Based on Reports and Data's latest analysis, the global Neo and Challenger Banks industry was valued at USD 30.99 Billion in 2020 and is expected to grow at a CAGR of 46.5% between 2020 and 2028. The market's growth is driven by favorable regulations from various governments worldwide and the convenience of quick account opening that Neo Banks offer to their customers. Additionally, the increasing internet penetration, especially in developing nations like India and China, is another driver for the rise of the Neo Banks Market. Neo banks' success is fueled by their adoption by millennials, micro, small, and medium enterprises (MSMEs), and people with irregular income streams, as well as their use of innovative technologies and rising consumerism. For Neo banks to become more widely accepted, greater smartphone and internet penetration is essential, along with user comfort with digital applications and basic knowledge of financial products and services. Nevertheless, the market's growth may be hindered by the limited range of products offered by these banks.
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Top Companies Operating in the Global Neo Banks Market Report:
Atom Bank PLC, Movencorp, Inc., Simple Finance Technology Corporation, Fidor Bank AG, Pockit Ltd., Ubnak, Monzo Bank Ltd., MyBank, WeBank, Holvi Bank, Hello Bank, Koho Bank, Rocket Bank, and Soon Banque.
Further key findings from the report suggest
- The valuation for the Global Neo Challenger Banks market was USD 30.99 Billion in 2020 and is predicted to reach USD 394.64 Billion by 2026.
- Neo banks segment held a share of more than 55% in 2018. The wide popularity of this banks will help it retain its larger share in the market till 2026.
- Convenience for customers in form of quick account opening is another factor of Neo Bank that is further accelerating the market growth.
- The business segment dominated the market in terms of revenue in 2018, on account of rising acceptance of mobile and digital banking as a payment method by most of the large and small sized enterprises.
- Personal segment is forecasted to witness moderate to slow growth over the forecasted period. The segment was largest in the North American region on account of large popularity of the personal application of Neo Challenger banks.
- Advantages of such like low cost structure, high rates on savings and fixed deposits in comparison to traditional banks as well as 24*7 support are the factors due to which the customers are welcoming the use of such banks increasingly, thereby helping the growth of the market.
- These banks are at the forefront of the market in terms of customer base and are projected to maintain their dominance through the forecast period. Challenger banks are projected to witness rapid growth in customer base in the coming future on account of favorable regulatory norms and enhanced convenience offered by these banks.
- Competitors in the market are engaging in strategic partnerships and agreements in order to tactically improve their global footprint in the market.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Type (Revenue, USD Billion; 2018–2028)
- Neo Bank
- Challenger Bank
Application (Revenue, USD Billion; 2018–2028)
- Personal
- Business
Services Provided (Revenue, USD Billion; 2018–2028)
- Checking Savings account
- Payment Money transfer
- Loans
- Mobile Banking
- Investment Accounts
- Retirement Savings
- Others
Key Takeaways of the Global Neo Banks Market Report:
- A comprehensive overview of the global Neo and Challenger Banks industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Neo Banks Market.
- Elaborate study of the leading regional markets in the global Neo Banks Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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