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Retail Banking Market Insights: Norway

Retail Banking Market Insights: Norway

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Executive Summary

Norway has a developed, well diversified, and stable financial system. The market for financial services is concentrated, with a handful of large banks controlling a significant market share. Product ownership rates are high for mortgages and current and savings accounts. Consumers are generally conservative in their choice of provider, with a bias towards providers they have an existing relationship with. The market should open up to new entrants in order to encourage greater competition within the sector.

Key Findings

The banking sector in Norway is concentrated, with the top three providers accounting for 59% of main current accounts.

Norwegian consumers tend to choose providers on the basis of reputational factors and an existing relationship.

11% consumers in Norway have switched their accounts in the last 12 months, which is the highest in the region. However, it is still below the global average.

Norwegian savers are cautious, with around two-thirds saving to protect themselves against unforeseen events and over a third saving for financial investment. A desire for value for money is among the top three consumer characteristics.

The mortgage market in Norway will grow rapidly over the next five years (2015-19). The high rate of mortgage ownership (57%) suggests that Norwegian households have relatively broad access to mortgage credit.

Norways mortgage balances outstanding totaled NOK 1.74tn in 2014, up from NOK1.21tn in 2009.

Around a third of consumers in Norway have a personal loan and consumer lending is dependent on overall economic development. The personal loans market is dominated by DNB, Sparebank 1 Gruppen, and Santander, with almost 42% of loans held with these two providers.

More than two thirds of the population use smartphones in Norway, implying a large potential market for mobile-delivered financial services. Continued investment in Norways banking infrastructure is the key to progress.


Verdict Financials Retail Banking Country Snapshot: Norway is a review of the retail banking sector in Norway, 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 Norways banking sector.

Insight into consumer preferences in Norway and the reasons for taking out and using their financial products and how this has evolved in recent years.

Discover which providers dominate the current account, savings, mortgage, and loan markets and the different factors persuading customers to choose them.

Examination of 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 Norways 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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Sparebank 1 Gruppen



Sparebanken vest

Danske bank

yA bank


Pareto bank

Bank 2

SEB and Norges Bank

Current Account, Savings, Mortgage, Loan, Online, Mobile, Branch, New Entrant, Competition, Gross Advances, Outstanding Balances, Banking, Norway

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