Neo and Challenger Banks Market Benefits with 46.5% CAGR by 2026 | Fidor Bank AG, Pockit Ltd., Ubnak, etc.

According to the current analysis of Reports and Data, the global Neo and Challenger Banks market was valued at USD 18.6 Billion in 2018 and is projected to grow at a CAGR of 46.5% from 2019 to 2026. Factors affecting the growth of the Neo & Challenger Banks market are the favorable regulations from various government bodies globally, as well as the convenience Neo Banks offer to consumers in the form of quick account opening.

Key participants include Atom Bank PLC, Movencorp, Inc., Simple Finance Technology Corporation, Fidor Bank AG, Pockit Ltd., Ubnak, Monzo Bank Ltd., MyBank, WeBank, Holvi Bank, Hello Bank, Koho Bank, Rocket Bank, and Soon Banque.

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For the purpose of this study, Reports and Data have segmented the Neo & Challenger Banks Market on the basis of Type, Application, and Services provided and Region:

Type (Revenue, USD Billion; 2016-2026)
o Neo Bank
o Challenger Bank

Application (Revenue, USD Billion; 2016-2026)
o Personal
o Business

Services Provided (Revenue, USD Billion; 2016-2026)
o Checking & Savings account
o Payment & Money transfer
o Loans
o Mobile Banking
o Investment Accounts
o Retirement Savings
o Others

Regional Outlook (Revenue in USD Billion; 2016-2026)
o North America (United States, Canada and Mexico)
o Europe (Germany, France, UK, Russia and Italy)
o Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
o South America (Brazil, Argentina, Colombia)

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The rising penetration of internet globally, specifically in developing nations like China and India will be another factor for the rise of the Neo & Challenger banks market. Adoption by millennials, micro, small and medium enterprises (MSMEs), and those having irregular incomes and earnings, embracement of ground-breaking technologies and rising consumerism are some of the catalysts for the success of neo banks. For these banks to be accepted on a larger scale, greater penetration of smartphones as well as the internet is vital. Another factor is the user comfort with digital applications and elementary knowledge of financial products and services. However, the growth of the market may be restrained due to the narrow range of products that are offered by the these Banks.

Characteristics and offerings like accessibility, cost-effective multiple banking and financial functionalities under one umbrella, and personalization are some of the major driving aspects for neo banks worldwide. Another factor is that FinTechs are building niche solutions that are focused on blue-collar workers and the underserved needs of thin-file MSMEs thus driving the . Neobanking can work as an extension of measures undertaken to solve the challenges of financial inclusion and bundling banking services with other financial services--for example, services like opening of bank accounts for immigrants, facilitated through new onboarding procedures not based on traditional documentation of identification.

Further key findings from the report suggest
o The valuation for the Global Neo & Challenger Banks market was USD 18.6 Billion in 2018 and is predicted to reach USD 394.64 Billion by 2026.
o Neo banks segment held a share of more than 55% in 2018. The wide popularity of this banks will help it retain its larger share in the market till 2026.
o Convenience for customers in form of quick account opening is another factor of Neo Bank that is further accelerating the market growth.
o The business segment dominated the market in terms of revenue in 2018, on account of rising acceptance of mobile and digital banking as a payment method by most of the large and small sized enterprises.
o Personal segment is forecasted to witness moderate to slow growth over the forecasted period. The segment was largest in the North American region on account of large popularity of the personal application of Neo & Challenger banks.
o Advantages of such like low cost structure, high rates on savings and fixed deposits in comparison to traditional banks as well as 24*7 support are the factors due to which the customers are welcoming the use of such banks increasingly, thereby helping the growth of the market...Continued

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In conclusion, the Neo and Challenger Banks Market report is a reliable source for accessing the Market data that will exponentially accelerate your business. The report provides the principal locale, economic scenarios with the item value, benefit, supply, limit, generation, request, Market development rate, and figure and so on. Besides, the report presents a new task SWOT analysis, speculation attainability investigation, and venture return investigation.

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