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Neo and Challenger Bank Market to Witness Robust Expansion by 2024– Top Key players like Atom Bank,Movencorp,Fidor Group,Inc.
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Neo and Challenger Bank are fintech based financial providers that provided services digitally, includes companies that applied for their own banking license (categorized as Challenger Banks). and companies that partnered with a traditional bank to provide those financial services (categorized as Neo banks).
Existing neo and Challenger banks have set up marketplaces to provide customer-centric products as part of their collective mission to provide more than a digital version of traditional banking. The marketplaces may be in their infancy, but they are growing in terms of the products they offer and level of integrations. In doing so, neo and Challenger banks will service a far wider segment of customers than a traditional bank as they vie to become the centre of solving the wider customer need.
Neo and Challenger Bank market is developing unbalanced based on regions. In 2018, Europe is holding the largest market share for Neo and Challenger Bank market due to its active and booming banking service market. U.S., China, India and other Asia countries are expected to witness higher growth rates on account of relaxations in regulatory requirements, high penetration of internet and smartphones, and large untapped consumer base in these countries.
The global Neo and Challenger Bank market is highly competitive and fragmented due to the presence of numerous small vendors in the market. Atom Bank, WeBank (Tencent Holdings Limited), N26, Starling Bank and Tandem Bank are key Neo and Challenger Bank service providers in Global Neo and Challenger Bank market. Other prominent players in the market include Movencorp, Simple Finance Technology, Fidor Group, etc. Growing mobile adoption and new regulations will help challengers expand services.
According to this study, over the next five years the Neo and Challenger Bank market will register a 38.3% CAGR in terms of revenue, the global market size will reach US$ 14200 million by 2024, from US$ 2800 million in 2019. In particular, this report presents the global revenue market share of key companies in Neo and Challenger Bank business, shared in Chapter 3.
Market Segment by Manufacturers, this report covers
Atom Bank
Movencorp
Simple Finance Technology
Fidor Group
N26
Pockit
Ubank
Monzo Bank
MyBank (Alibaba Group)
Holvi Bank
WeBank (Tencent Holdings Limited)
Hello Bank
Koho Bank
Rocket Bank
Soon Banque
Digibank
Timo
Jibun
Jenius
K Bank
Kakao Bank
Starling Bank
Tandem Bank
Market Segment by Type, covers
Neobanks
Challenger Banks
Market Segment by Applications, can be divided into
Personal Consumers
Business Organizations
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Related Information:
North America Neo and Challenger Bank Market Growth 2019-2024
United States Neo and Challenger Bank Market Growth 2019-2024
Asia-Pacific Neo and Challenger Bank Market Growth 2019-2024
Europe Neo and Challenger Bank Market Growth 2019-2024
EMEA Neo and Challenger Bank Market Growth 2019-2024
Global Neo and Challenger Bank Market Growth 2019-2024
China Neo and Challenger Bank Market Growth 2019-2024
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