The 1000 banks in the world have assets worth $ 96.4 Trillion while the profits have declined by 85% to $ 115 Billion. Mobile banking, Internet banking and online transactions have enhanced the banking system in 21st century. E-commerce trade and SSL (Social Security Layer) have strengthened the privacy of saving bank accounts.
Digitization has changed the retail-banking business providing heavy access to the customers to operate online transactions, from booking a hotel reservation to buying a pair of shorts, almost anything product can be purchased from eBay.com and Amazon.com. This great convenience has brought excellent comfort to many Internet users who do online shopping, pay bills and transfer money.
While there are still many areas for improvement like bringing down interest rates and providing loans with liberal terms and conditions that can help millions of customers to have financial security, retail banking has been growing on a fast pace.
Commercial banks have been paying more attention on lending small business loans, working capital while personal loans, car loans, education loans and other categories of loans have been capturing the attention of consumer segment.
The following are the largest banks operating globally.
1.Industrial & Commercial Bank of China - Rank 1 - Assets worth $ 2.95 trillion
Country : China
2. HSBC Holdings - Rank 2 -Assets worth $ 2.68 trillion
Country : UK
3. Deutsche Bank - Rank 3 - Assets worth $ 2.6 trillion
Country : Germany
4.Credit Agricole Group - Rank 4 - Assets worth $ 2.58 trillion
Country : France
5.BNP Paribas - Rank 5 - Assets worth $ 2.51 trillion
6. Mitsubishi UFJ Financial Group - Rank 6 - Assets worth $ 2.49 trillion
Country : Japan
7. Barclays Bank - Rank 7 - Assets worth $ 2.41 trillion
8. J P Morgan Chase & Co - Rank 8 - Assets worth $ 2.39 trillion
Country: United States
9.China construction Bank Corp - Rank 9 - Assets worth $ 2.36 trillion
Country : China
10.Japan Post Bank - Rank 10 - Assets worth $ 2.12 trillion
WorldBank stated that every 100,000 population has a commercial bank branch operating for banking services.(WorldBank.org) Banks that have established its brand in Asia, Europe and U.S have been recording high growth rate in sales, savings and loans.
2016 Digital Marketing Trends in Banking
Global Banks Adapt to uncertain economics and regulations - Implications for bank growth and profitability