LONDON, Jan. 23, 2017 /PRNewswire/ --
Turkey has a growing financial services market, enlivened by the innovative approach traditional banks have taken. Ownership of key financial products is widespread, with consumers favoring local providers that have a good reputation. Fintech providers are widely known in the country, though the traditional banks have developed advanced online and mobile services. Usage of branches for more complex interactions endures, though usage of online and mobile services is one of the strongest in the region.
- Reputation and local names are the most influential factors driving choice of provider, which gives established Turkish banks an advantage over digital-only entrants. 51% of younger families claim to be likely to switch over the next 12 months, compared to just 22% of post-families.
- Savers choose their providers on the basis of reputation and innovation, followed by convenience. Consumers have increased interest in saving to protect against unplanned events and to offset their long-term financial burdens. Tools that help consumers move funds around easily will help.
- Rate and reputation are the key drivers for choice of mortgage lender, although a company's ethical values also rates highly, particularly for older borrowers. Banks should therefore consider preferential terms for current and savings account holders.
- There has been a large increase in borrowing to consolidate consumer debt and to cover day-to-day living expenses, which implies that many borrowers may be struggling financially and that banks have to exercise caution with underwriting.
- Consumers are increasingly using online for more complex activities, as banks pioneer mobile and online innovations. The next step is for banks to upgrade mobile banking with chatbots and other functionality to help with query resolution. Bank branches are also implementing such technologies as biometric ATMs.
- Trust and Responsibility are the highest-rated values, meaning that consumers value honesty and the ability to make their own decisions more than anything else. This has made them unusually open to fintech providers that can engender trust, with two thirds using or intending to use such a service.
This report reviews the retail banking sector in Turkey, with a particular focus upon 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 Turkey 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 Turkey'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 that new entrants and distribution channels will have on the market.
Download the full report: https://www.reportbuyer.com/product/4540322/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/retail-banking-country-snapshot-turkey-2016-300395140.html