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During the projection period (2023-2030), the neobanking market is expected to expand from its 2022 valuation of USD 36.18 bn at a CAGR of 55.8%, reaching a value of USD 2048.59 bn by 2030.
Customers' increasing need for ease in banking is anticipated to be a major factor in the industry's future expansion. Neobanks are financial institutions that function online rather than through traditional brick-and-mortar locations. By utilizing the internet and mobile sites, they aid people in instantly verifying the veracity of their service claims. The rising popularity of online banking thanks to the proliferation of smartphones and the internet is also anticipated to boost demand for neobank platforms.
A lot of companies are putting out banking apps for mobile devices. Start-up digital banks have been collecting a significant user base actively using their services, while the major banks have been slower to adapt to new technology and changing client needs. In addition, these new companies are working to provide services that can be seamlessly integrated into existing enterprise workflows. The tailored insights, cheaper prices, user-friendly interfaces, predictive intelligence, ease of access, and simplified process offered by neobanks are posing a threat to the universal banking paradigm.
The market is expanding since more and more banks and organizations are collaborating to offer neobanks platforms. The common goal of these collaborations is to make life easier and safer for customers. In April 2021, for example, the people behind Google Pay announced that they will be launching a new neobank called Fi in conjunction with the Federal Bank to serve salaried millennials with fast savings accounts and debit cards. Financial institutions can now offer cutting-edge digital services thanks to widespread internet access made possible by recent technological developments. The popularity of digital wallets has also been pushing the development of new online banking systems.
Visa, a multinational financial services corporation, estimates that there are over a billion mobile money wallets in use throughout the world. Many banks and credit unions are teaming up with mobile money wallet companies to facilitate low-cost money transfers. Retail customers and SMEs alike are showing a growing interest in neobanking. Retail customers and SMEs are increasingly choosing neobanks over traditional banks due to the convenience of their digital services, such as free debit cards, digitalized account opening, personal finance advisory, instant payments, e-bill generation, invoice management, account integration, and GST-compliant invoicing.
After the advent of internet banking, mobile banking, app-based banking, and online payments, the next logical step in the development of banking was neobanking. Neobanks provide customers with a narrow range of banking options that tend to be highly specialized. Neobanks were created to shake up the banking system by providing services exclusively online and optimizing them for mobile devices. Financial institutions should give significant consideration to these upstarts because of the many advantages they provide to the banking industry.
Customers are attracted to neobanks because they make financial management and decision making more straightforward and easy to access. There is a proliferation of neobanks throughout the international banking system. Some arise as independent FinTech firms, while others are developed for widespread adoption by traditional financial institutions. However, neobanks provide customers with a straightforward approach to managing their money, regardless of their origin.
The neobanking sector consists of tech-driven institutions that provide only digital banking products and services. Bills can be paid and cheques deposited using a mobile device. All banking services and more are offered digitally by these online-only banks, which don't have any physical locations. Artificial intelligence (AI), automation, and cloud computing are just some of the technologies that neobanks use to provide customers with highly customized services at cheaper rates. A neo-bank is a digital banking system that is customer-centric and technology-driven, and it often prioritizes mobile banking above physical locations. The key factor in this upheaval is the application of technology to enhance the final customer's experience. Secure funds transfers across an endless number of bank ledgers are made possible by using blockchain technology in international trade. This eliminates the need for the typical middlemen involved in moving money from one financial institution to another. This method provides a safe, fast, and low-cost exchange. It also offers global end-to-end visibility.
Report Coverage
Global Neobanking research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Neobanking report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Neobanking competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Neobanking market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Neobanking market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Neobanking market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Revolut, N26, Monzo, Chime, Varo Bank, Starling Bank, TransferWise, Robinhood, Ally Bank, Simple, Aspiration, Dave, Moven, Stash, Atom Bank, Tandem Bank, Marcus by Goldman Sachs, SoFi, Current, Fidor Bank.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Neobanking market based on the below-mentioned segments:
Global Neobanking Market, By Service Type
Loans
Others
Mobile Banking
Payments and Money Transfer
Checking/Savings Account
Global Neobanking market, By Application
Enterprise
Personal
Global Neobanking Market, By Account Type
Business Account
Saving Account
Global Neobanking market, Regional Analysis
Customers' increasing need for ease in banking is anticipated to be a major factor in the industry's future expansion. Neobanks are financial institutions that function online rather than through traditional brick-and-mortar locations. By utilizing the internet and mobile sites, they aid people in instantly verifying the veracity of their service claims. The rising popularity of online banking thanks to the proliferation of smartphones and the internet is also anticipated to boost demand for neobank platforms.
