Fort Collins, Colorado, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Neobanking Market was valued at USD 47.2 Billion in 2022 and is expected to reach USD 2,361.2 Billion by 2032 at a CAGR of 47.9%.
Neobanks are an alternative to traditional banks but with no physical branches. These banks operate entirely online and provide quick services to their customers. These banks offer services like lending, money transfers, savings accounts, and debit and credit cards, but they do not have traditional banking licenses, making them work in partnership with any licensed banks. The demand for neobanking is projected to impact the banking industry in developing countries positively.
A rise in neobanking transactions was majorly high during the pandemic when people preferred doing all their banking activities from their homes. Also, since the traditional banks lacked online services due to due to limited exposure before the pandemic, these banks have adopted an online approach and witnessed considerable growth during this period. The market growth is projected to be high because these banks operate totally online mode with the least operational and maintenance costs like traditional banks.
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Segmentation Overview:
The global neobanking market has been segmented into type, services, account type, and region. Full-stack digital banks is the leading segment in the forecast period. Due to the broader integration of digital and AI-powered services with banking offered by the neobanks, as a result these banks have obtained the licenses to operate like other regular banks. China and India have a significant stake in this market in this region. This is because of the ease of the transaction it provides to the customers and, in China, major companies like Alipay, JD Finance, and WeChat have integrated this payment method into their transaction apps.
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Neobanking Market Report Highlights:
- The global neobanking market growth is anticipated at a CAGR of 47.9% by 2032.
- The neobanking market growth is expected to achieve an optimal level in the forthcoming years attributed to their popularity.
- Front-end neobanks held a significant market share in 2022 and are projected to continue dominating in the following years.
- Insurance and mutual funds are the segments projected to grow fast during the forecast period. Many countries license these organizations to expand their business and venture into new financial sectors.
- Some prominent players in the neobanking market report include Starling Bank, Monzo, NuBank, Revolut Ltd., Atom Bank Plc., Chime, Varo, Chqbook, Monese, N26, Fi Money, Jupiter Money, Niyo and others.
Industry Trends and Insights:
- In 2023, Starling Bank has partnered with Napier to screen the transactions related to Anti-Money Laundering and counter-terrorism financing, ensuring that the funds in this bank are not used for any illegal or inappropriate activities.
- In India, the Niti Aayog has also laid out a three-step plan for neobanks to become a full-stack digital bank, however, the draft is under progress as the terms are yet to be completed. The final ruling is expected to happen at the end of the 2023, after all the founders in the neobank ecosystem have submitted their suggestions.
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Neobanking Market Segmentation:
- By Type: Front-end Neo banks, digital banking units, full-stack digital banks
- By Services: Mobile banking, money transfer, loans, others
- By Account Type: Savings account, business account
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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