Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Myanmar

Myanmar

In Myanmar, the Traditional Retail Banking market market is expected to witness a significant growth in Net Interest Income, reaching a projected value of US$2.78bn in 2024.
Looking ahead, this market segment is anticipated to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of 2.14%, leading to a market volume of US$3.09bn by 2029.
It is worth noting that in a global context, China is expected to generate the highest Net Interest Income, with a value of US$2,426.0bn in 2024.
Myanmar's traditional retail banking market is experiencing a surge in digital transformation, with banks adopting mobile banking platforms to cater to the country's growing tech-savvy population.

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

Myanmar's Traditional Retail Banking market is experiencing a shift in customer preferences, influenced by global trends in digitalization and changing consumer behaviors.

Customer preferences: Customers in Myanmar are increasingly demanding more convenient and accessible banking services, prompting traditional retail banks to enhance their digital offerings. The convenience of mobile and online banking is becoming a priority for customers, leading to a rise in demand for digital payment solutions and remote account management.

Trends in the market: One notable trend in Myanmar's Traditional Retail Banking market is the growing adoption of digital banking channels. Traditional banks are investing in technology to offer a seamless omnichannel banking experience, catering to the tech-savvy younger population. As smartphone penetration continues to increase in the country, more customers are expected to embrace digital banking solutions for their day-to-day financial needs.

Local special circumstances: Myanmar's banking sector is unique due to its relatively low banking penetration rate compared to other Southeast Asian countries. This presents both challenges and opportunities for traditional retail banks to expand their customer base by tapping into the unbanked population. Financial inclusion efforts and the development of innovative banking products tailored to the local market are crucial for driving growth in the sector.

Underlying macroeconomic factors: The macroeconomic landscape in Myanmar, including factors such as GDP growth, inflation rates, and foreign direct investment, plays a significant role in shaping the Traditional Retail Banking market. As the country continues to undergo economic reforms and attract foreign investments, the banking sector is poised to benefit from increased capital inflows and business opportunities. Additionally, regulatory changes and government initiatives to promote financial stability and transparency are expected to drive further development in the banking industry.

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.