Market Research Report
New Zealand Retail Banking, 2020 Update - Review, Forecasts and Future Opportunities
|Published by||GlobalData||Product code||971255|
|Published||Content info||34 Pages
Delivery time: 1-2 business days
|New Zealand Retail Banking, 2020 Update - Review, Forecasts and Future Opportunities|
|Published: November 13, 2020||Content info: 34 Pages||
Growth in New Zealand's retail banking sector has been strong over the past decade. COVID-19 threatens to impact growth in 2020, but clear and coherent government policy as well as organized track and trace systems are likely to lead to more favorable outcomes than in comparable markets.
This report explores trends in the New Zealand retail banking sector and offers insight into consumer preferences and behaviors. It highlights some of the most important data points available on the performance of the sector comparable to other markets, as well as the performance and perception of firms within the industry. New trends and innovations are also noted, as are the implications of COVID-19 for the sector.
Until 2020, economic growth in New Zealand had been relatively strong following the completion of the phasing-in process of the New Zealand-China free trade deal at the end of 2019. In 2020, New Zealand closed its borders to better contain the threat of COVID-19 - a move that has the downside of reduced economic activity and unavoidable recessionary effects. Household and business confidence remain low as unemployment increases. Forecasts for investment and spending will be weaker, with policy providing an important but only partial offset to the impact of the pandemic.
New Zealand has seen strong growth across mortgage loans, retail deposits, and consumer credit, outperforming comparable markets in residential mortgages and personal loans.