Global Neobanking Market By account type (neo banks and challenger banks); By application (personal and enterprises sector) and Region –Analysis of Market Size, Share and Trends for 2014 – 2019 and Forecasts to 2030
Published on
July 2020
Total pages
170
About the Report
About the Report
Product Overview
Neobanks is a new kind in the financial world. They are a type of direct bank that are completely online with no physical branches which provide complete banking solutions to its customers. Neobanking offers everything a traditional bank has to offer from opening a bank account to money lending, money transfers, and much more. There are two kinds of Neobanks, first which have no banking license and partner up with a traditional bank such as Up bank in Australia which is partnered with Bendigo Bank, and second are neobanks with a full banking license of their own such as Xinja and Volt. Some of the first-ever Neobanking organizations include Simple, GoBank, and Moven.
Market Highlights
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 2026. The neo banking 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 market development over the forecasted period. The rising smartphone penetration in both developed and developing countries is also a factor supporting the neo banking market as it is boosting the demand for online and app-based banking. Characteristics of the neo banking market such as its convenience, cost-effectiveness, online money tracking option, unique experience to customers, and easy payouts make it popular as well as one of the fast-growing fintech markets globally.
Source: Fatpos GlobalRecent highlights in Global Neobanking market
- According to Fidelity National Information Services (FIS), which works with 50 of the world’s largest banks, there was a 200% jump in new mobile banking registrations in early April, while mobile banking traffic rose 85%. With many branches closed and no tellers available, banks have also been dealing with a significant uptick in call center traffic, creating long wait times.
- Co-founder and CTO of Open Financial Technologies, Ajeesh Achuthan says, “So, we built a dashboard to have all ecosystems such as banking, accounting, invoicing and expense management tools, etc. on one platform”
Global Neobanking market: segments
Global neobanking market is segmented on the basis of account type, application, region, and others.
According to account type, the neo banking 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 2026. The growth factors for the neo banking industry are cost-effective and convenient. Though the authenticity and financial security factors may bring disturbances in its path.
The application segment includes the personal and the enterprise sector. Enterprises are adopting into this neo banking market as they facilitate better management of payments and all other online services while the personal application segment is anticipated to register the highest CAGR in the future.
The region segment can be further divided into five major types-
North America, Latin America, Europe, APAC, and MENA.
Global 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 neo banking are cost-effective banking, fast maintenance, advanced banking, healthy interest rates, and customer conviction. In addition, increased internet and mobile device penetration improved global neo banks' market potential. The market will help to maintain healthy growth rates over the next few years by increasing investment in Neo-baking.
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 neo banking market.
Global Neobanking market: Regions
Global optical coatings market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Source: Fatpos Global
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 neo banking markets by 2025. E-commerce companies such as Alibaba Group and WeBank, have invested in China’s MyBank neo banking platform. The fintech companies are developing their own neo banking platforms which have fewer regulatory requirements as they do not offer a full set of services. This has uplifted the growth of neobanks in developing countries such as India and China.
Global Neobanking market: Key Players
- Atom
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Simple
- MyBank
- Monzo
- We bank
- Tandem
- Fidor Bank
- Deutsche
- Agricultural Bank of China
Global green energy market report also contains analysis on:
- Global Green energy market segments:-
- By type:
- Neo banks
- Challenger banks
- By Application type :
- Personal sector
- Enterprise sector
- Global Neobanking Market Dynamics
- Global Neobanking Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
FAQs on Global Neobanking Market
- Which segment is anticipated to hold the largest market share?
- At what CAGR is the market anticipated to grow between 2020 and 2030?
- Who are the key players in Global neobanking market?
- What could be the challenging factors for the growth of Global neobanking market?
- What are the growth drivers for Global neobanking market?
Products
Table of Contents
Table of Contents
Contents
- Executive Summary
- Neobanking Market
- Product Overview
- Market Definition
- Segmentation
- Assumptions and Acronyms
- Research Methodology
- Research Objectives
- Primary Research
- Secondary Research
- Forecast Model
- Market Size Estimation
- Average Pricing Analysis
- Market Dynamics
- Growth Drivers
- Restraints
- Opportunity
- Trends
- Correlation & Regression Analysis
- Correlation Matrix
- Regression Matrix
- Recent Development, Policies & Regulatory Landscape
- Risk Analysis
- Demand Risk Analysis
- Supply Risk Analysis
- Neobanking Market Analysis
- Porters Five Forces
- The threat of New Entrants
- Bargaining Power of Suppliers
- Threat of Substitutes
- Rivalry
- PEST Analysis
- Political
- Economic
- Social
- Technological
- Porters Five Forces
- Neobanking Market
- Market Size & forecast, 2019A-2030F
- By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Market Size & forecast, 2019A-2030F
- Neobanking Market: Market Segmentation
- By Regions
- North America:(U.S. and Canada)
- By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Latin America: (Brazil, Mexico, Argentina, Rest of Latin America)
- By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe)
- By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- The Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of the Middle East and Africa)
- By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- North America:(U.S. and Canada)
- By Service Type: Market Share (2020-2030F)
- Business network, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Security Data Center, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- mobility, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- By Deployment: Market Share (2020-2030F)
- Public, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Private, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- By End-user: Market Share (2020-2030F)
- Small and medium enterprises, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Large enterprises, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- By vertical: Market Share (2020-2030F)
- Telecom, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Government and Education, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Financial Services, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Consumer, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- Healthcare and Manufacturing, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
- By Regions
- Company Profile
- Atoms
- Company Overview
- Company Total Revenue (Financials)
- Market Potential
- Global Presence
- Key Performance Indicators
- SWOT Analysis
- Product Launch
- Simple
- MyBank
- Monzo
- WeBank
- Tandem
- Fidor bank
- Deutsche
- Agricultural Bank of china
- Atoms
- Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
You can also purchase parts of this report.
Do you want to check out a section wise price list?
Why Buy From US?
Refine Robust Result (RRR) Framework
What makes us stand out is that our consultants follows Robust, Refine and Result (RRR) methodology. i.e. Robust for clear definitions, approaches and sanity checking, Refine for differentiating respondents facts and opinions and Result for presenting data with story
Our Reach Is Unmatched
We have set a benchmark in the industry by offering our clients with syndicated and customized market research reports featuring coverage of entire market as well as meticulous research and analyst insights.
Shifting the Research Paradigm
While we don't replace traditional research, we flip the method upside down. Our dual approach of Top Bottom & Bottom Top ensures quality deliverable by not just verifying company fundamentals but also looking at the sector and macroeconomic factors.
More Insights-Better Decisions
With one step in the future, our research team constantly tries to show you the bigger picture. We help with some of the tough questions you may encounter along the way: How is the industry positioned? Best marketing channel? KPI's of competitors? By aligning every element, we help maximize success.
Transparency and Trust
Our report gives you instant access to the answers and sources that other companies might choose to hide. We elaborate each steps of research methodology we have used and showcase you the sample size to earn your trust.
Round the Clock Support
If you need any support, we are here! We pride ourselves on universe strength, data quality, and quick, friendly, and professional service.
Why Client Choose Us?
400000+ Reports in repository
150+ Consulting project a year
100+ Analysts
8000+ Client Queries in 2022