Contact
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)
Key regions: United States, China, Japan, Brazil, United Kingdom
In recent years, the Banking market in Nordics has been experiencing significant transformations and developments.
Customer preferences: Customers in the Nordics are increasingly leaning towards digital banking solutions, with a strong preference for mobile banking and online services. The convenience and efficiency offered by these digital platforms have led to a shift away from traditional brick-and-mortar branches. Additionally, customers are placing greater emphasis on sustainability and ethical banking practices, influencing their choice of banks.
Trends in the market: One notable trend in the Nordic banking market is the rise of fintech companies offering innovative financial solutions. These fintech firms are challenging traditional banks by providing more agile services and personalized offerings. Moreover, there is a growing trend towards collaboration between traditional banks and fintech companies to enhance customer experience and drive innovation in the sector.
Local special circumstances: The Nordic region is known for its high level of digitalization and tech-savvy population, which has contributed to the rapid adoption of digital banking services. Furthermore, the regulatory environment in the Nordics is conducive to fostering competition and innovation in the banking sector. This has led to a dynamic market landscape with a diverse range of banking options for customers.
Underlying macroeconomic factors: The stable economic conditions in the Nordics have created a favorable environment for the banking sector to thrive. Low levels of unemployment and strong GDP growth have boosted consumer confidence and spending, driving demand for banking products and services. Additionally, the region's focus on sustainability and social responsibility has prompted banks to align their practices with these values, shaping the market in a unique way.
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)