Banking - Greece

Greece

In Greece, the net interest income in the Banking market is estimated to reach US$6.62bn in 2024.
Traditional Banks dominate the market with a projected market volume of US$5.46bn in the same year.
The net interest income is expected to exhibit an annual growth rate (CAGR 2024-2028) of -1.15%, resulting in a market volume of US$6.32bn by 2028.
When compared globally, it is worth noting that the majority of net interest income will be generated in China, amounting to US$5,659.0bn in 2024.
As Greece recovers from its financial crisis, the banking sector is focused on implementing stricter regulations and enhancing digital banking services to regain customer trust and improve efficiency.

Key regions: United States, China, Japan, Brazil, United Kingdom

Definition:

The Banking market refers to the financial services sector providing financial products and services to individuals and businesses. Retail banking focuses on offering financial services to individual consumers, such as personal loans, savings and checking accounts, credit cards, and mortgages. Commercial banking, on the other hand, provides financial services to small and large businesses, including loans, lines of credit, and other financial products designed specifically for businesses.

Structure:

The market consists of two segments:
- The Traditional Banking market refers to the financial services sector that provides a range of financial products and services to individuals and businesses through store-based branches and other traditional channels.
- The Digital Banking market refers to the emerging market for digital-only banks that offer financial services through online and mobile platforms.

The market data comprises 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.

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 & Commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.
Key players in this market are companies such as the Industrial and Commercial Bank of China Ltd., JPMorgan Chase & Co., and HSBC Holdings.

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Currency

Analyst Opinion

Amidst the historical ruins and picturesque landscapes of Greece, the Banking market is undergoing notable developments and trends.

Customer preferences: Customers in the Greek Banking market are increasingly gravitating towards digital banking solutions, driven by convenience and accessibility. The younger demographic, in particular, is more inclined towards mobile banking services, reflecting a global trend towards digitalization in the financial sector.

Trends in the market: One prominent trend in the Greek Banking market is the ongoing consolidation among banks, leading to a more streamlined and competitive landscape. This trend is partly a response to regulatory requirements and the need for cost efficiency in the face of economic challenges. Additionally, banks are focusing on enhancing their customer experience through personalized services and efficient digital platforms.

Local special circumstances: The Greek Banking market has been significantly influenced by the country's economic conditions in recent years. The financial crisis and subsequent austerity measures have reshaped the market, leading to a more cautious approach by both banks and consumers. As the economy gradually stabilizes, banks are adapting their strategies to cater to changing customer needs and regulatory demands.

Underlying macroeconomic factors: The macroeconomic environment in Greece plays a crucial role in shaping the Banking market. Factors such as GDP growth, inflation rates, and government policies directly impact the performance and strategies of banks in the country. As Greece continues its path towards recovery, banks are navigating through challenges and opportunities to ensure sustainable growth and profitability in the market.

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.