In 2023, JPMorgan Chase was the commercial bank with the highest revenue in the United States, with a total revenue of over 158 billion U.S. dollars. Bank of America and Wells Fargo followed, with 95.6 and 82.6 billion U.S. dollars, respectively. These three banks were also the largest banks in terms of total assets in the United States that year. Commercial banking A commercial bank is a bank that offers financial services to private customers and companies, such as accepting deposits, checking services or loans. Commercial banks earn money through interest rates on the loans that they offer. Such rates are significantly higher than the interest rates paid to the bank customers for depositing their assets in a bank. This difference in rates is called net interest income, which is one of the leading indicators of bank performance. Commercial vs investment banks Some banks specialize only in commercial or investment banking, while some banks combine both divisions in their operations. Investment banks specialize in managing assets of their clients, underwriting securities or supervising merger and acquisition transactions.

In 2024, JPMorgan was the world's leading bank in terms of investment banking revenue, generating around 8.1 billion U.S. dollars from the start of the year until the end. In 2024, JPMorgan was also the largest bank in the United States by total assets, followed by Bank of America and City Group. Global investment banking is dominated by U.S. banks The top five investment banks globally were all American multinational firms. In 2024, the two leading investment banks by revenue were JPMorgan and Goldman Sachs. While JPMorgan outpaced Goldman Sachs, both banks reported revenues exceeding six billion U.S. dollars. BofA Securities and Morgan Stanley ranked third and fourth, with revenues of approximately 5.4 billion and 5.2 billion U.S. dollars, respectively. Together, these four banks held nearly a third of the global investment banking market share in terms of revenue in 2024. Investment banking fees Unsurprisingly, JPMorgan was also the leading bank in terms of investment banking fees. These fees represent the returns banks earn for offering investment services, such as facilitating mergers and acquisitions. In 2024, the largest value of investment banking fees came from services provided to the financial sector.

Graph and download economic data for Total Revenue for Investment Banking and Securities Dealing, Establishments Subject to Federal Income Tax, Employer Firms (REVEF52311TAXABL) from 1998 to 2022 about finance companies, employer firms, accounting, companies, revenue, finance, establishments, investment, tax, financial, securities, services, banks, depository institutions, and USA.

The U.S. banking industry recorded its lowest quarterly net operating income during the fourth quarter of 2008, posting a loss of 35.7 billion U.S. dollars amid the global financial crisis. In subsequent years, the average quarterly income of FDIC-insured institutions showed an overall upward trend, despite periodic fluctuations. The COVID-19 pandemic triggered a sharp decline in earnings during the first half of 2020, though the sector recovered and stabilized by late 2021. Following this recovery, the industry experienced another period of declining quarterly income. However, earnings began to rebound toward the end of 2022. In the second quarter of 2024, the quarterly net income was 71.5 billion U.S. dollars.

A decade after the global financial crisis, the U.S. banking sector has not only resurrected, but also stands more resilient with an all-time high equity to assets ratio and return on average assets since 2000. In addition, the continuous decline in non-performing loans by the U.S. banks from more than 5% during the financial crisis to the current level of 1% is nothing but a testimony of good times. Thus, Statista’s forecast on the industry revenue surpassing the 500 billion mark by 2021 comes as no surprise. Technology adoption is changing industry dynamics The global banking sector has been one of the most aggressive adopters of digital technologies, with investments in the Fintech industry having registered an almost 500% increase over the period 2013-2018. Notably, the U.S. stands next to China in terms of adopting fintech in banking and payments sector. Interestingly, banks have also begun teaming up with Fintech startups to improve and expand their service offerings. In retail banking, online lending platforms and mobile banking usage is on the rise. Robo advisors opened wealth management to mass market Fintech pioneers such as PayPal have transformed the way payments are made globally. At the same time, robo advisory services have transformed the wealth management segment and opened new business avenues to attract mass-market customers who have limited assets to invest.

