Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Turkmenistan

Turkmenistan

In Turkmenistan, the Traditional Retail Banking market market is anticipated to witness a significant increase in Net Interest Income, with projections indicating a figure of US$5.56bn in 2024.
This growth is expected to continue at a compound annual growth rate (CAGR) of 5.43% from 2024 to 2028, resulting in a market volume of US$6.87bn by the end of the forecast period.
When compared globally, it is worth noting that China is expected to generate the highest Net Interest Income, with an estimated value of US$2,426.0bn in 2024.
Turkmenistan's traditional retail banking market is characterized by a limited number of well-established banks catering to a predominantly cash-based economy.

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 Turkmenistan is experiencing a shift in customer preferences towards more digital and convenient banking solutions.

Customer preferences: Customers in Turkmenistan are increasingly seeking more convenient and efficient banking services, leading to a growing demand for digital banking options. With the rise of technology and the internet, customers are looking for ways to manage their finances easily and securely from their devices.

Trends in the market: In Turkmenistan, there is a noticeable trend towards the adoption of online and mobile banking services. Traditional brick-and-mortar banks are expanding their digital offerings to meet the changing needs of customers. This shift is driven by the convenience of conducting banking transactions remotely, without the need to visit physical branches.

Local special circumstances: Turkmenistan's banking sector is influenced by the country's unique economic and political landscape. The government plays a significant role in the banking industry, shaping regulations and policies that impact market dynamics. As a result, traditional retail banks in Turkmenistan must navigate a complex regulatory environment while also meeting the evolving needs of customers.

Underlying macroeconomic factors: The development of the Traditional Retail Banking market in Turkmenistan is also influenced by macroeconomic factors such as economic growth, inflation, and foreign investment. As the economy grows and consumer purchasing power increases, there is a greater demand for a wider range of banking services. Additionally, inflation rates and foreign investment levels can impact the overall stability and growth of the banking sector in Turkmenistan.

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.