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Key regions: United States, China, Japan, Brazil, United Kingdom
The Banking market in GCC is experiencing significant growth and development in recent years.
Customer preferences: Customers in the GCC region are increasingly demanding digital banking services, with a focus on convenience, efficiency, and security. Mobile banking apps and online platforms have become popular among tech-savvy consumers, leading banks to invest more in digital infrastructure to meet these preferences.
Trends in the market: One notable trend in the GCC Banking market is the increasing adoption of Islamic banking products and services. Sharia-compliant banking has gained traction in the region, with many customers opting for Islamic financial solutions. Additionally, there is a growing emphasis on sustainable and socially responsible banking practices, aligning with global trends towards ESG investing.
Local special circumstances: The GCC region is characterized by a young and tech-savvy population, driving the demand for innovative banking solutions. Moreover, the presence of a large expatriate community in countries like the UAE and Qatar has influenced the banking landscape, leading to diverse product offerings catering to the needs of both locals and foreigners.
Underlying macroeconomic factors: The economic diversification efforts in the GCC countries have contributed to the growth of the Banking market. As these nations reduce their dependence on oil revenues and focus on developing non-oil sectors, the demand for banking services to support businesses and investments has increased. Additionally, favorable government policies and regulatory frameworks have created a conducive environment for the banking sector to thrive in the region.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.Additional Notes:
The market is updated twice per year in case market dynamics change.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)