Neobanking is defined as novel banking technology which provides complete online banking solutions to its customers. Neobanking differ from traditional banks, as they have no physical offices & branches. These banks allow everything from opening an account to other services, without the need to go to a bank. Simple, GoBank and Moven are some Neobanking organizations.
Neobanks provide a complete range of banking solutions without any physical offices or branches. The increase in demand for customer convenience in the banking industry is expected to drive the global neobanking market growth over the forecast period. These are customer-centric banks and provide personalized services to customers that differentiate them from traditional banks. Neobank platforms allow users to validate their service offerings in real time via mobile sites & online channels. These platforms eliminate the need for human interference, thus reducing transaction errors.
Furthermore, benefits provided by neobanking such as healthy interest rest, fast servicing, cost effective banking, are anticipated to boost the global neobanking market growth during this forecast period. The growing penetration of smartphones & the internet across the world has boosted the market potential for neobanks. The neobanking model provides a low-cost structure, advanced services, and easy accessibility will positively influence the market growth. The rise in customer interest in digital banking services is expected to accelerate the target market growth.
The authenticity and financial security are major restraints which expected to hinder the growth of global neobanking market throughout the period.
The Global Neobanking Market is segmented into account type such as Savings Account, and Business Account. Further, market is segmented into application such as Personal, Enterprises, and Others.
Also, the Global Neobanking Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Among these regions, Europe is expected to hold the biggest market share in the year 2018, due to establishment of multiple technology start-ups & the growing adoption of technology. The congestion faced in commercial banks & the increase in technological baking start-ups will create opportunities for target market.
The APAC is a fastest growing regional market during this forecast period due to the increase in investments within the FinTech sector. The FinTech companies are developing neobanks, these banks don’t demand cumbersome organizational structures & legacy structures.
Various key players are discussed in this report such as Atom Bank PLC, WeBank, Inc., Ubank Limited, Simple Finance Technology Corporation, Revolut Ltd., MyBank, Movencorp Inc., Monzo Bank Limited, Fidor Bank Ag, Etc.
Market Drivers
Neobanks provide a complete range of banking solutions without any physical offices or branches. The increase in demand for customer convenience in the banking industry is expected to drive the global neobanking market growth over the forecast period. These are customer-centric banks and provide personalized services to customers that differentiate them from traditional banks. Neobank platforms allow users to validate their service offerings in real time via mobile sites & online channels. These platforms eliminate the need for human interference, thus reducing transaction errors.
Furthermore, benefits provided by neobanking such as healthy interest rest, fast servicing, cost effective banking, are anticipated to boost the global neobanking market growth during this forecast period. The growing penetration of smartphones & the internet across the world has boosted the market potential for neobanks. The neobanking model provides a low-cost structure, advanced services, and easy accessibility will positively influence the market growth. The rise in customer interest in digital banking services is expected to accelerate the target market growth.
Market Restraints
The authenticity and financial security are major restraints which expected to hinder the growth of global neobanking market throughout the period.
Market Segmentation
The Global Neobanking Market is segmented into account type such as Savings Account, and Business Account. Further, market is segmented into application such as Personal, Enterprises, and Others.
Regional Analysis
Also, the Global Neobanking Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Among these regions, Europe is expected to hold the biggest market share in the year 2018, due to establishment of multiple technology start-ups & the growing adoption of technology. The congestion faced in commercial banks & the increase in technological baking start-ups will create opportunities for target market.
The APAC is a fastest growing regional market during this forecast period due to the increase in investments within the FinTech sector. The FinTech companies are developing neobanks, these banks don’t demand cumbersome organizational structures & legacy structures.
Market key Players
Various key players are discussed in this report such as Atom Bank PLC, WeBank, Inc., Ubank Limited, Simple Finance Technology Corporation, Revolut Ltd., MyBank, Movencorp Inc., Monzo Bank Limited, Fidor Bank Ag, Etc.
Market Taxonomy
By Account Type
- Savings Account
- Business Account
By Application
- Personal
- Enterprises
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Global Neobanking Market?
- What will be the growth rate from 2019 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
- What are the strategies adopted by key players?
Frequently Asked Questions about the Global Neobanking Market
What is the estimated value of the Global Neobanking Market?
What is the growth rate of the Global Neobanking Market?
What is the forecasted size of the Global Neobanking Market?
Who are the key companies in the Global Neobanking Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 185 |
| Published | October 2021 |
| Forecast Period | 2017 - 2027 |
| Estimated Market Value ( USD | $ 36.38 billion |
| Forecasted Market Value ( USD | $ 725 billion |
| Compound Annual Growth Rate | 34.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1 Introduction
2 Research Methodology
4 Global Neobanking Market Outlook
5 Global Neobanking Market, By Account Type
6 Global Neobanking Market, By Application
7 Global Neobanking Market, By Region
8 North America Neobanking Market Analysis and Forecast (2020 - 2027)
9 Europe Neobanking Market Analysis and Forecast (2020 - 2027)
10 Asia Pacific Neobanking Market Analysis and Forecast (2020 - 2027)
11 Latin America Neobanking Market Analysis and Forecast (2020 - 2027)
12 Middle East Neobanking Market Analysis and Forecast (2020 - 2027)
13 Competitive Analysis
14 Company Profiles
Companies Mentioned
- Atom Bank PLC
- WeBank Inc.
- Ubank Limited
- Simple Finance Technology Corporation
- Revolut Ltd.
- MyBank
- Movencorp Inc.
- Monzo Bank Limited
- Fidor Bank Ag
- Etc.
