Contact
![Contact Meredith Alda](https://cdn.statcdn.com/contactPerson/3646.jpg)
Mon - Fri, 9am - 6pm (EST)
![Contact Yolanda Mega](https://cdn.statcdn.com/contactPerson/3195.jpg)
Mon - Fri, 9am - 5pm (SGT)
![Contact Kisara Mizuno](https://cdn.statcdn.com/contactPerson/2661.jpg)
Mon - Fri, 10:00am - 6:00pm (JST)
![Contact Lodovica Biagi](https://cdn.statcdn.com/contactPerson/863.jpg)
Mon - Fri, 9:30am - 5pm (GMT)
![Contact Carolina Dulin](https://cdn.statcdn.com/contactPerson/3012.jpg)
Mon - Fri, 9am - 6pm (EST)
Amidst a growing economy and increasing financial inclusion initiatives, the Traditional Commercial Banking market in Guyana is experiencing notable developments.
Customer preferences: Customers in Guyana are showing a strong inclination towards traditional commercial banking services, such as savings accounts, loans, and investment products. This preference is driven by a desire for stability and reliability in financial services, which traditional banks are perceived to offer. Additionally, the convenience of physical bank branches for certain transactions remains a key factor for many customers in the country.
Trends in the market: One of the significant trends in the Traditional Commercial Banking market in Guyana is the modernization of services and infrastructure by traditional banks. This includes the adoption of digital banking solutions to enhance customer experience and improve operational efficiency. Moreover, there is a noticeable trend towards sustainable banking practices, with banks in Guyana increasingly focusing on environmental and social responsibility in their operations.
Local special circumstances: Guyana's unique economic landscape, characterized by its reliance on industries such as agriculture, mining, and oil, plays a crucial role in shaping the Traditional Commercial Banking market. The recent discovery of vast oil reserves has attracted international attention and investments, leading to a surge in economic activities. This presents both opportunities and challenges for traditional banks in Guyana, as they navigate the evolving financial needs of businesses and individuals in the country.
Underlying macroeconomic factors: The growth of the Traditional Commercial Banking market in Guyana is closely linked to broader macroeconomic factors such as GDP growth, inflation rates, and government policies. As the economy continues to expand, supported by sectors like oil and gas, there is an increased demand for banking services to facilitate transactions, investments, and savings. Additionally, regulatory reforms and initiatives to promote financial inclusion are shaping the competitive landscape of the banking sector in Guyana.
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)