What is Neobanking Software Market?
Neobanking Software is used by Neobanks which are digital financial firms offering internet-only financial services and may not have any physical branches. These software’s are used by tech-savvy consumers who don't mind doing most of their banking through a mobile app. This software helps to save on the costs of banking by cutting the bank service charges taken in traditional banking systems. The popularity of Neobanking is increasing rapidly. According to the Study, in 2018, the neo bank market accounts for about USD18.60 billion and is expected to reach USD 394.64 billion by 2026 with a herculean growth of 46.5% in the coming years. This will boost the demand for neo banking software in the next five years.
Highlights from Neobanking Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Current Market Size (2022) | USD47.0 Billion |
Unit | Value (USD Billion) |
Key Companies Profiled | Open Financial Technologies Pvt Ltd.(India), NiYO Solutions (India), SBI YONO (India), Kotak 811 (India), Tide (United Kingdom), Chime(United States), Monzo (United Kingdom), WeBank (China), Starling Bank (United Kingdom), N26 (Germany), Nubank (Brazil), Revolut Ltd (United Kingdom) and Xinja (Australia) |
CAGR | 43.0% |
Open Financial Technologies Pvt Ltd.(India), NiYO Solutions (India), SBI YONO (India), Kotak 811 (India), Tide (United Kingdom), Chime(United States), Monzo (United Kingdom), WeBank (China), Starling Bank (United Kingdom), N26 (Germany), Nubank (Brazil), Revolut Ltd (United Kingdom) and Xinja (Australia) are some of the key players profiled in the study. Neobanking Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Personal Banking and Enterprise Banking |
Type | Integrated Software and Standalone Software |
Software Subscription | Monthly,Quarterly,Annual |
Deployment | Cloud,On-premises |
According to AMA, the Global Neobanking Software market is expected to see steady growth rate and may see market size of USD364.0 Billion by 2028.On the basis of geography, the market of Neobanking Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Trend for Online Payments
Market Growth Drivers:
Hassle-free Account Creation and No Credit Limits, Increasing Mobile Penetration and User-friendly Interface
Challenges:
Lack of Knowledge among Rural Customers
Restraints:
Authenticity and Financial Security Concerns
Opportunities:
Seamless International Payments and Increasing Adoption for Business Payments
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Neobanking Software Providers, Neobanking Providers, Cloud Service Providers and Venture Capitalists and Private Equity Firms