Traditional Banks - United Arab Emirates

  • United Arab Emirates
  • Net Interest Income in the market segment of Traditional Banks market in the United Arab Emirates is forecasted to reach €23.27bn in 2024.
  • Traditional Retail Banking dominates this market with a projected market volume of €18.31bn in 2024.
  • The Net Interest Income is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.04%, resulting in a market volume of €28.36bn by 2029.
  • In global comparison, the highest Net Interest Income is projected to be generated China, amounting to €3,551.0bn in 2024.
  • The traditional banking sector in the United Arab Emirates is experiencing a shift towards digitalization to cater to the tech-savvy population.

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

 
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Comparación de regiones
 
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Analyst Opinion

The market is primarily driven by the rising demand for banking services in emerging economies, increasing investments in digital banking solutions, and the adoption of innovative technologies such as artificial intelligence (AI), blockchain, and big data analytics.

In terms of regional analysis, North America holds the largest share of the traditional banking market due to the presence of major banks such as JPMorgan Chase, Bank of America, and Wells Fargo. Europe and Asia Pacific are also significant markets for traditional banking services, with countries like the UK, Germany, Japan, China, and India being the key contributors to market growth.

The global Traditional Banks market is highly fragmented and dominated by a few major players. Some of the leading traditional banks worldwide include JPMorgan Chase, Bank of America, Citigroup, HSBC Holdings, and Wells Fargo. These banks have a strong presence in multiple regions and offer a wide range of financial products and services to their customers.

However, traditional banks are facing stiff competition from new entrants in the market such as fintech startups and digital banks. These companies are leveraging technology to offer consumers innovative and convenient banking solutions, disrupting the traditional banking model. To stay competitive, traditional banks are investing heavily in digital transformation initiatives, such as mobile banking apps, online banking portals, and chatbots to enhance the customer experience and improve operational efficiency.

Moreover, the COVID-19 pandemic has further accelerated the shift towards digital banking, as customers increasingly prefer contactless and online banking solutions. According to a report by McKinsey & Company, digital adoption in banking has advanced by several years in a matter of months due to the pandemic. Traditional banks are now investing in technologies such as AI and machine learning to provide personalized banking experiences, reduce fraud and cybersecurity risks, and automate manual processes.

In conclusion, the global traditional banking market is a dynamic and competitive industry that continues to evolve with changing customer needs and technological advancements. While traditional banks face increasing competition from new entrants in the market, they are adapting to the changing landscape by investing in digital transformation initiatives and leveraging innovative technologies to provide better customer experiences and improve operational efficiency.

Additionally, the peak of inflation in 2022 affected the market. For more details about the impacts of inflation on the financial industry read more here.

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.

Visión general

  • Net Interest Income
  • Analyst Opinion
  • Deposits
  • Loans
  • Credit Card Interest Income
  • ATMs & Bank Branches
  • Methodology
  • Key Market Indicators
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