Description
Neobanking Market
Market Overview
Fintech startups have over 15 million customers, especially in the banking sector, out of which neobanks acquire about half of the customers. Neobanking market has registered a CAGR of 50.6% during the period 2017 to 2020. In 2018, the neobank market accounted for about $18,604 million and $39,928 in 2020 which is expected to see a growth of $3,94,648 million by 2030.
The neobanking market is globally driven by features like simplicity, speed, cost-effectiveness, and improved functionality offered to the customers. The wide varieties of products accessible are unlimited, which is most likely to increase the market development over the forecasted period.
Neobanking market: segments
The global neobanking market is segmented on the basis of account type, application, region and others.
According to account type, the neobanking market includes neo and challenger banks. Challenger banks are banks that are small retail banks for the purpose of competing for business against the bigger nationalized banks.
It is divided into the business account and savings account. The business account had the largest market share in 2018 due to its wide range of management services such as credit management, asset management. It dominated the global market in 2018 in terms of revenue share. This segment is also expected to register a high CAGR in 2030.
The growth factors for the neobanking industry are their cost-effective and convenience. Though the authenticity and financial security factors may bring disturbances in its path.
Neobanking Market
Easy account opening process and easy transactions will drive the market growth
Easy processes of account opening, transactions, etc. are strong driving factors for the market. The user interface of the Neobank websites gives it an advantage over the traditional banks. Premium drivers of neobanking are costeffective banking, fast maintenance, advance banking, healthy interest rates and customer conviction.
Limited range of banking products is likely to hamper the market growth
The range of banking products on offer from neobanks is limited to everyday transaction and savings accounts which are expected to act as a restraint in the neobanking market.
Neobanking market: Regions
The global optical coatings market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA
Europe held a maximum share of around 40% of the global neobanking market due to the emergence of multiple technology startups and early adoption technology. Latin America is likely to dominate the European market in the near future.
The APAC neobanking market is projected to grow over the forecast period due to the increasing investments in the fintech sector. Asia is seen, in addition to Europe and Latin America, as one of the world’s major regions that show an upcoming growth in this sector. For example, China is expected to become one of the biggest neobanking markets by 2025.
E-commerce companies suchc as Alibaba Group and WeBank, have invested in China’s MyBank neobanking platform. The fintech companies are developing their own neobanking platforms which have less regulatory requirements as they do not offer a full set of services. This has uplifted the growth of neobanks in the developing countries such as India and China.
Neobanking market: Key Players
• Atom
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Simple
• MyBank
• Monzo
• Webank
• Tandem
• Fidor Bank
• Deutsche
• Agricultural Bank of China
The green energy market report also contains analysis on:
market segments: –
• By type:
o Neo banks
o Challenger banks
• By Application type:
o Personal sector
o Enterprise sector
• Neobanking Market Dynamics
• Neobanking Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
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