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Amidst the picturesque landscapes of Georgia lies a Traditional Commercial Banking market that is experiencing notable developments.
Customer preferences: Customers in Georgia are increasingly leaning towards traditional commercial banking services due to a strong cultural emphasis on personal relationships and face-to-face interactions with financial institutions. This preference for in-person banking experiences has led to a steady demand for brick-and-mortar bank branches across the country.
Trends in the market: One prominent trend in the Traditional Commercial Banking market in Georgia is the integration of digital banking solutions alongside traditional services. While the country has seen a rise in digital banking adoption, many customers still value the human touch offered by traditional banks. As a result, banks in Georgia are focusing on creating a seamless omnichannel banking experience that caters to both digital-savvy customers and those who prefer in-person interactions.
Local special circumstances: Georgia's unique geopolitical position as a gateway between Europe and Asia has contributed to the growth of its Traditional Commercial Banking market. The country serves as a vital link for international trade and investment, leading to a need for robust banking services to support cross-border transactions. Additionally, Georgia's strategic location along the Silk Road Economic Belt has sparked interest from foreign investors, further driving the demand for traditional banking services in the region.
Underlying macroeconomic factors: The stability of Georgia's economy and its efforts to improve regulatory frameworks have created a favorable environment for the Traditional Commercial Banking sector to thrive. With a focus on financial inclusion and regulatory reforms, the country has been able to attract foreign investment and foster a competitive banking landscape. Moreover, Georgia's strategic partnerships with international financial institutions have bolstered confidence in the local banking sector, paving the way for continued growth and innovation.
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)