Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Belgium

Belgium

In Belgium, the Traditional Retail Banking market market is anticipated to witness a significant increase in Net Interest Income, projected to reach US$2.04bn by 2024.
The Net Interest Income is expected to exhibit a Compound Annual Growth Rate (CAGR) of -5.47% between 2024 and 2029, leading to a market volume of US$1.54bn by 2029.
When compared globally, it is noteworthy that China will generate the highest Net Interest Income, with a projected value of US$2,426.0bn in 2024.
Belgium's traditional retail banking market is experiencing a shift towards digital channels as consumers increasingly demand convenient and accessible banking services.

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

The Traditional Retail Banking market in Belgium is experiencing notable shifts and developments driven by various factors.

Customer preferences: Customers in Belgium are increasingly seeking convenience and personalized services in their banking experience. This has led to a growing demand for digital banking solutions that offer flexibility and accessibility. Moreover, there is a rising interest in sustainable banking practices among customers, influencing their choice of financial institutions.

Trends in the market: One prominent trend in the Traditional Retail Banking market in Belgium is the expansion of online and mobile banking services. Banks are investing in digital platforms to cater to the changing preferences of customers and enhance their overall banking experience. Additionally, there is a noticeable trend towards the integration of fintech solutions and partnerships to offer innovative services such as peer-to-peer payments and robo-advisors.

Local special circumstances: Belgium's unique banking landscape, characterized by a high concentration of banks and a competitive market, has contributed to the adoption of advanced banking technologies. The country's strong regulatory environment and emphasis on data privacy and security have also shaped the way banks operate and interact with customers. Furthermore, the cultural preference for in-person interactions in banking has prompted institutions to strike a balance between digitalization and maintaining physical branches.

Underlying macroeconomic factors: The macroeconomic landscape in Belgium, including factors such as low interest rates and economic stability, has influenced the Traditional Retail Banking market. Banks are exploring new revenue streams and cost-cutting measures to mitigate the impact of these external factors. Moreover, the changing demographics and increasing urbanization in Belgium are driving banks to tailor their services to meet the evolving needs of different customer segments.

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.