Ken Research announced the recent report on “,” which offers insights on the retail banking sector in Italy focusing on the current account, savings, mortgage, and personal loans markets, further includes both market-level data and data from global Retail Banking Insight Survey. The report further offers shrewd investigation on consumer behaviour in Italy, how they take out and use their financial products, and also the ways in which it has evolved in recent years. Moreover, the report offers details about the providers who dominate the current account, savings, mortgage, and loan markets, and the factors that persuaded their customers to choose them. An individual can also withdraw information about the extent to which consumers are using online and mobile channels to research, take out, and use their financial products.
Macro Economic Factors
Paolo Gentiloni took over as the new prime minister after his centre-left Democratic Party colleague Matteo Renzi resigned in response to the humiliating rejection of his far-reaching constitutional reforms at a referendum in November 2016. The new prime minister's priorities were to shore up Italy's ailing banking sector, create jobs and push through electoral reform before the next election, in which the Democratic Party is expected to face a tough challenge from the populist Five State Movement.
The GDP of Italy in year 2015 was USD 1.821 trillion and the growth rate was 0.7% in the same year. The inflation rate was absolutely zero and unemployment rate fell down to 11.9 from 12.6 which indicate a positive outlook.
The latest monthly indicators suggest that the economy maintained a slow but broadly stagnant pace of growth in Q 4’2016 of previous year after it had accelerated slightly in Q3’2016, certainly on the back of stronger fixed investment, which offset a more negative contribution from the external sector. In the political arena, on 4 December, Italians voted against in the constitutional referendum, prompting Matteo Renzi to resign as prime minister. A lengthy political crisis was nonetheless averted lately as Paolo Gentilon of the Democratic Party, like Renzi was named novel prime minister and his government was voted in by both houses of parliament. However, the novel government faces an immediate challenge as the clock ticks towards a year-end deadline for Monte dei Paschi di Siena, Italy’s third largest bank by assets, to elevate EUR 5 billion in capital after the European Central Bank rejected a petition for more time.
The main current account providers in Italy barring ING-has a negative NPS rating, with BNP Paribas and UniCredit the weakest performers. Consumer base in Italy are more concerned with the ethics and therefore expect honesty from the brands they possess or are associated with, not only from these brands or companies but also from the companies that have positioned themselves with good track records. Across all products, the branch is still the key acquisition channel, although online is making inroads in the savings market. Mobile banking is still in its introduction stage, although a few providers are introducing mobile onboarding, and high smartphone ownership rates bode well for future adoption.
To know more on the coverage, tap on the link underneath:
Ankur Gupta, Head Marketing & Communications