New York, United States , Dec. 13, 2023 (GLOBE NEWSWIRE) -- The Global Neobanking Market Size is to Grow from USD 51.42 Billion in 2022 to USD 2775.48 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 49.01% during the projected period.
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A Neobank is a type of direct bank that only conducts business online and lacks traditional physical branch networks; it is also referred to as an online bank, internet-only bank, digital bank, or electronic bank. Neo Banks are financial institutions that conduct business with licenced banks. They use API banking to automate financial processes and give customers access to a centralised dashboard where they can manage everything from accounting to reconciliations and payments. Neobanks are fintech companies that provide automated and mobile-first financial services such as payments and money transfers, money lending, and so on. Neobanks, in general, operate on a completely different business model than traditional banks. In any case, neobanks, like traditional banks, only profit from cash inflows and loaning. Furthermore, because there is no physical location and everything is done online, client expenses are significantly reduced. Because neobanks are consumer-centric, they offer tailored services to their customers that are made possible by technology. Neobanks do not have their own bank licence and must rely on bank partners to administer bank licences. A chasm has formed as the financial landscape shifts towards client experience and fulfilment. As the financial landscape shifts towards customer experience and fulfilment, a gap has opened between what traditional banks provide and what customers expect. Neobanks are attempting to fill the gap as well.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on the "Global Neobanking Market Size, Share, and COVID-19 Impact Analysis, By Account Type (Business account, Savings account), By Services (Mobile-banking, Payments, money transfers, savings, Loans, Others), By Application Type (Personal, Enterprises, Other applications), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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COVID 19 Impact
The COVID-19 pandemic is predicted to open up new growth opportunities for the market because of consumers' growing reliance on online banking services. Following the pandemic, a slew of social, political, and economic challenges has emerged around the world. These difficulties affect both financial service providers and investors. On the contrary, many SMEs relied on neobanks to meet their working capital needs during the pandemic, propelling the market forward.
The business accounts dominate the market with the largest revenue share over the forecast period
Based on the account type, the global neobanking Market is segmented into business accounts and savings accounts. Among these, the business accounts segment is dominating the market with the largest revenue share over the forecast period. Many businesses around the world are adopting neobanking as their preferred method of payment for large payouts. Furthermore, the ability of neobank platforms to reduce human intervention and provide simplicity and ease of processes in disbursals to vendors and other stakeholders is expected to drive segment growth.
The money transfers segment is witnessing significant CAGR growth over the forecast period.
On the basis of the services, the global neobanking market is segmented into mobile banking, payments, money transfers, savings, loans, and others. Among these, the money transfers segment is witnessing significant growth over the forecast period. The money transfer process is very simple consumer can easily transfer funds between accounts. Consumer can transfer money from one location to another locations within minutes. There is no need to go to airports or railway stations to book tickets and a induvial easily pay monthly bills via online. Such as this segment has the largest share over the forecast period for a variety of reasons.
The enterprises segment dominates the market with the largest revenue share over the forecast period
Based on the application, the global neobanking market is segmented into personal, enterprises, and others. Among these, the enterprise segment is dominating the market with the largest revenue share over the forecast period. Enterprise platforms provide services such as credit management, transaction management, and asset management. In order to provide a better customer experience, several neobank service providers for SMEs are working to expand their product portfolios through acquisitions. For example, Open, a provider of SME neobanking platforms, announced in December 2021 the acquisition of Fining, a consumer neobanking platform, for USD 10 million in cash and stock.
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Europe dominates the market with the largest market share over the forecast period.
Europe segment accounted for the largest market share over the forecast period 2023 to 2032. The growth of the regional market can be attributed to the development of numerous innovative technologies and the early adoption of new technologies. In order to strengthen their market position, companies are also focusing on the launch of product platforms and the formation of partnerships. Several regional neobanks have established physical distribution channels in order to establish O2O distribution, thereby creating market growth opportunities.
Asia Pacific is expected to grow the fastest during the forecast period. The growing use of smartphones, as well as the increasing adoption of Internet services, is expected to accelerate market growth. Furthermore, simple and convenient banking services, as well as the rise of digital-only banks in Japan, India, and China, are expected to contribute to regional market growth. Furthermore, the region's young demographics are expected to be an added benefit for neobank adoption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the global neobanking market are Movencorp Inc., Mybank, N26, Revolut Ltd., Simple Finance Technology Corp., Ubank Limited, Webank, Inc., Atom Bank PLC, Fidor Bank Ag,Monzo Bank Ltd, and others.
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Recent Market Developments
- In August 2023, In Singapore, Revolut Ltd. launched Instant Card Transfers.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the neobanking market based on the below-mentioned segments:
Neobanking Market, Account Type Analysis
- Savings Account
- Business Account
Neobanking Market, Services Analysis
- Mobile-Banking
- Payments
- Money Transfers
- Savings
- Loans
- Others
Neobanking Market, Application Analysis
- Personal
- Enterprises
- Others
Neobanking Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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