The article examines concentration and competition in the Serbian banking sector in the late 2010s. Various indicators were used to analyze the market, including traditional concentration indices, Gini coefficients, and new approaches like Linda Indices and Svetunkov’s model. Despite high correlation between variables like total assets and loans, results showed differences in their impact. Capital indicators suggested an oligopoly structure, but overall, the sector has moderate concentration levels, fostering healthy competition. Different indicators have varying levels of usefulness and accuracy, highlighting the need for careful consideration in future research.