According to AMA, the Neo and Challenger Bank market will register a CAGR of above 44.35% by 2027. The study covers a detailed analysis segmented by key business segments i.e. by type (Neo Bank and Challenger Bank {Small Challenger, Large Challenger}) , by application (Personal and Business) and major geographies. Research Analyst at AMA predicts that United Kingdom Players will contribute to the maximum growth of Global Neo and Challenger Bank market throughout the predicted period.
What is Neo and Challenger Bank?
Neo & challenger bank are also known as Digital challenger bank, is a new type of digital bank that exists without any branches. Neo & Challenger Banks are 100% digital, hence simplifying the financial world, creating a customer centric approach to services, and transforming the way banking is viewed by the public and the market. This banks are gaining customer attention as they deliver larger returns on equity and charge low interest rate on loans offered as compared to those prominent traditional banks. Additionally, offers greater flexibility when it comes to lending through streamlined operations and cost. Neo Banks are basically reinventing the practices and processes associated with traditional banking to make process more convenient for the customers as complete operations can be handled with the help of the mobile. Moreover, favorable government conditions and increasing fad for digitization will fuel the market for this banks.
The competition is expected to become even more intense in the years to come due to entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Neo and Challenger Bank market analysis report suggests strategies Players can follow and recommends key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, including:
- Atom Bank (United Kingdom)
- Movencorp (United States)
- Starling Bank (United Kingdom)
- MyBank (China)
- WeBank (China)
- Simple Finance Technology (United States)
- BPCE (France)
- N26 (Germany)
- Pockit (United Kingdom)
- Ubank (Australia)
- Monzo Bank (United Kingdom)
- Holvi Bank (Finland)
- Hello Bank (France)
- Koho Bank (Canada)
- Rocket Bank (Bangladesh)
- Digibank (India)
- Timo (Vietnam)
- Jibun (Tokyo)
- Jenius (Indonesia)
Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future.
Market Trend
Inclination towards mobile banking and Fad for reckless transactions
Restraints
- Being Online Only Maybe Insufficient to Maintain Strong Customer Relationship
- Good Customer Experience is Hard to Build and Harder to Maintain
Opportunities
Enhanced interest for Digitization and Convenient operations based on mobile platform
Key highlights of the Global Neo and Challenger Bank market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Neo and Challenger Bank market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global Neo and Challenger Bank market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Neo and Challenger Bank Players
Transformation and Important Trigegrs:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Neo and Challenger Bank market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Neo and Challenger Bank market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Channel partners, Industry Association, Governments and investment communities and Research organizations and associations.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.