Norway has a competitive market for most financial products, with only DNB 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. Norwegian consumers are not as price sensitive as other markets in the region. Digital self-service channels are the most popular for day-to-day banking activities, with telephone and branch channels used for more complex tasks. Fintech usage will soon become mainstream in Norway. Saving for unplanned events remains the number one saving goal for Norwegian consumers.
Among consumers as a whole, reputation, branch location, and price are the three most influential drivers across all products. With the exception of current accounts, Norwegian consumers do not favor local brands over international brands.
Recommendations are the most influential factor for young consumers choosing a current account provider.
Skandiabanken and Danske Bank were the only two banks in the top five to have a positive Net Promoter Score.
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 according to our Megatrends framework, which is mirrored by their propensity to switch providers. Our data suggests they are seeking more flexible products and services that better suit their circumstances.
Verdict Financial’s “Retail Banking Country Snapshot: Norway 2016” reviews the retail banking sector in Norway, 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 Norway 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 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.