on market share, customer base, and business volume, with a focus on both traditional branch-based banks and direct banks. The analysis is based on extracted data from annual reports and investor relations materials, with no normalization of country-specific biases. In 2023, European retail banks saw significant growth in revenue while containing operating costs, leading to an increase in the positive gap between revenue and cost. However, the report predicts a decrease in revenue due to interest margin compression and rising costs in the future. Globally, retail banking performance in 2023 was similar across countries, with differences in the magnitude of effects, such as homogenous cost development in the US and Australia and stronger revenue growth in the US.