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Mongolia's Traditional Commercial Banking market is experiencing notable trends and developments influenced by various factors.
Customer preferences: Customers in Mongolia are increasingly seeking digital banking solutions, leading to a rise in online and mobile banking services. This shift is driven by the convenience and accessibility offered by digital platforms, aligning with global trends towards digitalization in the banking sector.
Trends in the market: One prominent trend in Mongolia's Traditional Commercial Banking market is the growing emphasis on financial inclusion. Banks are expanding their reach to underserved regions and populations, aiming to provide banking services to a wider customer base. This trend is in line with efforts to promote economic development and improve access to financial services across the country.
Local special circumstances: In Mongolia, the nomadic lifestyle of a significant portion of the population poses unique challenges for the banking sector. Traditional brick-and-mortar branches may not be feasible in remote areas, leading banks to explore alternative delivery channels such as mobile banking units or agent banking. Adapting to these special circumstances is crucial for banks to effectively serve all segments of the population.
Underlying macroeconomic factors: The macroeconomic landscape in Mongolia, including factors such as GDP growth, inflation rates, and government policies, plays a significant role in shaping the Traditional Commercial Banking market. Economic stability and regulatory frameworks impact lending practices, interest rates, and overall business environment for banks operating in the country. Adapting to these macroeconomic factors is essential for banks to navigate challenges and capitalize on opportunities in the market.
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)