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Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: France, Brazil, Germany, United Kingdom, United States
The Traditional Retail Banking market in GCC is undergoing significant developments and trends that are shaping the industry in the region.
Customer preferences: Customers in the GCC region are increasingly demanding more personalized and convenient banking services. With the rise of digitalization and technological advancements, customers are looking for seamless online and mobile banking experiences. Moreover, there is a growing interest in sustainable banking practices and ethical investments among customers in the region.
Trends in the market: In Saudi Arabia, the largest economy in the GCC, there is a noticeable trend towards the adoption of fintech solutions in the traditional retail banking sector. This trend is being driven by the government's push towards digital transformation and financial inclusion. As a result, traditional banks are partnering with fintech companies to enhance their service offerings and reach a wider customer base.
Local special circumstances: The UAE, a key player in the GCC banking sector, is witnessing a shift towards digital banking channels. With a tech-savvy population and a high smartphone penetration rate, UAE customers are increasingly embracing online and mobile banking services. Traditional banks in the UAE are investing heavily in digital infrastructure to cater to the evolving needs of their customers and stay competitive in the market.
Underlying macroeconomic factors: The economic diversification efforts in the GCC countries are driving the growth of the traditional retail banking market. As these countries reduce their reliance on oil revenues and focus on developing non-oil sectors, there is a growing demand for banking services to support the expanding economy. Additionally, favorable government policies and regulatory frameworks are encouraging innovation and competition in the traditional retail banking sector across the GCC.
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)