Dublin, March 19, 2024 (GLOBE NEWSWIRE) -- The "Neobanking Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The neobanking market size is expected to see exponential growth in the next few years. It will grow to $836.11 billion in 2028 at a compound annual growth rate (CAGR) of 47.5%. Anticipated growth in the forecast period is driven by open banking initiatives, the emergence of embedded finance, the ascent of challenger banks, diversification in product offerings, and expansion beyond core banking services. Major trends expected in this period include the integration of open banking platforms, partnerships with fintech and tech giants, the utilization of AI and machine learning for personalized finance, the incorporation of virtual and contactless banking features, and a customer-centric approach within the industry.
The increasing demand for digitalization among banking institutions globally is playing a significant role in driving the growth of the neobanking market. Digital banking involves the comprehensive digitization of all banking processes and the substitution of physical bank branches with a continuous online presence, eliminating the need for customers to visit a physical location. This transformation automates traditional financial services, allowing customers to access banking products and services online or through electronic platforms. Neobanking facilitates the digitization of banks by enabling financial institutions to operate online without physical branches, offering digital equivalents of traditional banking services. Leveraging technologies such as artificial intelligence (AI), automation, and cloud computing, neobanks provide highly personalized services at reduced costs. According to a 2021 survey conducted by McKinsey and Company, the adoption of digital banking in Asia-Pacific developing countries increased significantly from 2017 to 2021, reaching 88% in 2021. As a result, the growing demand for digitalization in the banking sector is expected to drive the continued expansion of the neobanking market.
Neobanking Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market. This report focuses on neobanking market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
A selection of companies mentioned in this report includes
- Wells Fargo & Company
- U.S. Bancorp
- TD Ameritrade Holding Corporation
- Webank Inc.
- Nubank
- Chime Financial Inc.
- SoFi Technologies Inc.
- Green Dot Corporation
- Robinhood Markets Inc.
- Revolut Ltd.
- Upgrade Inc.
- Monzo Bank Ltd.
- Aspiration Inc.
- Tangerine Bank
- N26 GmbH
- Starling Bank Ltd.
- Personal Capital LLC
- Radius Financial LLC
- Ubank Limited
- Betterment LLC
- Bunq BV
- Stash Invest LLC
- Wealthfront Corporation
- Simple Finance Technology Corp.
- Daylight Financial Corp.
- Vivid Money GmbH
- Monese Ltd.
- Varo Money Inc.
- Current Financial Inc.
- Acorns Grow Inc.
- JPMorgan Chase & Co.
For more information about this report visit https://www.researchandmarkets.com/r/844rxy
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