Kenneth Research, in its repository of market research reports, have recently added a report on South Korea Banks Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The South Korea Banks Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for South Korea Banks Market products.
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The South Korea banks market was valued at USD 2,819.0 billion by 2017, growing with 7.2% CAGR during the forecast period, 2018-2025
The market study for banks comprise of overall revenue estimation from financial institutions and bank holding companies operating in South Korea country. The country exhibits strong domestic growth prospects, and expanding its presence to the global scale rapidly. For example, in August 2017, Shinhan, Seoul, South Korea based bank, received National Banking and Securities Commission approval to start its operation named “Banco Shinhan de México, SA, Institución de Banca Múltiple”. This has helped Sinhan Bank to expand its presence in Latin American region. Likewise, Seoul based Woori Bank collaborated with Bank Saudara to launch Bank Woori Saudara in 2015. This collaboration has helped the bank to expand its presence in Indonesian market. Such initiatives would in turn support the industry growth in South Korea, augmenting the market growth.
In addition, FinTech adoption will encourage South Korean consumers to shop around, switching banks, thereby, driving the market growth. However, regulation in the banking industry is costly, working as a high barrier for new entrants. Also, entering this industry as an entirely new start-up company would require substantial investment in brand-building and distribution networks, hampering the industry growth to some extent.
Of these, the bank credit segment accounted for the highest revenue, equivalent to over 60% revenue share. The trading assets segment is anticipated to grow with promising growth rate over the future period.
Key Vendors Takeaway
Hana Financial Group
KB Financial Group
There are numerous competitors within the banking industry. Some of these industry players such as Hana, KB Financial, NongHyup Bank and Shinhan have captured the highest market share, which makes them leading firms. Competition in the South Korean banking industry is high. In this industry, product differentiation exists in the form of fees, interest rates on loans and deposits, lending limits, notice periods for withdrawing, customer convenience, as well as general quality and range of product and service offerings. These factors, along with customer service, reputation and security against fraud, influence customer loyalty.
Hana Financial Group recorded USD 6.35 billion operating income, during the year 2018. The company emerged as the leader of retail banking industry in South Korea and expanding rapidly locally as well as in global market. For instance, in March 2018, Hana expanded its financial reach in one of Vietnam’s four state-run commercial banks, named “Vietnam through acquisition of stake in the Bank for Investment and Development of Vietnam (BIDV)”.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders & Distributors
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
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