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.
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