Denmark has a developed and sound financial system that plays an important role in the economy. The market for financial services is concentrated, with a handful of large banks controlling a significant market share. Danish consumers are generally conservative in their choice of provider, with a bias towards providers they have an existing relationship with.
The current account market in Denmark is highly concentrated, with the top three providers accounting for 53%. Just 7% of Danish consumers have switched their current account in the last 12 months, which is well below the global average. These factors make it difficult for new entrants to make inroads in this space.
Danish savers are cautious, with around three quarters putting money aside to protect themselves against unforeseen events. This caution is reflected in the strong preference for brands that are perceived to be honest, which is a top three driver of saving account provider choice.
The high rate of mortgage ownership (46%) suggests Danish households have relatively broad access to credit. However, the country's mortgage market will only grow at a modest rate over the next few years.
Verdict Financial’s Retail Banking Market Insights: Country Snapshot Denmark is a review of the retail banking sector in Denmark, with a particular focus on the current account, savings, mortgage, and personal loan markets. It includes both market-level data and insight from our global consumer survey.
Overview of Denmark’s banking sector.
Insight into Danish consumer preferences and their reasons for taking out particular financial products.
Learn about the main providers dominating the current account, savings, mortgage, and loan markets and the different factors persuading customers to choose them.
Discover the extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Reasons To Buy
Futureproof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Denmark’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.