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
The Banking market in Philippines has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Philippines are increasingly looking for digital banking solutions that offer convenience and accessibility. With the rise of smartphone usage and internet penetration in the country, there is a growing demand for online and mobile banking services. Customers prefer seamless and user-friendly digital platforms that allow them to perform a wide range of banking transactions anytime, anywhere.
Trends in the market: One of the key trends in the Banking market in Philippines is the expansion of digital banking services. Traditional brick-and-mortar banks are investing in technology to enhance their digital capabilities and reach a wider customer base. This trend is driven by the changing preferences of customers and the need for banks to stay competitive in a rapidly evolving market. Additionally, there is a growing trend towards financial inclusion, with banks offering services tailored to the needs of unbanked and underbanked populations in the country.
Local special circumstances: The geographical landscape of Philippines, with its numerous islands and remote areas, presents a unique challenge for the Banking market. As a result, there is a push towards developing innovative banking solutions that can reach customers in even the most remote locations. Mobile banking and agent banking services are becoming increasingly popular in addressing the issue of limited access to traditional bank branches in rural areas.
Underlying macroeconomic factors: The economic growth and stability in Philippines have also contributed to the development of the Banking market. A growing middle class, increasing disposable income, and favorable government policies have created a conducive environment for the expansion of banking services in the country. The stable economic conditions have boosted consumer confidence and encouraged more people to engage with formal banking institutions for their financial needs.
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)