Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Greece

Greece

In Greece, the Traditional Retail Banking market market is expected to see a projected Net Interest Income of US$3.85bn by 2024.
This figure is anticipated to grow at an annual rate of 1.32% (CAGR 2024-2029), leading to a market volume of US$4.11bn by 2029.
When compared to other countries worldwide, China is forecasted to generate the highest Net Interest Income of US$2,426.0bn in 2024.
Greece's traditional retail banking sector is struggling to adapt to the increasing demand for digital 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

Amidst the picturesque landscapes and ancient ruins of Greece, the Traditional Retail Banking market is experiencing notable shifts and developments.

Customer preferences: Customers in Greece are increasingly seeking convenience and efficiency in their banking services, leading to a growing demand for digital banking solutions. The younger generation, in particular, is driving this trend as they are more tech-savvy and prefer conducting their banking activities online or through mobile apps.

Trends in the market: One prominent trend in the Traditional Retail Banking market in Greece is the consolidation of banks. The sector has been undergoing mergers and acquisitions to improve efficiency, reduce costs, and remain competitive in the market. This trend is reshaping the banking landscape in the country, with larger institutions emerging as key players. Moreover, there is a growing focus on personalized customer experiences in the Greek banking sector. Banks are leveraging data analytics and AI technologies to understand customer needs better and offer tailored products and services. This trend not only enhances customer satisfaction but also helps in customer retention and acquisition.

Local special circumstances: Greece's unique economic challenges, including high levels of public debt and economic volatility, have had a significant impact on the Traditional Retail Banking market. Banks in Greece have had to navigate through financial crises and stringent regulations, leading to a cautious approach towards risk management and lending practices. The local special circumstances have influenced the market dynamics and strategies adopted by banks operating in the country.

Underlying macroeconomic factors: The macroeconomic environment in Greece, characterized by periods of economic instability and recovery, plays a crucial role in shaping the Traditional Retail Banking market. Factors such as GDP growth, unemployment rates, inflation, and government policies directly impact the banking sector's performance and profitability. As Greece continues its path towards economic recovery, the Traditional Retail Banking market is expected to evolve further to meet the changing needs of customers and adapt to the shifting economic landscape.

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.