Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "Neobanking Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global neobanking market grew from $79.1 billion in 2022 to $118.51 billion in 2023 at a compound annual growth rate (CAGR) of 49.8%. The neobanking market is expected to grow to $556.66 billion in 2027 at a CAGR of 47.2%.
The growing demand for digitalization among banking institutions across the globe is contributing to the growth of the neobanking market. Digital banking describes the digitalization of all banking procedures and the substitution of the bank's physical location with a continual online presence, which eliminates the need for consumers to visit a branch.
Traditional financial services are being automated by digital banking. Customers of a bank can access banking services and products online or through an electronic platform thanks to digital banking. Neobanking aids in digitizing banks by enabling financial organizations to do business online without physical locations and offering digital versions of all banking services.
Neobanks provide highly personalized services at lower prices by utilizing technology such as artificial intelligence (AI), automation, and cloud computing. In 2021, according to a survey conducted by McKinsey and Company, between 2017 and 2021, the fraction of customers in Asia-Pacific developing countries actively utilizing digital banking expanded rapidly, rising from 54 % in 2017 to 88% in 2021. Thus, the growing demand for digitalization in the banking sector is expected to propel the neobanking market.
Technological Advancement is a key trend propelling the neobanking market. Artificial intelligence is used in neobanking services and solutions to improve efficiency. AI can provide consumers with highly personalized solutions and logical reminders and notifications that will help them save money and enjoy more ease.
It helps in credit decisions, risk management, trading and personalized services. In March 2021, DigiBankASIA, a Singapore-based financial services company, entered into a partnership with Xebia to launch Asia's digital Bank, UnoBank. Combining top banking products to provide a distinctive and cutting-edge digital foundation, Xebia will be UNO's digital and innovative technology partner in building Cognito, UNO's digital-first platform. It is ideally positioned to construct a cutting-edge and intelligent CX platform for UNObank due to its experience in technologies like Al/ML, IoT, AR/VR, Cloud, DevOps, Big Data & Analytics. Xebia is a US-based IT consultancy company.
In December 2021, Open, an India-based neobank that combines banking, payments, accounting, expense management & taxes in one place, acquired Finin for $10 million. The acquisition improves Open's cloud native BankingStack financial OS and gives banks and other financial institutions the means to introduce and expand their digital banking services to both individuals and enterprises. Along with providing salary accounts for employees and an integrated payroll module, the acquisition will enable SMEs using the Open SME neo-banking platform to expand. Finin is an India-based neobanking platform that makes it easier, quicker, and smarter to manage, save, and invest your money.
Western Europe was the largest region in the neobanking market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in neobanking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the neobanking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Scope
Markets Covered:
1) By Account Type: Business Account; Savings Account
2) By Service: Mobile Banking; Payments And Money Transfer; Checking/Savings Account; Loans; Other Services
3) By Application: Enterprises; Personal; Other Application
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $118.51 billion |
| Forecasted Market Value (USD) by 2027 | $556.66 billion |
| Compound Annual Growth Rate | 47.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Neobanking Market Characteristics
3. Neobanking Market Trends And Strategies
4. Neobanking Market - Macro Economic Scenario
5. Neobanking Market Size And Growth
6. Neobanking Market Segmentation
7. Neobanking Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Revolut Ltd.
- Simple Finance Technology Corp.
- Ubank Limited
- Webank, Inc.
- Tangerine Bank
For more information about this report visit https://www.researchandmarkets.com/r/4ru80g
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