Taiwan Local Branches of Mainland Chinese Bank(MB): All: Revenues&Gains(RG) data was reported at 98,451.000 NTD mn in 2017. This records an increase from the previous number of 71,529.000 NTD mn for 2016. Taiwan Local Branches of Mainland Chinese Bank(MB): All: Revenues&Gains(RG) data is updated yearly, averaging 65,708.000 NTD mn from Dec 2013 (Median) to 2017, with 5 observations. The data reached an all-time high of 98,451.000 NTD mn in 2017 and a record low of 12,077.000 NTD mn in 2013. Taiwan Local Branches of Mainland Chinese Bank(MB): All: Revenues&Gains(RG) data remains active status in CEIC and is reported by Banking Bureau, Financial Supervisory Commission. The data is categorized under Global Database’s Taiwan – Table TW.KB026: Income Statement: Local Branches of Mainland Chinese Banks.

Graph and download economic data for Sources of Revenue: Brokering and Dealing Products - Equities for Investment Banking and Securities Dealing and Brokerage, All Establishments, Employer Firms (REVBDEEF5231YALLEST) from 2013 to 2022 about brokers, finance companies, employer firms, accounting, companies, equity, revenue, finance, establishments, investment, financial, securities, production, services, banks, depository institutions, and USA.

According to Cognitive Market Research, the global banking as a service market size is USD 5581.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 28.00% from 2024 to 2031.

North America held the major market of around 40% of the global revenue with a market size of USD 2232.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 26.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1674.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1283.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 30.0% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 279.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 111.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.7% from 2024 to 2031.
The small & medium enterprises held the highest growth rate in banking as a service market in 2024.

Market Dynamics of Banking as a Service Market

Key Drivers of Banking as a Service Market

Continuous Advancements in Technology to Increase Sales Globally

Continuous advancements in technology play a pivotal role in increasing sales globally across various industries, including Banking as a Service (BaaS). Innovations such as artificial intelligence, machine learning, block chain, and Internet of Things (IoT) are revolutionizing the way financial services are delivered and consumed. In the BaaS market, these technologies enable the development of more sophisticated APIs, cloud-based solutions, and advanced analytics tools, enhancing the capabilities and scalability of banking platforms. Additionally, advancements in cyber security technologies help address concerns around data protection and privacy, fostering trust among customers and businesses alike. Furthermore, on-going technological progress drives down costs, making BaaS solutions more accessible to a wider range of enterprises, including small and medium-sized businesses. As technology continues to evolve, the global sales of BaaS are poised to experience significant growth, driven by the increasing demand for innovative and integrated banking solutions.

Increasing Demand for Seamless Integration in Banking to Propel the Market

The increasing demand for seamless integration in banking is a significant driver propelling the market forward. Customers today expect effortless access to banking services across various platforms and devices. This demand is further fuelled by the rise of digital banking and the proliferation of fin-tech solutions. Seamless integration allows banks and financial institutions to provide a unified and consistent user experience, regardless of the channel or touch point. As a result, there is a growing emphasis on developing open banking APIs and cloud-based solutions that enable easy integration with third-party applications and services. This trend not only enhances customer satisfaction but also fosters innovation and competition within the industry. Moreover, seamless integration reduces operational complexities and costs for banks, making it a strategic imperative in today's highly competitive market landscape. As such, the increasing demand for seamless integration is expected to drive significant growth in the banking sector.

Restraint Factors of Banking as a Service Market

Stringent Regulatory Requirements to Limit the Sales

Stringent regulatory requirements act as a significant constraint, limiting the sales potential of Banking as a Service (BaaS) providers. Compliance with regulatory frameworks such as GDPR, PSD2, and various regional banking laws demands substantial investments in legal expertise, technology infrastructure, and ongoing compliance measures. These requirements not only increase operational costs but also introduce complexities in navigating regulatory landscapes across different jurisdictions. Moreover, regulatory changes and updates necessitate constant monitoring and adaptation, further straining resources and hindering market agility. As a result, BaaS providers may face delays in product launches, increased administrative burdens, and potential fines for non-compl...

