Neobanking Market Comprehensive Growth of Top Key Players Starling bank, Fidor Bank, Moven, Citigroup, MyBank, Atom, Toscana, Guta, Bank of America, SKB, HSBC Holdings, and Deutsche

A research report on ‘Neobanking Market’ compiled by Market Study Report, LLC, features a succinct analysis on the latest market trends. The report also includes detailed abstracts about statistics, revenue forecasts and market valuation, which additionally highlights its status in the competitive landscape and growth trends accepted by major industry players.

The growing number of customers seeking a convenient and easy banking experience will push the demand for neobanking between 2018 to 2024. Neobanking platforms have set themselves apart from traditional banking models by providing automated services. Through these advanced platforms, customers have the convenience of accessing the product offerings digitally, through online channels or mobile applications. These modern banking platforms completely eradicate the need for human interference which often results in a more tedious process, however, by developing automated products neobanking offers an easier-to-use platform. Its product offerings are further complemented by creating customer journeys and processes that enable completion of transactions in a single and easy continuum.

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The neobanking market is depicting tremendous growth and apparently doesn?t need to be backed by traditional banking institutions. However, major banking institutions are making huge investments focused on developing their conventional platforms to expand their full-service models equipped with digital banking services. Moreover, financial companies are teaming up with well-known fintech companies to support them in developing advanced products and services that can help meet the growing demand for the neobanking market. In addition, financial facilities are also investing a major chunk in startups to identify new opportunities and applications of the market. Such efforts initiated by major players will substantially boost the demand for neobanking platforms in the forecast period.

Being a digital platform, the neobank does raise concerns in terms of security among customers. However, neobanking platforms are created to tackle cyber-attacks and accomplish a much better online ecosystem. Neobanks shield the network from cyber-attacks by constantly monitoring it and easily detecting threats unlike traditional banks, which discover attacks after the damage has been done.

At present, the key trends defining the market landscape are customer engagement with technology as well as the growth in data accessibility. Over the last decade, customer engagement with technology has drastically grown owing to the extensive use of mobile applications for shopping goods and accessing content online in the banking sector. The platform?s ability to access data and analytical capabilities has witnessed immense growth, largely enabling organizations to address their customer needs even better. Developments intended towards advancement of digital technology to ease customer engagement will contribute to the expansion of the neobanking market in the coming years.

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In terms of regional growth, Europe has accumulated a major share in the overall neobanking market on account of the region?s rising numbers of multiple technology startups and customers willing to embrace new technology at the earliest. In the recent years, Europe has witnessed the emergence of many fintech startups. These companies have formed establishments owing to the overload of big financial corporations, which have paved the way for non-conventional banking institutions that offer innovative and convenient banking experiences. Furthermore, the region has been overtly accepting of digital banking technology since the dotcom era dating back to the late 1990s and early 2000s. Being an early adapter has given the region an edge over the others, leading to a shift to technological banking startups.

The Asia Pacific market is another region that?s projected to encounter substantial growth in the neobanking market during the estimated period owing to the increasing investments in the fintech sector. Fintech companies in China are creating their own neobanking platforms, unlike the conventional banks in the country, which are let down by legacy structures and cumbersome organizational structures. These non-conventional platforms often have fewer regulations to follow since they don?t offer a full suite of services. This trend has been nurturing the growth of neobanks in developing nations like China and India, which will feasibly be one of the major contributors to the rapidly growing demand for neobanks over 2018-2024.

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Some of the pivotal companies partaking in neobanking market share include Simple, Starling bank, Fidor Bank, Moven, Citigroup, MyBank, Atom, Toscana, Guta, Bank of America, SKB, HSBC Holdings, and Deutsche.

Some of the Major Highlights of TOC covers:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Data Sources

Chapter 2: Executive Summary
Business trends
Regional trends
Product trends
End-use trends

Chapter 3: Neobanking Industry Insights
Industry segmentation
Industry landscape
Vendor matrix
Technological and innovation landscape

Chapter 4: Neobanking Market, By Region
Chapter 5: Company Profile
Business Overview
Financial Data
Product Landscape
Strategic Outlook
SWOT Analysis

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