Industry Background:
The banking sector has traditionally been a monopoly, with the global biggest institutions upholding a relatively unchallenged control. Though, a new breed of digital-only neobanks are starting to break this hold. Neobanking is a new banking technology which delivers complete online banking solutions to its customers. These banks are different from traditional banks, such as they have no physical offices as well as branches. This type of banking allows all banking solutions, from opening an account to other services, deprived of the requirement to go to a bank. Currently, due to low competition, Neobanks are enjoying a co-operative environment. Easy procedures of account opening, transactions, etc. are robust driving factors for the market. Furthermore, the user interface of the Neobank websites provides it an upper hand. However, the authenticity as well as financial security factors may limit the market growth. The unstoppable rise of neobanks is expected to impel the growth of the global neobanking market over the coming years.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | The Bank of America Corporation(United States), Deutsche Bank AG (Germany), Citigroup Inc. (United States), Simple Finance Technology (United States), Atom Bank (United Kingdom), Movencorp (United States), HSBC Holdings plc (United Kingdom), MyBank (China) and WeBank (China) |
This growth is primarily driven by Growing demand for customer convenience in the banking sector, The emergence of multiple technology startups & early adoption technology and Low Interest Rates and Favorable Government Regulations.
Globally, a noticeable market trend is evident Inclination towards mobile baking The Internet Software & Services sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as The Bank of America Corporation(United States), Deutsche Bank AG (Germany), Citigroup Inc. (United States), Simple Finance Technology (United States), Atom Bank (United Kingdom), Movencorp (United States), HSBC Holdings plc (United Kingdom), MyBank (China) and WeBank (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Regulatory Insights:
The EU’s common standards are helping neobanks, they allow a neobank to rapidly expand its customer base, safe in the knowledge it is obeying with regulatory standards. N26, for instance, has now expanded into 17 different markets meanwhile it was founded five years ago. In current years, though, the EU’s progressive approach to financial regulation has opened the sector up to greater rivalry. The original Payment Services Directive, that became law in November 2009, improved industry transparency and offer
Influencing Trend:
Inclination towards mobile baking
Market Growth Drivers:
Growing demand for customer convenience in the banking sector, The emergence of multiple technology startups & early adoption technology and Low Interest Rates and Favorable Government Regulations
Challenges:
Currency fluctuations
Restraints:
Authenticity and financial security factors
Opportunities:
Improved interest for Digitization & Convenient operations based on mobile platform
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Neobanking Market
- Analysis about New Entrants in Neobanking Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Neobanking Study Sheds Light on
The Neobanking Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Neobanking industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Neobanking industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.