India Scheduled Commercial Banks: Operating Profit data was reported at 5,909,347.160 INR mn in 2024. This records an increase from the previous number of 5,093,714.619 INR mn for 2023. India Scheduled Commercial Banks: Operating Profit data is updated yearly, averaging 659,771.919 INR mn from Mar 1990 (Median) to 2024, with 35 observations. The data reached an all-time high of 5,909,347.160 INR mn in 2024 and a record low of 5,779.800 INR mn in 1990. India Scheduled Commercial Banks: Operating Profit data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Banking Sector – Table IN.KBB018: Scheduled Commercial Banks: Income Statement.

Revenue-Based Financing Market size was valued at USD 245.86 Billion in 2024 and is projected to reach USD 6692.41 Billion by 2031, growing at a CAGR of 59.70 % from 2024 to 2031.

Key Market Drivers
Flexibility in Repayment: RBF allows firms to repay borrowed cash as a percentage of their revenue, providing greater flexibility than fixed loan installments. This strategy is especially appealing for startups and SMEs with changing earnings since it gives them the financial breathing room to expand without the strain of consistent repayment amounts.
Non-Dilutive Capital: Unlike equity financing, RBF does not force business owners to sell a portion of their company. This feature is particularly beneficial to founders who want to keep complete control of their company while gaining access to the funds required for expansion, inventory, marketing, or other growth efforts.
Faster Funding Process: RBF can be secured more quickly and easily than standard bank loans or equity financing rounds. Because RBF providers often focus on a company’s revenue and potential for growth rather than doing lengthy credit checks, businesses can access funding more quickly to capitalize on current growth prospects, hence propelling market growth.
Alignment of Interests: RBF suppliers profit when the borrowing business thrives, resulting in a natural alignment of interests. This can result in more cooperative partnerships between bankers and entrepreneurs, with financiers frequently contributing not only financing but also advice, networking opportunities, and strategic counsel to help the business thrive.

JPMorgan was the leading investment bank globally as of December 2024 in terms of market share of revenue. Between January and December 2024, JPMorgan's revenue accounted for 9.2 percent of the global investment banking revenue. Goldman Sachs followed, with a market share of 7.2 percent. What is the role of investment banks The main role of an investment bank is to assist companies, governments and other market participants in raising capital. The banks take on the role of transaction underwriters, making sure that the emission of bonds or stocks is executed optimally on both the buying and selling sides. It means that the prices of emitted securities are not too high or too low and that there are enough investors interested in the purchase of these securities. Investment banking activity also includes assistance in merger and acquisition transactions. The largest investment banks JPMorgan Chase and Goldman Sachs were the leading investment banks in the world in terms of generated revenues. Other leading investment banks were Morgan Stanley, Bank of America, and Citibank. JPMorgan generated revenue of roughly three billion U.S. dollars in 2023.

Japan All Banks: Net Income data was reported at 2,953.403 JPY bn in Sep 2024. This records a decrease from the previous number of 3,155.761 JPY bn for Mar 2024. Japan All Banks: Net Income data is updated semiannually, averaging 1,655.201 JPY bn from Mar 1997 (Median) to Sep 2024, with 56 observations. The data reached an all-time high of 4,203.662 JPY bn in Mar 2006 and a record low of -4,917.062 JPY bn in Mar 1998. Japan All Banks: Net Income data remains active status in CEIC and is reported by Japanese Bankers Association. The data is categorized under Global Database’s Japan – Table JP.KB047: Income Statement: All Banks.

Graph and download economic data for Total Revenue for Monetary Authorities-Central Bank, Establishments Subject to Federal Income Tax, Employer Firms (REVEF521TAXABL) from 2009 to 2022 about monetary authorities, employer firms, accounting, revenue, establishments, tax, services, banks, depository institutions, and USA.

