Neobanking Market: Global Industry Analysis 2015 to 2020 and Opportunity Assessment 2021 to 2027

  • Report ID: BMRC 1558 | Number of pages: 192 | Published Date: May 2021

    Published | Category: Technology And Media | Delivery Timeline: 48 hrs

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Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027

Global Neobanking Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Growing adoption of mobile and the internet across the world, increasing number of collaborations of different banks and organizations and increasing technological advancements are anticipated to drive the growth of Global Neobanking Market.

Global Neobanking Market Size is valued at USD 31.37 Billion in 2020 and expected to reach USD 377.94 Billion by 2027 with a CAGR of 42.7% over the forecast period.

Scope of Global Neobanking Market Report:

Neobanks are online-just economic foundations that are like banks. A neobank is a sort of digital bank with no branches. It is not genuinely present at a particular area; neobanking is overall on the web. Neobanks can be called fintech firms that give computerized and mobile- first financial arrangements installments and money transfers, money loaning and so on. In contrast to a traditional banking system, neobanks have totally a unique business model in general. In any case, as traditional banks, neobanks do make money barely between cash inflow and loaning. Also there isn’t a physical area but they're totally online, the client expenses are cut by a considerable amount. Since neobanks are consumer-centric, they offer customized types of services to their clients that are started up by means of technology. Neobanks don't have their very own bank permit however depend on bank partners to give bank license administrations. As the financial landscape is moving towards client experience and fulfillment, a gap has created from what the traditional banks offer to what clients anticipate. Also, neobanks are making an endeavor to fill that gap.

During Covid-19 pandemic, the rising dependency on online services may fasten the adoption of neo banking. Covid-19 pandemic has shown a positive impact on global neobanking market growth. Thinking about the pandemic and the digital-only new normal, the extension and opportunity for neobanks to support are tremendous today. Long manual cycles, poor client experience, tedious and less productivity are a portion of the issues that neobanks have vowed to address. For instance; the World Health Organization (WHO) has encouraged people to utilize contactless installment and try not to deal with banknotes however much as much as possible. That is because of the Covid may keep on living on banknotes for quite a long time, speeding up spread of the disease.

Global neobanking market is segmented on the basis of account type, application and region & country level. Based upon account type, the global neobanking market is classified into business account and savings account. Based upon application, the global neobanking market is divided into enterprises, personal and others.

Global Neobanking Market Segmentation:

By Account Type:

  • Business Account
  • Saving Account

By Application:

  • Enterprises
  • Personal
  • Other

The regions covered in this global neobanking market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of neobanking is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players for Global Neobanking Market Report:

Some major key players for global neobanking market report cover prominent players Atom Bank PLC, WeBank, Inc., N26, Revolut Ltd., Monzo Bank Limited, Fidor Bank Ag, MyBank, Simple Finance Technology Corporation, Ubank Limited, Movencorp Inc. and others.

Neobanking

News: Neobank Fi Launched in Partnership with Federal Bank

On April 22nd, 2021; Co-creators of Google Pay, Sujith Narayanan and Sumit Gwalani launched Fi, a neobank for salaried millennials in collaboration with Federal Bank. Fi's iOS application is underway and will be delivered soon. The entirety of its present features, for example, financial partner AskFi and Fit Rules, which naturally saves, pays, or set updates dependent on external occasions and triggers, are allowed to utilize. There is no information exchange cost and clients have the alternative to open a zero-balance account. The smooth client experience by means of the application is supplemented with the safety, stability and technological ability of Federal Bank. Fi expects to be a significant accomplice in their money desire venture, empowering them to improve on funds and de-confuse investment savings.

Growing Adoption of Mobile and the Internet Across the World, Increasing Number of Collaborations of Different Banks and Organizations and Increasing Technological Advancements are Anticipated to drive the Market Growth

Increasing penetration of mobile and the internet across the world is one of the major factors driving the market growth. According to the examination conducted by the Fidelity National Information Services (FIS), which works with 50 of the world's biggest banks, there was a 200% leap in new mobile banking enrollments toward the beginning of April, while mobile financial traffic rose 85%. In addition, increasing number of collaborations of different banks and organizations is also supplementing the market growth. For instance, in November 2020, N26 presented a membership based digital banking suite. This suite helps people and organizations to deal with their reserve funds and expenses in a superior manner. The top notch membership arrangements, N26 Smart and N26 Business coordinated new money management features like Round-Ups and committed telephone support. Furthermore, increasing technological advancements in this field are also fostering the market growth. However, authenticity and financial safety factors may hamper the neobanking market growth. In spite of that, neobanks are adopting open APIs to propose a flawless experience to their consumers and cost effective banking can offer more opportunities for the further growth of the neobanking market.

Asia Pacific is Expected to Emerge as a Fastest Growing Region in the Global Neobanking Market

Asia Pacific is the fastest developing neobanking market inferable from the presence of rising investments in the fintech sector, increasing in mergers and acquisitions activities and growing adoption of online transaction in this region. According to key fintech report, India is a progressively more significant fintech hotbed, with more than 2,000 new companies numbered in 2019, contrasted with a little more than 700 of every 2014. Rising number of mergers and acquisitions in this region are also supplanting the market growth in this region.

Europe is projected to capture significant revenue share in the global neobanking market due to growing innovation and technological progression in this region. In addition, companies are paying attention on launching product platforms and forming partnerships to support their market position in this region. As per a news, in February, 2019, Fidor framed a coordinated effort with Finn AI, the world's driving AI-fueled conversational banking innovation supplier. Under this coordinated effort, Fidor dispatched its new banking chatbot, planned as a team with Finn AI. This launch recognized Fidor as the first advanced financial service organization to fix a remote helper inside its technology stack.

Report Analysis Details
Historical data 2015 - 2020
Forecast Period 2021 - 2027
Market Size in 2020: USD 31.37 Billion
Base year considered 2020
Forecast Period CAGR %:

42.70 %

Market Size Expected in 2027: USD 377.94 Billion
Tables, Charts & Figures: 175
Pages 200
Key Players/Companies Atom Bank PLC, WeBank, Inc., N26, Revolut Ltd., Monzo Bank Limited, Fidor Bank Ag, MyBank, Simple Finance Technology Corporation, Ubank Limited, Movencorp Inc. and others
Segments Covered By Account Type, By Application
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits for Global Neobanking Market Report

  • Global Neobanking Market report covers in-depth historical and forecast analysis.
  • Global Neobanking Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
  • Global Neobanking Market report helps to identify opportunities in marketplace.
  • Global Neobanking Market report covers extensive analysis of emerging trends and competitive landscape.

Neobanking Market By Regional & Country Level:

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • France
  • Germany
  • Italy

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

Latin America

  • Brazil
  • Mexico


Frequently Asked Questions (FAQ) :
Global Neobanking Market is valued at USD 31.37 Billion in 2020 and expected to reach USD 377.94 Billion by 2027 with a CAGR of 42.7% over the forecast period.
Atom Bank PLC, WeBank, Inc., N26, Revolut Ltd., Monzo Bank Limited, Fidor Bank Ag, MyBank, Simple Finance Technology Corporation, Ubank Limited, Movencorp Inc. and others
Asia Pacific is the fastest developing neobanking market inferable from the presence of rising investments in the fintech sector, increasing in mergers and acquisitions activities and growing adoption of online transaction in this region
Growing adoption of mobile and the internet across the world, increasing number of collaborations of different banks and organizations and increasing technological advancements are anticipated to drive the growth of Global Neobanking Market



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Neobanking Market Statistics 2021 Global Trends Analysis to 2027 and Analysis 2019-2025

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