Market Overview:
The global neobanking market is expected to grow at a CAGR of over 16% during the forecast period from 2018 to 2030. The growth in the market can be attributed to various factors such as increasing demand for digital banking services, rising adoption of smartphones and tablets, and growing need for convenience among consumers. In addition, the increasing penetration of financial technology (fintech) companies is also contributing to the growth of the global neobanking market. The business account segment is expected to hold a major share in the global neobanking market during the forecast period. This can be attributed to increasing demand for online payments and growing need for cash management solutions among businesses. The savings account segment is also anticipated to witness significant growth during the forecast period owing to rising awareness about benefits offered by savings accounts among consumers worldwide.
Product Definition:
Neobanking is the use of modern technologies, such as mobile apps and internet banking, to provide traditional banking services. Neobanks are often digital-only institutions that offer products and services such as checking accounts, savings accounts, debit cards, and credit cards.
Business Account:
Business account is a type of consumer account that is used by companies for their day-to-day transactions. The main difference between business and personal accounts is the latter can be used only for specific services, whereas a business account can be used to pay any service provider irrespective of the sector he/she belongs to. Business accounts are also known as corporate or enterprise accounts, they are managed by the company’s central bank or banks and not individual owners.
Savings Account:
A savings account is an account where the money is stored for a longer period to earn interest. The banks or financial institutions offer various types of savings accounts such as fixed term, standard, special, and bond accounts. The basic difference between these accounts is the time duration during which the interest will be credited to the account.
The banks also differ in terms of minimum balance requirement before interest can be credited to an account.
Application Insights:
The enterprises segment dominated the global neobanking market in 2017. Enterprises are widely adopting neobanks owing to a number of benefits they offer, such as cost-effective alternatives for financial services and products, flexible funding options, and easy access to various credit facilities. The personal application segment is expected to witness significant growth over the forecast period owing to increasing adoption of digital banking solutions by individuals across the globe.
Neobanks provide personalized recommendations based on customers¢â‚¬â„¢ spending patterns which helps them make better financial decisions regarding their needs. This has led many consumers around the world towards adopting these banks as their primary bank account providers over traditional brick-and-mortar banks due to increased convenience and accessibility offered by these digital platforms coupled with improved service quality at much lower costs compared with traditional banking institutions.
Regional Analysis:
The Asia Pacific region held the largest share in 2017 and is expected to continue its dominance over the forecast period. The growth of this market can be attributed to increasing internet penetration, rising adoption of smartphones, and technological advancements. Moreover, growing e-commerce sales in emerging economies such as China and India are further driving demand for neobanking solutions in this region.
North America is anticipated to witness significant growth over the forecast period owing to increasing use of mobile banking apps by customers for financial transactions at ATMs or self-service machines (SVM). Furthermore, a rise in preference for online shopping has also contributed significantly toward regional market growth.
Growth Factors:
- Increasing demand for digital banking services: The global neobanking market is expected to grow at a CAGR of over 20% during the forecast period. This can be attributed to the increasing demand for digital banking services from consumers and businesses alike.
- Proliferation of smartphones and internet penetration: The proliferation of smartphones and internet penetration is another key growth driver for the neobanking market. With more people using mobile devices to access banking services, banks are increasingly offering their products and services through mobile apps and websites.
- Rising preference for online transactions: A growing number of consumers are preferring to conduct their financial transactions online instead of visiting physical branches or ATMs. This is driving the growth of the neobanking market as these platforms offer a convenient way for customers to manage their finances digitally.
Scope Of The Report
Report Attributes
Report Details
Report Title
Neobanking Market Research Report
By Type
Business Account, Savings Account
By Application
Enterprises, Personal
By Companies
Atom Bank, Sopra Steria (Fidor Bank), Monzo Bank, Movencorp, MyBank, N26 GmbH, Revolut, Simple Finance Technology Corporation, Ubank Limited, WeBank, CITIC aiBank, China Merchants Bank, China PSBC
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
142
Number of Tables & Figures
100
Customization Available
Yes, the report can be customized as per your need.
Global Neobanking Market Report Segments:
The global Neobanking market is segmented on the basis of:
Types
Business Account, Savings Account
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Enterprises, Personal
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Atom Bank
- Sopra Steria (Fidor Bank)
- Monzo Bank
- Movencorp
- MyBank
- N26 GmbH
- Revolut
- Simple Finance Technology Corporation
- Ubank Limited
- WeBank
- CITIC aiBank
- China Merchants Bank
- China PSBC
Highlights of The Neobanking Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Business Account
- Savings Account
- By Application:
- Enterprises
- Personal
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Neobanking Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Neobanking is a term used to describe the growing trend of banks and other financial institutions offering more services beyond traditional banking products and services. These include things like online lending, insurance, investment products, and even digital currencies.
Some of the major players in the neobanking market are Atom Bank, Sopra Steria (Fidor Bank), Monzo Bank, Movencorp, MyBank, N26 GmbH, Revolut, Simple Finance Technology Corporation, Ubank Limited, WeBank, CITIC aiBank, China Merchants Bank, China PSBC.
The neobanking market is expected to register a CAGR of 16%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Neobanking Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Neobanking Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Neobanking Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Neobanking Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Neobanking Market Size & Forecast, 2018-2028
4.5.1 Neobanking Market Size and Y-o-Y Growth
4.5.2 Neobanking Market Absolute $ Opportunity
Chapter 5 Global Neobanking Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Neobanking Market Size Forecast by Type
5.2.1 Business Account
5.2.2 Savings Account
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Neobanking Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Neobanking Market Size Forecast by Applications
6.2.1 Enterprises
6.2.2 Personal
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Neobanking Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Neobanking Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Neobanking Analysis and Forecast
9.1 Introduction
9.2 North America Neobanking Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Neobanking Market Size Forecast by Type
9.6.1 Business Account
9.6.2 Savings Account
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Neobanking Market Size Forecast by Applications
9.10.1 Enterprises
9.10.2 Personal
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Neobanking Analysis and Forecast
10.1 Introduction
10.2 Europe Neobanking Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Neobanking Market Size Forecast by Type
10.6.1 Business Account
10.6.2 Savings Account
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Neobanking Market Size Forecast by Applications
10.10.1 Enterprises
10.10.2 Personal
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Neobanking Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Neobanking Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Neobanking Market Size Forecast by Type
11.6.1 Business Account
11.6.2 Savings Account
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Neobanking Market Size Forecast by Applications
11.10.1 Enterprises
11.10.2 Personal
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Neobanking Analysis and Forecast
12.1 Introduction
12.2 Latin America Neobanking Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Neobanking Market Size Forecast by Type
12.6.1 Business Account
12.6.2 Savings Account
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Neobanking Market Size Forecast by Applications
12.10.1 Enterprises
12.10.2 Personal
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Neobanking Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Neobanking Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Neobanking Market Size Forecast by Type
13.6.1 Business Account
13.6.2 Savings Account
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Neobanking Market Size Forecast by Applications
13.10.1 Enterprises
13.10.2 Personal
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Neobanking Market: Competitive Dashboard
14.2 Global Neobanking Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Atom Bank
14.3.2 Sopra Steria (Fidor Bank)
14.3.3 Monzo Bank
14.3.4 Movencorp
14.3.5 MyBank
14.3.6 N26 GmbH
14.3.7 Revolut
14.3.8 Simple Finance Technology Corporation
14.3.9 Ubank Limited
14.3.10 WeBank
14.3.11 CITIC aiBank
14.3.12 China Merchants Bank
14.3.13 China PSBC