India Barclays Bank: Profit per Employee data was reported at 12.080 % in 2018. This records a decrease from the previous number of 18.630 % for 2017. India Barclays Bank: Profit per Employee data is updated yearly, averaging 3.515 % from Mar 1999 (Median) to 2018, with 20 observations. The data reached an all-time high of 27.100 % in 2006 and a record low of -4.230 % in 2010. India Barclays Bank: Profit per Employee data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Banking Sector – Table IN.KBR013: Foreign Banks: Selected Financial Ratios: Barclays Bank.

Graph and download economic data for Net Interest Income for Commercial Banks with Assets under $5B in Seattle-Tacoma-Bellevue, WA (MSA) (DISCONTINUED) (INTINCOMESTW) from Q1 1989 to Q3 2020 about Under $5B, Seattle, WA, commercial, Net, assets, income, banks, depository institutions, interest, and USA.

South Africa Banks: Non Interest Revenue to Assets data was reported at 2.360 % in Sep 2018. This records a decrease from the previous number of 2.400 % for Aug 2018. South Africa Banks: Non Interest Revenue to Assets data is updated monthly, averaging 2.500 % from Jan 2009 (Median) to Sep 2018, with 117 observations. The data reached an all-time high of 2.830 % in Feb 2013 and a record low of 2.260 % in May 2016. South Africa Banks: Non Interest Revenue to Assets data remains active status in CEIC and is reported by South African Reserve Bank. The data is categorized under Global Database’s South Africa – Table ZA.KB014: Banking Performance Indicator.

Success.ai’s Company Financial Data for Banking & Capital Markets Professionals in the Middle East offers a reliable and comprehensive dataset designed to connect businesses with key stakeholders in the financial sector. Covering banking executives, capital markets professionals, and financial advisors, this dataset provides verified contact details, decision-maker profiles, and firmographic insights tailored for the Middle Eastern market.

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Russia Commercial Banks Income: Year to Date: Vozrozhdenie Bank data was reported at 91,744,526.000 RUB th in Dec 2018. This records an increase from the previous number of 70,707,336.000 RUB th for Sep 2018. Russia Commercial Banks Income: Year to Date: Vozrozhdenie Bank data is updated quarterly, averaging 43,225,861.000 RUB th from Jun 2003 (Median) to Dec 2018, with 63 observations. The data reached an all-time high of 394,885,993.000 RUB th in Dec 2015 and a record low of 3,485,081.000 RUB th in Jun 2003. Russia Commercial Banks Income: Year to Date: Vozrozhdenie Bank data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Monetary and Banking Statistics – Table RU.KAJ002: Commercial Banks: Income: ytd.

Indonesia PT Bank Syariah Mandiri: Operating Income and Expense: FD: FTPN: Mudharabah Revenue Sharing Income data was reported at 124,841.000 IDR mn in May 2019. This records an increase from the previous number of 101,819.000 IDR mn for Apr 2019. Indonesia PT Bank Syariah Mandiri: Operating Income and Expense: FD: FTPN: Mudharabah Revenue Sharing Income data is updated monthly, averaging 199,501.000 IDR mn from Jan 2013 (Median) to May 2019, with 77 observations. The data reached an all-time high of 543,973.000 IDR mn in Dec 2013 and a record low of 28,096.000 IDR mn in Jan 2019. Indonesia PT Bank Syariah Mandiri: Operating Income and Expense: FD: FTPN: Mudharabah Revenue Sharing Income data remains active status in CEIC and is reported by Indonesia Financial Services Authority. The data is categorized under Indonesia Premium Database’s Banking Sector – Table ID.KBI014: Islamic Banks: Income Statement: PT Bank Syariah Mandiri.

The net income of FDIC-insured commercial banks in the United States increased overall between 2000 and 2023, despite a downward trend in recent years. In 2023, the net income of FDIC-insured commercial banks amounted to approximately 248 billion U.S. dollars, down from 249.86 billion U.S. dollars in 2022.