Direct Bank Market Scope
A direct bank is a bank without any branch network that offers its services remotely via online banking and telephone banking. It may also provide access via ATMs, mail and mobile. By operating this way direct banks reduces running costs and can offer more cost-efficient products. These banks offers only online saving accounts and offers higher interest rates than their traditional competitors as these banks are cost efficient to operate.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Atom Bank (United Kingdom), Simple Bank (United States), Fidor Bank (Germany), N26 Bank (Germany), Pockit (United Kingdom), Ubank (Australia), Monzo Bank (United Kingdom), Holvi Bank (Finland), Hello Bank (France) and Jibun Bank (Japan) |
CAGR | 43.65% |
Direct Bank is highly competitive, with several key players dominating the industry. The market players are focused on developing a variety of features and benefits to meet the needs and preference of consumers. Thus, constantly introducing new innovation in processing to meet the changing needs and preference of consumers. The companies are also planning strategies activities like partnerships, merger, and acquisition which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that Global Players will contribute to the maximum growth of Global Direct Bank market throughout the predicted period.
Atom Bank (United Kingdom), Simple Bank (United States), Fidor Bank (Germany), N26 Bank (Germany), Pockit (United Kingdom), Ubank (Australia), Monzo Bank (United Kingdom), Holvi Bank (Finland), Hello Bank (France) and Jibun Bank (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Movencorp (United States) and Others.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Direct Bank market by Type , by Application (Business and Personal) and Region with country level break-up.
On the basis of geography, the market of Direct Bank 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).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In October 2023, French digital payment company Worldline, which deploys point-of-sales terminals at merchant outlets, has started direct merchant acquisition business in India. It has also launched a new business application on its new generation Android-powered smart terminals which can help merchants accept payments, reconcile their daily sales, access business loans and offer pay later options to their customers.
In October 2023, ICICI Bank announced the launch of ‘iFinance’, enabling crores of customers-retail and sole proprietors, to get a consolidated view of their savings and current accounts in one place. Customers of other banks can also get the benefit from this facility, which ICICI Bank has introduced by leveraging the Account Aggregator ecosystem, on the Bank’s digital platforms, namely iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB) and InstaBIZ, the Bank’s mobile app for businesses.
Influencing Trend:
Continued Cloud Technology Improvements
Market Growth Drivers:
Lack of Significant Infrastructure and Overhead Costs and Offers Higher Interest Rates or Annual Percentage Yields
Challenges:
Provides Limited Services and Less Awareness in Some Regions
Restraints:
Less Flexibility with Transactions and No Personal Relationships
Opportunities:
Growing Demand from Key Regions and Rising Use of Internet Worldwide will Create Future Opportunities
Key Target Audience
Direct Bank Providers, Emerging Companies, Research Professionals, Government Body & Associations and End-user