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Retail Banking Market Insights: Poland

Retail Banking Market Insights: Poland

Summary

The banking sector in Poland is well capitalized and efficient. The market for financial services is dominated by large local banks holding sizable market shares, which remain broadly consistent across all product lines. Product ownership rates are high, particularly for current and savings accounts. Consumers mostly favor providers they have an existing relationship with and product application is still largely conducted via branches, meaning there is considerable scope for providers to encourage greater use of digital channels. Domestic and foreign banks have also made investments in low-cost distribution channels such as mobile banking.

Key Findings

  •  The current account sector's competitive dynamics are driven by five large banks. The top three providers claim more than half (54%) of main current accounts.
  •  Polish consumers tend to choose providers on the basis of branch location and reputational factors
  •  Switching rates are low in Poland compared to the global average of 17%. Pull factors prompt consumers to switch providers.
  •  Polish savers are cautious, with around 6 in 10 saving to protect themselves against unforeseen events and a third saving for retirement. A desire for an honest brand is among the top three consumer characteristics.
  •  The mortgage market in Poland will grow at a modest rate of 6.6% over the next few years. More than 8 in 10 mortgage holders in Poland have opted for a repayment product rather than an interest-only loan, suggesting that consumers prefer a safer and more straightforward approach to repaying their loan.
  •  Around a third of Polish consumers have a personal loan, and consumer lending in Poland is dependent on overall economic development. The personal loans market is dominated by PKO Bank Polski, mBank, and Credit Agricole with 53% of loans held with these three providers.
  •  More than a third of the population use smartphones in Poland, implying a large potential market for mobile-delivered financial services. The Polish regulatory authorities are focusing on strengthening the banking sector further.
Synopsis

Verdict Financial’s Retail Banking Market Insights: Country Snapshot Poland is a review of the retail banking sector in Poland, 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 Poland’s banking sector.
  •  Insight into Polish 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
  •  Future proof your strategy with market sizing, forecasts, and analysis of key developments currently affecting Poland’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.


  • EXECUTIVE SUMMARY
    • Poland has a developed, well diversified, and stable financial system
  • CURRENT ACCOUNTS
    • MARKET - MARKET SHARE
      • The top three banks in Poland serve more than half of the current account market
    • CONSUMER - CHOICE OF PROVIDER
      • Choice of provider is driven by convenience and longstanding reputation
    • CONSUMER - RECOMMENDATION
      • Nearly all major current account providers score negatively on NPS
    • CONSUMER - SWITCHING
      • Switching to an innovative provider is an important pull factor for Polish consumers
    • CHANNEL - CHANNEL OPENING
      • After the branch, online is the most popular channel for customer acquisition
        • Table Online acquisition is highest in Poland
    • CHANNEL - CHANNEL ACTIVITY
      • More complex transactions are conducted via branches and call centers, hence simple transactions can be directed to digital channels
      • Digital channels are now becoming popular for routine activities conducted on a frequent basis
    • CHANNEL - CHANNEL SATISFACTION
      • Consumers are more satisfied with online banking than with any other channel
  • SAVINGS ACCOUNTS
    • MARKET - MARKET SIZING & FORECASTING
      • Retail deposits in Poland are expected to grow at a healthy rate over the forecast period
    • MARKET - MARKET SHARE AND CHOICE OF PROVIDER
      • Deposits are concentrated among the large domestic commercial banks
    • CONSUMER - REASONS FOR SAVING
      • Two thirds of consumers are saving for unforeseen events
    • CHANNEL - CHANNEL OPENING
      • The online channel plays a major role in savings acquisition in Poland
        • Table Digital channels are more popular when opening savings accounts
    • CONSUMER RECOMMENDATION
      • Recommendations by experts and other customers have a significant impact upon advocacy rates, above product features
  • MORTGAGES
    • MARKET – MARKET SIZING & FORECASTING
      • Mortgage lending will grow steadily over the next five years
    • MARKET - MARKET SHARE
      • Mortgage lenders in Poland offer a similar portfolio of mortgage products
    • PRODUCT - PRODUCT FEATURES AND CHOICE OF PROVIDER
      • Borrowers choose lenders on the basis of product characteristics
    • CHANNEL - CHANNEL OPENING
      • Polish borrowers are increasingly using multiple channels, particularly online and call centers, for mortgage arrangement
        • Table Branch and online are the main touchpoints for mortgage arrangement in Poland
    • CONSUMER RECOMMENDATION
      • The financial stability of the provider plays a strong role in increasing advocacy
  • PERSONAL LOANS
    • MARKET – MARKET SIZING & FORECASTING
      • Consumer credit advances will increase at a healthy rate over the forecast period
    • MARKET - MARKET SHARE
      • The main branch-based banks dominate the personal loans market
    • PRODUCT - PRODUCT FEATURES AND CHOICE OF PROVIDER
      • Following the recovery from the economic crisis, honesty from providers is important to Polish consumers
    • CHANNEL - CHANNEL OPENING AND REASONS FOR BORROWING
      • Digital channels are popular, but direct channels retain their importance for loan arrangement
        • Table Online and branch are frequently used touchpoints in Poland
    • CONSUMER RECOMMENDATION
      • Polish borrowers are reluctant to recommend their loan providers
  • BANK INFRASTRUCTURE & REGULATION
    • MARKET INFRASTRUCTURE
      • Smartphone penetration is rapidly improving in Poland
    • MARKET - REGULATORY ENVIRONMENT
      • The Polish Financial Supervision Authority (KNF) continues to build up financial sector oversight
    • MARKET – RECENT REGULATORY DEVELOPMENTS
      • The Polish authorities are focused on strengthening the banking sector
  • APPENDIX
    • Abbreviations, acronyms, and definitions
    • Methodology and further reading

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