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Retail Banking Country Snapshot: Denmark 2016

Retail Banking Country Snapshot: Denmark 2016

  • December 2016
  • 47 pages
  • ID: 4487446
  • Format: PDF
  • By GlobalData

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Summary
Danske Bank and Nordea are the leading providers in the current account and savings account markets, with Nykredit dominating the provision of mortgages. Although branches remain the most important channel for acquisition, online - and increasingly mobile - are the main channels for ongoing interaction for both complex and routine tasks. Only a minority of consumers have used fintech providers to date, and peer to peer (P2P) lending has yet to make a mark, with providers in this sector primarily targeting the SME market.

Key Findings
- Branches are now a negligible channel for everyday activities, and mobile is starting to eat into online's dominance - between a quarter and a third of consumers rate mobile as their preferred channel for simple tasks. For more complex tasks such as conversations with advisors, online has overtaken branches.
- The most popular reason for taking out a loan is to buy a car. Debt consolidation is the only reason to have increased in popularity over the last 12 months. With interest rates at record low levels, this suggests that consumers are taking advantage of competitively priced new offers to reduce their monthly outgoings.
- Perhaps counter intuitively, younger consumers are made the most uncomfortable by having to change their plans. This creates an opportunity for banks to provide guidance and advice to these consumers on how to prepare for changes to their financial situation.

Synopsis
Verdict Financial's “Retail Banking Country Snapshot: Denmark 2016” reviews the retail banking sector in Denmark, with a particular focus on the current account, savings, mortgage, and personal loans markets. It includes both market-level data and insight from our global Retail Banking Insight Survey.
The report offers insight into:
- How consumers in Denmark 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 the Danish 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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