Global NeoBanking Market Research Report 2019 | Industry Top Key Players – Atom Bank plc, N26, Simple Finance Technology Corporation, Movencorp Inc., WeBank & Forecast to 2026

Summary:
A new market study, titled “Discover Global NeoBanking Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Introduction
The global Neo banking market size was worth $ XYZ billion in2018 and is forecasted to reach $ XYZ billion by 2026, at a CAGR of XYZ% during the forecast period. Neo banks are the cutting-edge digital banks which exists without any branches. Neo banks are simplifying the approaches and practices accompanied via traditional banks the use of digitalization and making techniques easy and simpler for the customers. Neo banks offer complete monetary offerings like checking and savings account, charge and money switch services, loans for individual and groups and different offerings the use of digital systems like cellular apps. The banking sector has been a monopoly for so many years however new breed of neo banks are breaking this legacy. Neo banks are nevertheless in embryonic stage with wonderful effect on financial management.

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The key players in this market are Atom Bank plc, N26, Simple Finance Technology Corporation, Movencorp Inc., WeBank, Pockit Limited, UBank Limited, Monzo Bank Limited, My Bank( Ali Baba Group) and Fidor Bank AG.
Neo Banking Market -Market Dynamics
Increase in internet usage, mobile applications, customer convenience are driving global neo banking in recent years and expected to remain same over the forecast period. According to Digital Banking Consumer Survey by PwC In 2017, 25% of the customers used PC based banking services and 10% of the customers used mobile platforms and estimated to increase further during the forecast period. New regulations by governments in encouraging smaller institutions is boosting neo banking market over the forecast period. For instance, in 2019, Wanap, Argentina's first fully digital bank gained central bank approval and anticipated to launch by the end of the year with 40 employees and US$10 million in starting capital. Low interest rates when compared to traditional banks, customer convenience and user friendly interfaces are expected to boost the neo banking market over forecast period. Security and privacy of data and less customer pool are hampering the growth of the market.
Global Neo Banking – Segment Analysis
Based on the bank type this sector is segmented into neo banks and challenger banks. Neo banks accounted for the highest market share in 2018 and expected to remain dominant over the forecast period as neo banks provide all the services provided by traditional banks. For example, N26, a digital bank provides deposit services, investment products and credit lines. Angel funding in fin-tech companies is boosting neo banking segment. According to Innovate Finance in 2017, investments in digital banking sector in UK increased by 153% when compared to previous year with $1.8 billion invested in over 224 deals. Challenger banks holds the second largest market share and expected to register fastest CAGR over the forecast period due to favorable regulatory norms and enhanced convenience offered by challenger banks. Penetration of mobile and online banking in developing countries such as India, Indonesia and Philippines are fueling global neo banking market.
Global Neo Banking Market – Geographical Analysis
Global neo banking market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. North America held the highest market share in 2018 and estimated to remain dominant over the forecast period due to the presence of developed nations such as US, Canada and Mexico. According Morning Consult for the American Bankers Association in 2018, four in 10 Americans manage their bank accounts online while 26 percent of consumers use their mobile devices most often. Huge investments in fin-tech companies is leading the market growth.

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The growing number of venture capitals and other investments are deploying blockchain technologies that are spurring the information and communication technology industry. The incorruptible biometry and encrypted methods are also adding to the security system. The growing demand for flexible consumption models is identified as a cause that is boosting the information and communication technology. Smartphones appear to be integrated into our biological system due to their extensive uses. Modifications in smartphones like the incorporation of mini LED and use of fingerprint sensor for high-end smartphone are adding to the value of smartphones. However, diversification in connectivity devices is fueling the growth of the information and communication technology.

Table of Contents
1. Global Neo Banking Market Methodology and Scope
2. Global Neo Banking Market – Market Definition and Overview
3. Global Neo Banking Market – Executive Summary
4. Global Neo Banking Market – Market Dynamics
5. Global Neo Banking Market – Industry Analysis
6. Global Neo Banking Market – by Bank Type
7. Global Neo Banking Market – By Region
8. Global Neo Banking Market – Competitive Landscape
9. Company Profiles
10. Global Neo Banking Market – Premium Insights
11. Global Neo Banking Market – DataM

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