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Analyst Opinions
Retail Banking Country Snapshot: Malaysia 2016
Malaysia is a mature market, albeit still developing in many aspects. Our research shows that the country’s consumers are very similar to those in developed nations in terms of embracing the convenience brought to banking through digital platforms – and banks in Malaysia have been quick to act on this potential. With a healthy economy and a bright outlook over the next few years, the market presents significant opportunities for providers across the retail banking spectrum.
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Analyst Opinions
Retail Banking Country Snapshot: Taiwan 2016
Taiwan has an advanced but overcrowded financial services market. Ownership of the key financial products is widespread, with consumers favoring providers that have a good reputation and with which they have an existing relationship. Although internet and mobile services are comprehensively available, local consumers still demonstrate a preference towards the branch channel over digital, in part due to Taiwan’s urban structure facilitating branch access.
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Analyst Opinions
Retail Banking Country Snapshot: Australia 2016
The Australian financial services market is highly developed, although it is largely dominated by its big four – Commonwealth Bank (CBA), NAB, Westpac, and ANZ, which each own a number of other banks with strong brands in the market such as St.George, Bank west, and Bank of Melbourne. The country has a very large banked population who favor providers with good reputations and competitive rates. Although a sizable minority of consumers have already used fintech or alternative providers, such as...
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Analyst Opinions
Retail Banking Country Snapshot: Germany 2016
Local and co-operative banks, such as the Sparkassen and Volksbanken Raiffeisenbanken, dominate the retail banking market in Germany, with private commercial banks having a much smaller presence. Consumers strongly favor providers with good reputations, and personal recommendations are particularly important to younger age groups. Branches remain the most used acquisition channel across all products, although satisfaction levels for ongoing interactions are higher for digital than human channels.
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Analyst Opinions
Retail Banking Country Snapshot: China
The Chinese banking market is opening up to new entrants in order to encourage greater competition within the sector, and investment in banking infrastructure is likely to speed up digital expansion. The market for financial services in China is concentrated, with an oligopoly of five banks that service 72% of the market. Younger age groups use branches more often, meaning there is considerable scope for providers to encourage greater use of digital channels.
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Analyst Opinions
Retail Banking Country Snapshot: Russia
Russia’s economic crisis continues to negatively impact the market. Russian consumers have shown a preference towards conservative banking practices that can provide them with added security and stability amid a market in turmoil. Consumers favor providers that have a good reputation and with whom they have an existing relationship. Fintech providers are well known.
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Analyst Opinions
Retail Banking Country Snapshot: New Zealand
New Zealand has a highly concentrated market for most financial products, with ANZ, ASB, and Westpac dominating the provision of current accounts, savings accounts, and mortgages. Consumers are cautious in their choice of provider, favoring those with strong reputations and nearby branches. Mobile is now a significant channel for routine transactions, although use is heavily skewed towards younger age groups. Satisfaction with digital channels is significantly higher than for branches and call centers.
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Analyst Opinions
Retail Banking Country Snapshot: Singapore 2016
Singapore has a highly concentrated market for most financial products, with DBS, POSB, and OCBC dominating the provision of current accounts, savings accounts, and mortgages. Consumers are cautious in their choice of provider, favoring those with strong reputations and nearby branches. Mobile is now a significant channel for routine transactions, although use is heavily skewed towards younger age groups. Satisfaction with digital channels is significantly higher than for branches and call centers.
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Analyst Opinions
Retail Banking Country Snapshot: Canada 2016
The market for most financial products in Canada is largely controlled by the top five banks, although non-bank lenders have made significant inroads into the mortgage market in recent years. Consumers have conservative preferences, opting for providers on the basis of reputation, branch presence, and pricing. Mobile is now the preferred channel for routine transactions for around a tenth of consumers, and this proportion will rise as older consumers adopt mobile banking in greater numbers.
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Analyst Opinions
Retail Banking Country Snapshot: Norway 2016
Norway has a competitive market for most financial products, with only DNB maintaining a dominant position in the provision of current accounts, savings accounts, and mortgages. Overall, consumers are cautious in their choice of provider, favoring those with strong reputations and nearby branches. However, comparisons between life stage segments differ significantly. Norwegian consumers are not as price sensitive as other markets in the region. Digital self-service channels are the most popular for day-to-day banking activities, with telephone and branch channels...
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