1. “The Power of Deposits: Unveiling the 45% Dominance of Retail in the Philippine Banking System”
To learn more about this report Download a Free Sample Report
Retail deposits are a substantial component, contributing approximately 45% of the total deposit value in the Philippine Banking System. As of 2022, the overall revenue of retail deposit accounts in Philippines was a robust one, covering a market share of 45%. They form a crucial source of funding for banks, allowing them to finance various lending activities. The Philippines government also deposits a considerable portion of its funds in demand deposits, while private corporations tend to favor demand deposits for their banking needs. Non-resident deposits, particularly savings accounts, also contribute significantly to the retail deposit market. Overall, retail deposits play a vital role in the stability and growth of the Philippine banking sector.
2. “Riding the Wave: Philippine Retail Deposit Market Surges at 10% CAGR Driven by Digitalization and Convenience Banking.
Visit this Link: – Request For Custom Report
Convenience banking, characterized by the availability of debit cards, internet banking, and phone banking, has become a driving force behind the increasing number of users in the banking sector. These convenient banking options have attracted new users, providing them with easy access to financial services. Additionally, the ongoing trend of urbanization, with an urban population growth rate of approximately 2.1% in 2021, has further improved the accessibility of commercial banks for individuals residing in urban areas. This sustained urbanization has created a favorable environment for the growth of banking services, catering to the needs of the urban population. Moreover, the rise of digital rural banks, exemplified by entities like Tonik, has played a significant role in expanding banking services to rural areas. These digital banks, categorized as rural banks, have made inroads into remote regions, contributing to a notable increase in the number of bank accounts in rural communities. All these factors Have contributed to the growth of retail deposit accounts in Philippines.