Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Norway

Norway

In Norway, the Traditional Retail Banking market market is expected to witness a significant increase in Net Interest Income, reaching US$2.34bn in 2024.
This projection indicates a positive growth trend, with an annual growth rate (CAGR 2024-2029) of 9.24%.
As a result, the market volume is anticipated to reach US$3.64bn by 2029.
When comparing this with other countries globally, it is noteworthy that China is predicted to generate the highest Net Interest Income in 2024, amounting to US$2,426.0bn.
Norway's traditional retail banking market is experiencing a shift towards digital banking services, with customers increasingly opting for online and mobile banking platforms.

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

Norway's Traditional Retail Banking market is experiencing a shift in customer preferences towards digital banking solutions. Customers in Norway are increasingly opting for online and mobile banking services due to their convenience and accessibility.

Customer preferences: The tech-savvy population in Norway is driving the demand for digital banking services, leading to a decline in foot traffic at physical bank branches. Customers prefer the flexibility of managing their finances on-the-go and the ability to access banking services 24/7 through digital channels.

Trends in the market: One prominent trend in the Traditional Retail Banking market in Norway is the rapid adoption of mobile payment solutions. With the rise of contactless payments and mobile wallets, consumers are gravitating towards cashless transactions, further pushing the digitalization of banking services in the country. Additionally, banks in Norway are focusing on enhancing their online platforms to offer a seamless and personalized banking experience to customers.

Local special circumstances: Norway's strong emphasis on sustainability and environmental conservation is influencing the Traditional Retail Banking market. Banks in Norway are incorporating green banking practices, such as offering eco-friendly investment options and promoting paperless banking to align with the country's green initiatives. This unique focus on sustainability sets the Norwegian banking sector apart from its global counterparts.

Underlying macroeconomic factors: The stable economic environment in Norway is conducive to the growth of the Traditional Retail Banking market. With a high standard of living and disposable income levels, Norwegians have the financial means to invest in innovative banking solutions. Moreover, the government's support for digital infrastructure development further propels the digital transformation of the banking sector in the country.

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.