Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Brunei Darussalam

Brunei Darussalam

In Brunei Darussalam, the Traditional Retail Banking market market is expected to witness a substantial increase in Net Interest Income.
By the year 2024, the projected Net Interest Income is estimated to reach US$161.90m.
Looking ahead, the market is anticipated to display a promising annual growth rate of 7.12% from 2024 to 2029, resulting in a market volume of US$228.30m by the end of 2029.
When comparing the global scenario, it is noteworthy that China is set to dominate the Net Interest Income market.
In 2024, China is projected to generate a significant amount of US$2,426.0bn in Net Interest Income.
This demonstrates China' prominent position in the global market.
In Brunei Darussalam, traditional retail banking is experiencing a shift towards digital platforms and mobile 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 Brunei Darussalam is experiencing a shift in consumer preferences and market trends, influenced by local special circumstances and underlying macroeconomic factors.

Customer preferences: Customers in Brunei Darussalam are increasingly seeking convenience and personalized services in their banking experience. This trend mirrors global preferences, where digitalization and online banking services are gaining popularity. Consumers are looking for seamless digital solutions that offer easy access to their accounts and transactions anytime, anywhere.

Trends in the market: One notable trend in the Brunei Darussalam market is the growing adoption of mobile banking and digital payment solutions. Traditional banks are investing in technology to enhance their digital offerings and stay competitive in the market. Additionally, there is a rise in demand for sustainable banking practices, with customers showing interest in environmentally friendly banking products and services.

Local special circumstances: Brunei Darussalam's small population and high smartphone penetration rate present unique opportunities for traditional retail banks to expand their digital services. The market is relatively stable, providing a conducive environment for innovation and growth in the banking sector. Moreover, the government's initiatives to promote financial inclusion are driving the adoption of banking services among underserved communities.

Underlying macroeconomic factors: The stable economic environment in Brunei Darussalam is supporting the development of the traditional retail banking market. With a strong regulatory framework and government support, banks have the confidence to invest in new technologies and expand their service offerings. Additionally, the country's high GDP per capita and disposable income levels indicate a potential for increased demand for banking products and wealth management services.

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.