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Lu - vi, 9:30 - 17:00 h (CET)
![Contacto Meredith Alda](https://cdn.statcdn.com/contactPerson/3646.jpg)
Lu - vi, 9:00 - 18:00 h (EST)
![Contacto Yolanda Mega](https://cdn.statcdn.com/contactPerson/3195.jpg)
Lu - vi, 9:00 - 17:00 h (SGT)
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Lu - vi, 10:00 - 18:00 h (JST)
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Lu - vi, 9:30 - 17:00 h (GMT)
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Lu - vi, 9:00am-6:00pm (EST)
Key regions: United States, China, Japan, Brazil, United Kingdom
South Korea's Banking market is experiencing significant growth and transformation in recent years, driven by various factors shaping the industry landscape in the country.
Customer preferences: Customers in South Korea are increasingly gravitating towards digital banking solutions, favoring convenience, efficiency, and round-the-clock access to financial services. The rise of smartphone usage and tech-savvy consumers has propelled the demand for online and mobile banking options. As a result, traditional brick-and-mortar branches are seeing a decline in foot traffic as more customers opt for digital channels for their banking needs.
Trends in the market: One notable trend in the South Korean Banking market is the emergence of fintech companies and digital-only banks. These innovative players are disrupting the traditional banking sector by offering agile, customer-centric services that cater to the evolving needs of the tech-savvy population. This trend is driving competition in the market and pushing traditional banks to enhance their digital offerings to stay relevant and competitive.
Local special circumstances: South Korea's unique market dynamics, characterized by a tech-savvy population and a strong emphasis on innovation, have created a fertile ground for the growth of digital banking services. The country's advanced IT infrastructure and high smartphone penetration rate have laid a solid foundation for the rapid adoption of digital financial solutions. Additionally, the government's push for digital transformation and regulatory support for fintech innovation have further fueled the development of the digital banking ecosystem in South Korea.
Underlying macroeconomic factors: The Banking market in South Korea is also influenced by broader macroeconomic factors such as economic growth, interest rates, and regulatory environment. As the country continues to recover from the impact of the COVID-19 pandemic, banks are facing challenges related to economic uncertainty and changing consumer behavior. Moreover, regulatory reforms aimed at promoting competition and innovation in the financial sector are shaping the future direction of the Banking market in South Korea.
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.Lu - vi, 9:30 - 17:00 h (CET)
Lu - vi, 9:00 - 18:00 h (EST)
Lu - vi, 9:00 - 17:00 h (SGT)
Lu - vi, 10:00 - 18:00 h (JST)
Lu - vi, 9:30 - 17:00 h (GMT)
Lu - vi, 9:00am-6:00pm (EST)