Traditional Banks - Greece

Greece

In 2024, it is projected that the net interest income in the Traditional Banks market market of Greece will reach US$5.43bn.
Traditional Retail Banking is the dominant segment in this market, with a projected market volume of US$3.85bn in 2024.
Looking ahead, the net interest income is expected to exhibit an annual growth rate of 0.98% (CAGR 2024-2029), resulting in a market volume of US$5.70bn by 2029.
When comparing in Greece to other countries globally, it is worth noting that in China will generate the highest net interest income, amounting to US$3,869.0bn in 2024.
Despite the economic challenges, traditional banks in Greece have successfully adapted to digital transformation to meet customer demands.

Key regions: Germany, United Kingdom, France, Japan, China

Definition:

The Traditional Retail and Commercial Banks 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. 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.
The traditional banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. These 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.
In this market, banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. However, they also face challenges, such as increased competition and changing customer preferences, which are driving the need for continuous improvement and adaptation.
Overall, the traditional retail and commercial banking market provides a wide range of financial services to both individuals and businesses through established, trusted channels and continues to play a vital role in the financial landscape.

Structure:

The market consists of two segments:
- The Traditional Retail Banks market refers to financial services provided to individual consumers (e.g., personal loans, savings and checking accounts, credit cards, mortgages).
- The Traditional Commercial Banks market refers to financial services provided to businesses, including small and large enterprises (loans, lines of credit, other financial products specifically designed for businesses).

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., JPMorgan Chase & Co., and HSBC Holdings.

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Analyst Opinion

Amidst the picturesque landscapes and ancient ruins of Greece, the Traditional Banks market is experiencing notable developments.

Customer preferences: In Greece, customers still place a high value on personal relationships and face-to-face interactions when it comes to banking services. Despite the rise of digital banking globally, many Greeks prefer the familiarity and trust that traditional banks offer.

Trends in the market: One of the prominent trends in the Traditional Banks market in Greece is the increasing focus on digital transformation. Traditional banks are investing in online and mobile banking services to meet the changing needs of customers and improve efficiency. Moreover, there is a trend towards offering more personalized services and financial products to cater to the diverse needs of customers in Greece.

Local special circumstances: The economic challenges that Greece has faced in recent years have significantly impacted the Traditional Banks market. The country's financial crisis led to bank closures and capital controls, changing the landscape for traditional banks. As the economy gradually recovers, traditional banks are adapting their strategies to navigate the evolving market conditions.

Underlying macroeconomic factors: The macroeconomic factors influencing the Traditional Banks market in Greece are closely tied to the country's economic stability and growth prospects. Factors such as interest rates, inflation, and government policies play a significant role in shaping the operating environment for traditional banks. Additionally, developments in the European Union and global financial markets have implications for the Greek banking sector.

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.