South Korea Banks Market 2021 Growing Rapidly with Recent Developments, Industry Share, Trends, Demand, Revenue, Key Findings and Latest Technology, Forecast Research Report 2030

In a recent published report, Kenneth Research has updated the market report for South Korea Banks Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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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REPORT HIGHLIGHT

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.

Types Takeaway

Bank Credit

Trading Assets

Inter-bank loans

Cash Assets

Other

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

NongHyup Bank

Woori

KB Financial Group

Shinhan

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

TARGET AUDIENCE

Traders & Distributors

Banking Systems

Government and Regional Agencies

Research Organizations

Consultants

Distributors

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY TYPES

Bank Credit

Trading Assets

Inter-bank loans

Cash Assets

Other

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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