Retail Banking Market Insights: Norway Is Released 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 Santander, with almost 42% of loans held with these two providers. - More than two thirds of the population use smartphones in Norway, implying a large potential market for mobile-delivered financial services. Continued investment in Norway's banking infrastructure is the key to progress. Synopsis - Verdict Financial's Retail Banking Country Snapshot: 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. It includes both market-level data and insight from our global consumer survey. - Overview of Norway's banking sector. - Insight into consumer preferences in Norway and the reasons for taking out and using their financial products and how this has evolved in recent years. - Discover which providers dominate the current account, savings, mortgage, and loan markets and the different factors persuading customers to choose them. Examination of the extent to which consumers are using online and mobile channels to research, take out, and use their financial products. Reasons?To?Buy - Futureproof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Norway's retail banking sector. - Target consumers with inside knowledge of their true behaviors and attitudes, with detailed analysis from our proprietary insight. - Learn about the impact new entrants and distribution channels will have on the market. Browse Complete Report with TOC @ http://www.idatainsights.com/reports-landingpage.php?id=187498/retail-banking-market-insights-norway To Get Sample Copy of Report visit @ http://www.idatainsights.com/reports-landingpage.php?id=187498/retail-banking-market-insights-norway Table of Contents
1
Current account, Savings, Mortgage, Loan, Online, Mobile, Branch, New entrant, Competition, Gross advances, Outstanding balances, Banking, Norway Read More http://www.idatainsights.com/reports-landing-page.php?id=187498/retail-banking-marketinsights-norway About Us: iData Insights which operates under Precision Research and Consulting Private Limited is a leading market research information aggregator and marketing research consulting firm. We conduct both primary and secondary research. Our work does not end with research it is also involved in distributing reports for different companies . We provide actionable recommendations and provide our expertise for business success today and tomorrow. It is our goal to be a partner to our clients in the exploration and discovery, and then be their guide in the implementation of changes that will make a difference to their bottom line. ContactUs: iData Insights Tel: 1-866-237-2965 Web: http://www.idatainsights.com Email: info@idatainsights.com About iData Insights We work around the clock until our clients are completely satisfied with their promised results. It is our mission to provide timely services coupled with acute client care to create a long-lasting relationship with you. We deliver on our promise to provide results that are essential to the success of your company. We believe that by doing so, we will earn the trust of our clients for future projects
2