The neobanking market refers to the provision of banking services through digital channels, such as mobile applications and online platforms, by new and innovative players that operate without physical branches. Neobanks aim to provide customers with a more convenient, user-friendly, and personalized banking experience, leveraging technology and data analytics. The market for neobanking is driven by factors such as the growing adoption of digital payment solutions, increasing smartphone penetration and internet connectivity, and rising customer expectations for better banking services. Moreover, the regulatory support for open banking and the emergence of new technologies, such as artificial intelligence and blockchain, are further fueling the growth of the neobanking market.
The market is segmented based on type, service, and region. Based on type, the market is segmented into pure-play neobanks and hybrid neobanks. By service, the market is segmented into savings accounts, payment and money transfer, personal loans, and others. Geographically, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. The major players in the neobanking market include Chime Financial, Varo Money, Monzo Bank, Starling Bank, and Revolut Ltd., among others. These players are focusing on strategic partnerships and acquisitions to expand their market presence and offer innovative solutions to customers.
Overall, the neobanking market is expected to continue growing in the coming years, driven by the increasing demand for digital banking services and the emergence of new players that are disrupting the traditional banking industry with their innovative business models and technology-driven solutions.
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The neobanking market is expected to continue to grow as more consumers adopt digital financial services and as neobanks expand their offerings to include a wider range of financial products and services. Additionally, the increasing use of technology and the rise of new financial technologies, such as blockchain and artificial intelligence, are also expected to drive growth in the neobanking market.
Key findings of the Neobanking market study:
- The report provides a present market outlook on Neobanking. Additionally, the Neobanking market share is anticipated to grow with a CAGR of 44.15% in the forecast period.
- Regional breakdown of the Neobanking market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Neobanking vendors in detail.
- Region-wise and country-wise fragmentation of the Neobanking market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Neobanking market.
- Neobanking price, market share, and Trends forecast for assessment period 2022-2032
Key Segments Covered in the Neobanking Industry Report
· By Account Type
- Neobanking for Business Accounts
- Neobanking for Savings Account
· By Application
- Neobanking for Personal Use
- Neobanking for Enterprises
- Neobanking for Other Applications
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What makes this Research different from others?
- COVID- Impact analysis- The report includes details of the impact of the pandemic on the Neobanking market further including insights on the pre-COVID situation. Additionally, this report benefits in terms of post-COVID recovery prospects, changing consumer demands, and buying patterns valuable for Neobanking companies.
- Industrial trend analysis- The research covers recent trends in the field of Neobanking which are augmented with the applicable technologies and shifts in industrial processes. The scope for digital and industrial technologies is discussed in order to help client firms to understand the benefits and risks included in light of market trends.
- Neobanking Sustainability metrics- The rising concerns of environmentally friendly production and consumption are taken to next level in this research, as research is focused on emerging methods of ensuring sustainability. These insights include climate-friendly initiatives adopted by some players in the industry. Furthermore, details of manufacturers’ impact on carbon footprint are evaluated intend to make clients aware of their contribution to sustainable development goals.
Competitive Landscape
The Neobanking industry is dominated by some prominent players including
- Atom Bank PLC
- Ubank Limited
- Simple Finance Technology Corp.
- Fidor Bank Ag
- Movencorp Inc.
- Monzo Bank Ltd.
- Mybank
- N26
- Revolut Ltd.
- Webank, Inc.
The competition in the sector is driven by key parameters such as product price, targeted customer base, and strategic marketing. Major players in the market focused on the Neobanking market innovation by investing more in research and development. Furthermore, the industry players are focusing on the extensive usage of online distribution channels for enhanced cost-effectiveness. The sustainability in the supply chain is a decisive factor for Neobanking brands leading to an impact on the margin profits of firms.