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Analyst Opinions
Retail Banking Country Snapshot: UAE 2016
The UAE is overbanked with around 49 players, making it a fragmented and highly competitive market. Penetration is high and consumers are well informed and sophisticated, but the large number of expats in the UAE (over 90% of the population) creates unique requirements. Reputation is key, and customers favor established providers and traditional structures. Although online channels are gaining ground, awareness of fintech and peer to peer (P2P) providers remains low, and partnerships with existing banks are the best way...
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Analyst Opinions
UK Consumer Credit 2016: Forecasts and Future Opportunities
Consumer credit lending in 2016 will rise by 7%, but growth will slow over the forecast period, with balances outstanding reaching £292.5bn in 2020. Consumer confidence will maintain current demand, despite the uncertainty caused by the UK’s vote to leave the EU in June 2016. Strong competition is increasing the availability of credit but also weakening credit scoring criteria; consequently, there are signs that credit quality is deteriorating. Accommodating monetary policy should mitigate increases in the cost of credit due...
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Analyst Opinions
Retail Banking Country Snapshot: Brazil 2016
The Brazilian banking sector is highly consolidated, with a handful of large banks controlling a significant market share. Product ownership rates are high, particularly for current and savings accounts. Both younger and older age groups use branches often. Internet penetration in Brazil is low, and hence providers need to maintain a multi-channel approach or focus on specific geographical areas in the country. Consumers are generally conservative in their choice of provider, with a bias towards those with which they have...
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Analyst Opinions
Retail Banking Country Snapshot: Denmark 2016
Danske Bank and Nordea are the leading providers in the current account and savings account markets, with Nykredit dominating the provision of mortgages. Although branches remain the most important channel for acquisition, online – and increasingly mobile – are the main channels for ongoing interaction for both complex and routine tasks. Only a minority of consumers have used fintech providers to date, and peer to peer (P2P) lending has yet to make a mark, with providers in this sector primarily...
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Analyst Opinions
Retail Banking Country Snapshot: Indonesia 2016
Indonesia has a sizable segment that resembles a development stage similar to markets such as Malaysia. Consumers within this segment are very much like those in developed markets, whereby they embrace the convenience brought to banking by digital platforms and are sensitive about price. On the other hand, a significant proportion of the adult population still do not have a bank account. This highlights the massive opportunities that lie ahead in the Indonesian retail banking sector.
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Analyst Opinions
Retail Banking Country Snapshot: Turkey 2016
Turkey has a growing financial services market, enlivened by the innovative approach traditional banks have taken. Ownership of key financial products is widespread, with consumers favoring local providers that have a good reputation. Fintech providers are widely known in the country, though the traditional banks have developed advanced online and mobile services. Usage of branches for more complex interactions endures, though usage of online and mobile services is one of the strongest in the region.
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Analyst Opinions
Retail Banking Country Snapshot: Italy 2016
The market for financial products in Italy is less concentrated than in other countries. With the exception of Intesa Sanpaolo and UniCredit, few providers have a significant market share. Across all products, the branch is still the key acquisition channel, although online is making inroads in the savings market. Mobile banking is still in its infancy, although a few providers are introducing mobile onboarding, and high smartphone ownership rates bode well for future adoption.
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Sector Analysis
Retail Banking Market Insights: Denmark
The current account market in Denmark is highly concentrated, with the top three providers accounting for 53%. Just 7% of Danish consumers have switched their current account in the last 12 months, which is well below the global average. These factors make it difficult for new entrants to make inroads in this space. Danish savers are cautious, with around three quarters putting money aside to protect themselves against unforeseen events. This caution is reflected in the strong preference for brands...
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Sector Analysis
Retail Banking Market Insights: New Zealand
The banking sector in New Zealand is concentrated, with the top three providers accounting for 67% of main current accounts. New Zealand consumers tend to choose providers because of an existing relationship. New Zealand savers are cautious, with over half saving to protect themselves against unforeseen events and over a third saving for retirement. New Zealand’s mortgage balances outstanding totaled NZ$0.2tn in 2014, up from NZ$0.16tn in 2008. Around a fifth of consumers in New Zealand have a personal loan....
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Analyst Opinions
Australian Advisors and their Clients
Independent financial advisors (IFAs) still rank as the leading outlet for Australians receiving advice with a 34% share of the market. The growing popularity of self-managed superannuation funds has supported the renewed growth in the number of Australians with ongoing financial advice. Growing affluence and an aging population have supported the growth of advisors’ client base. Older affluent men remain the largest demographic among advisors’ client bases, with all other demographics having lower penetration despite a greater willingness to seek...
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