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Retail Banking Market Insights: Norway

Published By :

Verdict Financial

Published Date : Feb 2016

Category :

Banking

No. of Pages : 38 Pages

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.

Table of Contents

CURRENT ACCOUNTS
SAVINGS ACCOUNTS
MORTGAGES
PERSONAL LOANS
BANK INFRASTRUCTURE & REGULATION

List of Table

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