Retail banking is going to be the key driver
of success for banks in Turkey this year, according to a study by
the Boston Consultant Group (BCG).
The group said direct banking channels had
seen strong growth and adaption since 2005:
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Online banking soaring by 137% and reached
6.4m active customers in 2010, while the number of total ATMs
across Turkey soared by 81% since 2005, taking the total number to
27,000 in 2010.
Despite the growing number of online banking
customers, Burak Tansan, the partner and managing director of BCG’s
Istanbul office, said branches will remain the key distribution
channel in Turkey’s retail banking market.
He added that Turkey still lags behind Eastern
Europe in terms of branch volume.
Tansan said business success will not only be
determined by how many branches are opened, but where these
branches are based.
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By GlobalDataHe predicted consumer lending to grow in 2011.
According to BCG’s study, consumer loans accounted for a quarter of
all loans issued in Turkey – compared to 35% in Brazil and 50% in
developed economies.
Tansan said Turkey’s banks will begin
targeting the country’s unbanked population as the number of people
in employment rises.
The group estimates Turkey’s workforce to rise
from to rise from 44m to 65m by 2040.
