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What’s driving the neobanking market report? | By Key players: Starling bank, Bank of America, Guta, Webank, Tandem, Fidor Bank, N26, Moven
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The neobanking market is on the rise as it doesn’t need support from the traditional banking institutions. Moreover, the prominent banking institutions are investing in developing their own platforms to augment their full-service models with digital banking services. The financial institutes are collaborating with fintech companies to develop advanced products and services to cater to the growing demand for the market. Moreover, they are also investing in startups to explore new opportunities and application.
Europe has the major share in the neobanking market due to the emergence of multiple technology startups and early adoption technology. The fintech startups have emerged in the region due to the saturation of big commercial banks, which have created an opportunity for the non-conventional banking institutions. The region is an early adopter of digital banking technology dating back to the dotcom era during the late 1990s and early 2000s. This head start led to the shift to the technological banking startups.
The Asia Pacific neobanking market is projected to grow substantially over the forecast period due to the increasing inversing investments in the fintech sector. E-commerce companies, Alibaba Group and WeBank, have invested in China’s MyBank neobanking platform. The fintech companies are developing their own neobanking platforms unlike their traditional counterparts as they are not burdened with legacy structures and cumbersome organizational structures. These platforms have less regulatory requirements as they don’t offer a full suite of services. This has fostered the growth of neobanks in the developing countries such as China and India.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Atom
• Simple
• MyBank
• Monzo
• Webank
• Tandem
• Fidor Bank
• N26
• Moven
• Starling bank
• Bank of America
• Guta
• SKB
• Citigroup
• CBC
• ICBC
• HSBC Holdings
• Deutsche
• Toscana
• Agricultural Bank of China
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The companies operating the neobanking market focus on forming partnerships and launching their platforms to increase their market share and gain an edge over their competitors. For instance, in 2018, Fidor, a provider of advanced digital banking solutions partnered with the International Finance Corporation (IFC) to expand the business in the developing markets such as Latin America and Africa. Similarly, in 2019, Albaraka, a Turkish bank launched Insha, a digital banking platforming in Germany. This launch is aimed at increasing its market presence in the region and to develop new personalized product offerings for the customers. The key vendors in the neobanking market are Atom, Simple, MyBank, Monzo, Webank, Tandem, Fidor Bank, N26, Moven, Starling bank, Bank of America, Guta, SKB, Citigroup, CBC, ICBC, HSBC Holdings, Deutsche, Toscana, and Agricultural Bank of China.
Browse Related Report:
ATM Market Size By Solution (Deployment [Onsite, Offsite, Worksite, Mobile], Managed Services), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, China, India, Japan, South Korea, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
https://www.marketwatch.com/press-release/by-2024-atm-market-to-reach-25-billion-2018-09-19
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