The Traditional Commercial Banking market in Oman has been witnessing significant developments in recent years.
Customer preferences: Customers in Oman are increasingly seeking personalized banking services that cater to their specific needs and preferences. This shift towards customized solutions has led traditional banks in the country to focus on enhancing their digital capabilities and offering innovative products and services to attract and retain customers.
Trends in the market: One of the notable trends in the Traditional Commercial Banking market in Oman is the growing adoption of digital banking solutions. With the rise of fintech companies and changing customer expectations, traditional banks in Oman are investing in digital transformation to improve efficiency, customer experience, and competitiveness in the market. Additionally, there is a trend towards sustainable banking practices, with banks in Oman incorporating environmental, social, and governance (ESG) criteria into their operations and decision-making processes.
Local special circumstances: Oman's banking sector is heavily influenced by government policies and regulations. The Central Bank of Oman plays a crucial role in shaping the banking landscape and ensuring stability and growth in the sector. Moreover, the country's small population and oil-dependent economy pose unique challenges and opportunities for traditional banks operating in Oman. These factors drive banks to diversify their revenue streams, manage risks effectively, and innovate to stay ahead in the market.
Underlying macroeconomic factors: The Traditional Commercial Banking market in Oman is also impacted by broader macroeconomic factors such as oil prices, global economic conditions, and regulatory changes. Fluctuations in oil prices can influence the country's fiscal position, liquidity in the banking system, and overall economic stability. Moreover, global economic trends and regulatory developments can shape the competitive landscape and growth prospects for traditional banks in Oman. As a result, banks in the country need to closely monitor and adapt to these macroeconomic factors 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)
