Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Belarus

Belarus

In Belarus, the net interest income in the Traditional Retail Banking market market is forecasted to reach US$5.16bn in 2024.
It is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 10.63%, leading to a market volume of US$8.55bn by 2029.
When compared globally, China is projected to generate the highest net interest income with US$2,426.0bn in 2024.
Belarusian traditional retail banks are facing increased competition from digital-only banks, forcing them to modernize their services and adopt digital banking solutions.

Key regions: France, Brazil, Germany, United Kingdom, United States

Definition:
Traditional retail banking refers to the financial services sector that provides a range of financial products and services to individual consumers through store-based branches and other traditional channels. These services include personal loans, savings and checking accounts, credit cards, mortgages, and other financial products designed specifically for individual consumers.
Traditional retail banks have a long history of serving customers and have established relationships and a deep understanding of the financial needs of their communities. They offer a wide range of services and are able to provide personalized advice and support to their customers.
Despite facing increased competition and changing customer preferences, traditional retail banks continue to play a vital role in the financial landscape. They are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services.
Overall, traditional retail banking provides a wide range of financial services to individual consumers through established, trusted channels and continues to be an important part of the financial landscape.

Structure:
The market data comprises Net Interest Income, the value of Deposits, the value of Loans, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:
The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the retail and commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.

Key players in this market are companies such as Industrial and Commercial Bank of China Ltd., Bank of America Corp., and BNP Paribas.

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Analyst Opinion

Belarus, a country known for its rich cultural heritage and beautiful landscapes, is experiencing interesting developments in its Traditional Retail Banking market.

Customer preferences: Customers in Belarus are increasingly seeking convenience and efficiency in their banking services. With the rapid advancement of technology, there is a growing preference for digital banking solutions that offer 24/7 access to accounts, easy fund transfers, and online payment options. Moreover, customers are looking for personalized services that cater to their individual financial needs and goals.

Trends in the market: One prominent trend in the Traditional Retail Banking market in Belarus is the rise of neobanks and fintech companies. These innovative players are disrupting the market by offering streamlined digital banking experiences without the need for physical branches. As a result, traditional banks are also investing in digital transformation to stay competitive and meet the evolving needs of customers. Additionally, there is a noticeable trend towards sustainable banking practices, with customers showing interest in environmentally friendly banking products and services.

Local special circumstances: In Belarus, the banking sector is heavily influenced by government regulations and policies. The Central Bank of Belarus plays a significant role in shaping the industry landscape and ensuring stability within the financial system. As a result, traditional banks in the country must navigate a complex regulatory environment while also adapting to changing customer preferences and technological advancements. Additionally, the relatively small size of the market presents both opportunities and challenges for banks operating in Belarus.

Underlying macroeconomic factors: The economic landscape in Belarus, including factors such as GDP growth, inflation rates, and foreign investment, has a direct impact on the Traditional Retail Banking market. Economic stability and growth contribute to increased consumer confidence and spending, which in turn drive demand for banking services. Moreover, currency exchange rates and interest rates influence borrowing and saving behaviors among customers, shaping the overall performance of the banking sector in the country.

Methodology

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.