Neobanking Market By Account Type (Business Account, Saving Account), By Service Type (Mobile Banking, Payments and Money Transfer, Checking/Savings Account, Loans, Others), By Application (Enterprise, Personal): Global Opportunity Analysis and Industry Forecast, 2023-2032
Neobanking is defined as novel banking technology which provides complete online banking solutions to its customers. Neobanking differs 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. These digital solutions range from banking services like accounts, loans, transfers, and cards to recommending financial services based on lifestyle choices such as spend analysis, and automated saving. Neobanks don’t rely on outdated, legacy technology, and hence tend to have stringent measures for the privacy, security, and safety of their platforms. The complete safety of customer data becomes a priority. Moreover, Neobanks function 24 hours. One can effortlessly carry out day-to-day tasks like making payments, anytime, anywhere. Their customer services are customized, and the use of AI helps to solve customer concerns in real-time. Furthermore, neo-banks don’t require any physical infrastructure to maintain physical branches, they save on overhead expenses. This is partly passed on to customers in the form of no or low charges for various transactions or services, and favorable interest rates. One of the primary attractions for neobank customers is lower fees and access to an account, even if they have a poor credit history. This can help individuals who struggle to open traditional banking accounts due to a lack of resources or a lower credit score. With neobanking, they can start fresh with an account tailored to fit their needs and help them reach their financial goals.
Increase in digitalization of banking activities and increase in demand for digital banking solutions is boosting the growth of the global neobanking market. In addition, increase in use of mobile banking is positively impacts the growth of the market. However, security issues and privacy concerns and high implementation cost is hampering the neobanking market growth. On the contrary, rising Investments in fintech industry is expected to offer remunerative opportunities for expansion of the market during the forecast period.
The neobanking market is segmented on the basis of account type, service type, application, and region. On the basis of account type, the market is categorized into business account, and saving account. On the basis of service type, the market is fragmented into mobile banking, payments & money transfer, checking/saving accounts, loans, and others. By application, it is classified into enterprise, personal, and other. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the neobanking market are Monzo Bank Limited, Movencorp, Inc., WeBank, PRETA S.A.S., N26 AG, Revolut Ltd., Ubank, Pockit LTD, Starling Bank Limited, and Atom Bank PLC These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits of StakeholdersThe study provides an in-depth analysis of the global neobanking market forecast along with the current and future trends to explain the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on global neobanking market trend is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2022 to 2032 is provided to determine the market potential.
Key Market SegmentsBy Service TypeLoans
Others
Mobile Banking
Payments and Money Transfer
Checking/Savings Account
By ApplicationEnterprise
Personal
By Account TypeBusiness Account
Saving Account
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Atom Bank
Monzo Bank Limited
Movencorp Inc.
N26
Pockit Ltd
PRETA S.A.S.
Revolut Ltd
Starling Bank
UBank
WeBank
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