A recent report published by
Infinium Global Research on neobanking market provides an in-depth analysis of
segments and sub-segments in the global as well as regional neobanking market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional neobanking market over the short term as
well as long term. The report is a comprehensive presentation of trends, forecast
and dollar values of the global neobanking market. According to the report, the global
market for neobanking was estimated to be over USD 40 billion in 2020 and is
expected to reach up to USD 350 billion by 2026 growing with a CAGR of 43.4%
over 2020-2026.
Neobanking is a novel banking
technology that delivers complete online banking solutions to its consumers.
Neobanks are different from traditional banks, as they have no physical offices
and branches. These banks allow everything from opening an account to other
services, without the necessity to go to a bank. In the present scenario,
Neobanks are relishing a cooperative environment and, competition is very low
among them. Nevertheless, with the increasing demand for these banks, a rivalry
is sure to occur in this market. Apart from the competition among the Neobanks,
it would also arise as a strong competitor for traditional banking
organizations. Easy procedures of account opening, transactions, etc. are
strong boosting factors for the market. Furthermore, the user interface of the
Neobank websites give it an upper hand. On the other hand, the authenticity
and financial security factors may bring interferences in its path.
The neobanking market is on the
rise as it doesn’t require support from traditional banking organizations.
Furthermore, the prominent banking institutions are investing in evolving their
own platforms to enhance their full-service models with digital banking
services. In addition, augmented penetration of the internet and mobile devices
has boosted neobanks' market potential internationally. Moreover, increasing
investment within the neobanking sector would help the market sustain healthy
growth rates in the near future. The financial institutions are collaborating
with fintech companies to develop advanced products and services to cater to
the increasing demand for the market. Likewise, they are also investing in
startups to explore novel opportunities and applications. On the other hand,
the low profitability of neobanking may hinder the market growth.
Among the geographies, the Europe
region is expected to hold the largest share in the global neobanking market.
The industry is expected to offer huge opportunities for neobanking market
growth on account of the presence of numerous key players. Also, the European
region has a strong base of advanced technology which boosts the market growth.
Furthermore, the Asia Pacific region is anticipated to witness high growth in
the neobanking market during the forecast period. The growing adoption of
internet services, coupled with the increased use of smartphones in countries
such as China, India, Indonesia, Vietnam, and South Korea, is expected to
accelerate the market growth in the region.
The report on global neobanking
market covers segments such as type, account type, and application. On the
basis of type, the sub-markets include challenger bank, and neo bank. On the
basis of account type, the sub-markets include business account, and savings
account. On the basis of application, the sub-markets include enterprises, and
personal.
The report provides profiles of
the companies in the market such as Atom Bank PLC, Fidor Bank Ag, Monzo Bank
Limited, Movencorp Inc., MyBank, N26, Revolut Ltd., Simple Finance Technology
Corporation, Ubank Limited, and WeBank, Inc.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of neobanking market. Moreover, the study highlights current market
trends and provides forecast from 2020-2026. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.