A lot of companies are putting out banking apps for mobile devices. Start-up digital banks have been collecting a significant user base actively using their services, while the major banks have been slower to adapt to new technology and changing client needs. In addition, these new companies are working to provide services that can be seamlessly integrated into existing enterprise workflows. The tailored insights, cheaper prices, user-friendly interfaces, predictive intelligence, ease of access, and simplified process offered by neobanks are posing a threat to the universal banking paradigm.
The market is expanding since more and more banks and organizations are collaborating to offer neobanks platforms. The common goal of these collaborations is to make life easier and safer for customers. In April 2021, for example, the people behind Google Pay announced that they will be launching a new neobank called Fi in conjunction with the Federal Bank to serve salaried millennials with fast savings accounts and debit cards. Financial institutions can now offer cutting-edge digital services thanks to widespread internet access made possible by recent technological developments. The popularity of digital wallets has also been pushing the development of new online banking systems.
Visa, a multinational financial services corporation, estimates that there are over a billion mobile money wallets in use throughout the world. Many banks and credit unions are teaming up with mobile money wallet companies to facilitate low-cost money transfers. Retail customers and SMEs alike are showing a growing interest in neobanking. Retail customers and SMEs are increasingly choosing neobanks over traditional banks due to the convenience of their digital services, such as free debit cards, digitalized account opening, personal finance advisory, instant payments, e-bill generation, invoice management, account integration, and GST-compliant invoicing.
After the advent of internet banking, mobile banking, app-based banking, and online payments, the next logical step in the development of banking was neobanking. Neobanks provide customers with a narrow range of banking options that tend to be highly specialized. Neobanks were created to shake up the banking system by providing services exclusively online and optimizing them for mobile devices. Financial institutions should give significant consideration to these upstarts because of the many advantages they provide to the banking industry.
Customers are attracted to neobanks because they make financial management and decision making more straightforward and easy to access. There is a proliferation of neobanks throughout the international banking system. Some arise as independent FinTech firms, while others are developed for widespread adoption by traditional financial institutions. However, neobanks provide customers with a straightforward approach to managing their money, regardless of their origin.
The neobanking sector consists of tech-driven institutions that provide only digital banking products and services. Bills can be paid and cheques deposited using a mobile device. All banking services and more are offered digitally by these online-only banks, which don't have any physical locations. Artificial intelligence (AI), automation, and cloud computing are just some of the technologies that neobanks use to provide customers with highly customized services at cheaper rates. A neo-bank is a digital banking system that is customer-centric and technology-driven, and it often prioritizes mobile banking above physical locations. The key factor in this upheaval is the application of technology to enhance the final customer's experience. Secure funds transfers across an endless number of bank ledgers are made possible by using blockchain technology in international trade. This eliminates the need for the typical middlemen involved in moving money from one financial institution to another. This method provides a safe, fast, and low-cost exchange. It also offers global end-to-end visibility.
Report Coverage
Global Neobanking research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Neobanking report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Neobanking competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Neobanking market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Revolut, N26, Monzo, Chime, Varo Bank, Starling Bank, TransferWise, Robinhood, Ally Bank, Simple, Aspiration, Dave, Moven, Stash, Atom Bank, Tandem Bank, Marcus by Goldman Sachs, SoFi, Current, Fidor Bank. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Neobanking Market from 2021 to 2030.
- Market Forecast for Neobanking Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Neobanking competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Neobanking
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Neobanking market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Neobanking market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Revolut, N26, Monzo, Chime, Varo Bank, Starling Bank, TransferWise, Robinhood, Ally Bank, Simple, Aspiration, Dave, Moven, Stash, Atom Bank, Tandem Bank, Marcus by Goldman Sachs, SoFi, Current, Fidor Bank.
Primary Target Market
- Market Players of Neobanking
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Neobanking market based on the below-mentioned segments:
Global Neobanking Market, By Service Type
Loans
Others
Mobile Banking
Payments and Money Transfer
Checking/Savings Account
Global Neobanking market, By Application
Enterprise
Personal
Global Neobanking Market, By Account Type
Business Account
Saving Account
Global Neobanking market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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Through INFINITIVE Data Expert is a professional Market Research services, I will identify the neobanking market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.