Market Insights Financial Banking Traditional Banks

Traditional Retail Banking - Oman

Oman

In Oman, the Traditional Retail Banking market market is expected to witness a significant increase in Net Interest Income, projected to reach US$9.29bn in 2024.
This growth is anticipated to continue with a compound annual growth rate (CAGR 2024-2029) of 3.75%, ultimately reaching a market volume of US$11.17bn by 2029.
It is worth noting that in China is anticipated to generate the highest Net Interest Income globally, with an estimated value of US$2,426.0bn in 2024.
Oman's traditional retail banking market is witnessing a shift towards digital banking services to cater to the tech-savvy population.

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 Oman is experiencing a shift in customer preferences, market trends, and local special circumstances that are shaping its development.

Customer preferences: Customers in Oman are increasingly seeking convenience and personalized services from their traditional retail banks. This trend mirrors the global shift towards digital banking solutions and the demand for seamless omnichannel experiences. As customers in Oman become more tech-savvy, they expect traditional banks to offer online and mobile banking options, as well as innovative products and services tailored to their individual needs.

Trends in the market: One prominent trend in the Traditional Retail Banking market in Oman is the growing competition from digital banks and fintech companies. These new players are disrupting the market with their agile business models, lower fees, and user-friendly interfaces, attracting a younger demographic of customers. Traditional banks in Oman are responding by investing in digital transformation, enhancing their online presence, and partnering with fintech firms to stay competitive in the evolving landscape.

Local special circumstances: Oman's Traditional Retail Banking market is also influenced by unique local factors, such as the country's regulatory environment, cultural preferences, and demographic dynamics. The Central Bank of Oman plays a crucial role in shaping the banking sector through its regulations and policies, which impact the operations and offerings of traditional banks in the country. Moreover, Oman's diverse population, with a mix of expatriates and locals, presents opportunities and challenges for traditional banks to cater to the varying needs and preferences of different customer segments.

Underlying macroeconomic factors: The development of the Traditional Retail Banking market in Oman is further influenced by underlying macroeconomic factors, including economic growth, inflation rates, and government initiatives. As Oman continues to diversify its economy and invest in infrastructure projects, traditional banks have the opportunity to expand their customer base and offer specialized financial products to support the country's development goals. Additionally, fluctuations in oil prices, global economic trends, and geopolitical events can impact the overall stability and growth of the banking sector in Oman.

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.