Report on Retail Banking Market Insights Norway
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- Date Submitted: 02/19/2016 11:10 PM
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20th Feb 2016 Mumbai, India: Bharatbook.com announces a report on “ Report on Retail Banking Market Insights Norway ". Norway is a review of the retail banking sector in Norway, with a particular focus on the current account, savings, mortgage, and personal loan markets.
Summary
Norway has a developed, well diversified, and stable financial system. The market for financial services is concentrated, with a handful of large banks controlling a significant market share. Product ownership rates are high for mortgages and current and savings accounts. Consumers are generally conservative in their choice of provider, with a bias towards providers they have an existing relationship with. The market should open up to new entrants in order to encourage greater competition within the sector.
Key Findings
• The banking sector in Norway is concentrated, with the top three providers accounting for 59% of main current accounts.
• Norwegian consumers tend to choose providers on the basis of reputational factors and an existing relationship.
• 11% consumers in Norway have switched their accounts in the last 12 months, which is the highest in the region. However, it is still below the global average.
• Norwegian savers are cautious, with around two-thirds saving to protect themselves against unforeseen events and over a third saving for financial investment. A desire for value for money is among the top three consumer characteristics.
• The mortgage market in Norway will grow rapidly over the next five years (2015-19). The high rate of mortgage ownership (57%) suggests that Norwegian households have relatively broad access to mortgage credit.
• Norway’s mortgage balances outstanding totaled NOK 1.74tn in 2014, up from NOK1.21tn in 2009.
• Around a third of consumers in Norway have a personal loan and consumer lending is dependent on overall economic development. The personal loans market is dominated by DNB, Sparebank 1 Gruppen, and Sanderson, with...
Summary
Norway has a developed, well diversified, and stable financial system. The market for financial services is concentrated, with a handful of large banks controlling a significant market share. Product ownership rates are high for mortgages and current and savings accounts. Consumers are generally conservative in their choice of provider, with a bias towards providers they have an existing relationship with. The market should open up to new entrants in order to encourage greater competition within the sector.
Key Findings
• The banking sector in Norway is concentrated, with the top three providers accounting for 59% of main current accounts.
• Norwegian consumers tend to choose providers on the basis of reputational factors and an existing relationship.
• 11% consumers in Norway have switched their accounts in the last 12 months, which is the highest in the region. However, it is still below the global average.
• Norwegian savers are cautious, with around two-thirds saving to protect themselves against unforeseen events and over a third saving for financial investment. A desire for value for money is among the top three consumer characteristics.
• The mortgage market in Norway will grow rapidly over the next five years (2015-19). The high rate of mortgage ownership (57%) suggests that Norwegian households have relatively broad access to mortgage credit.
• Norway’s mortgage balances outstanding totaled NOK 1.74tn in 2014, up from NOK1.21tn in 2009.
• Around a third of consumers in Norway have a personal loan and consumer lending is dependent on overall economic development. The personal loans market is dominated by DNB, Sparebank 1 Gruppen, and Sanderson, with...