Summary Sweden has a competitive market for most financial products, with only Swedbank maintaining a dominant position in the provision of current accounts, savings accounts, and mortgages. Overall, consumers are cautious in their choice of provider, favoring those with strong reputations and nearby branches. However, comparisons between life stage segments differ significantly. Young Swedish consumers are much more inclined to act on recommendations than older consumers. Swedish consumers demonstrate higher price sensitivity relative to other markets. Digital self-service channels are the most popular channels for day-to-day banking activities, with telephone and branch channels used for more complex tasks. Fintech usage will soon become mainstream in Sweden. Home ownership is the number one savings goal in 2016, while borrowing to cover everyday living expenses has seen high year-on-year growth.
Key Findings - Among consumers as a whole, reputation, branch location, and price are the three most influential drivers across all products. With the exception of savings providers, Swedish consumers do not favor local brands over international brands.
- Recommendations are the most influential factor for young consumers choosing a current account provider.
- Overall, the majority of growth in all product areas is driven by small players gaining market share at the expense of large providers
- The younger family segment is the most restless of the life stages, as highlighted by our Megatrends framework and their propensity to switch providers. Our data suggests they are seeking more flexible products and services that suit their circumstances better.
Synopsis Verdict Financial's “Retail Banking Country Snapshot: Sweden 2016” reviews the retail banking sector in Sweden, with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our Retail Banking Insight Survey.
The report offers insight into:
- How consumers in Sweden take out and use their financial products, and how this has changed in recent years.
- Which providers dominate the current account, savings, mortgage, and loan markets, and what factors persuaded their customers to choose them.
- The extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Reasons To Buy - Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Sweden'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.
Our reports have been used by over 10K customers, including:
On the money: New legislations are expected to support industry revenue growth Abstract Loan Brokers in the US The Loan Brokers industry is expected to expand over the five years to 2019 as access to credit and consumer incomes continue to rise. Favorable economic conditions and low interest rates have...
Worthy: Growing demand from banks for the industry’s services has boosted revenue
Abstract
Credit Agencies in Australia
The industry provides independent opinions about the creditworthiness of companies, individuals, securities or financial obligations. A credit bureau (or consumer credit reporting...
Project Synopsis: Datamonitor's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Project Description: Datamonitors' Irish Bank...
Outlook for 2017-21 We still expect the president, Uhuru Kenyatta, to win a second and final five-year term, on August 8th. The opposition will provide a stiff challenge, especially after the formation of a new party, the National Super Alliance.Security risk will remain a serious challenge, with...
45 pages •
By Emerging Markets Direct Media Holdings
• Mar 2016
This report covers the key macroeconomic and financial releases as well as the political events from Albania for the period of February 11, 2016 - March 10, 2016.
Albanian PM replaces finance minister Cani
IMF approves new tranche of EUR72.4mn for Albania under EFF
IMF mission to visit Albania on March 9-22
This profile on DL&A includes a detailed coverage of their banking technology systems, focusing on back office systems, including but not limited to its origins and evolution, functionality, technology, scalability, extensive user lists. It also looks at the delivery track-record of the supplier based on direct input from users, the strengths...
