About Neobanking
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 | 2020-2032 |
Base Year | 2024 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that German, United Kingdom and United States Players will contribute the maximum growth to Global Neobanking market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are N26 (Germany), Digibank (India), Fidor Bank (Germany) and Revolut Ltd (United kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Neobanking market by Type (STK, BREW and WAP), Application (Personal Application, Enterprise Application and Others) and Region.
On the basis of geography, the market of Neobanking 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). Europe region held largest market share in the year 2024.
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
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
Key Target Audience
Neobanks, Banks, SMEs, Large Businesses, Industry Association, Government Organizations and Downstream Vendors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.