NeoBanking Market 2026: Atom Bank plc, N26, Simple Finance Technology Corporation, Movencorp Inc., WeBank, Pockit Limited, UBank Limited, Monzo Bank Limited, My Bank, Fidor Bank AG

Neo Banking Market - Market Overview
The global Neo banking market size was worth $ XX billion in2018 and is forecasted to reach $ XX billion by 2026, at a CAGR of XX% during the forecast period.

Neo banks are the modern digital banks which exists without any branches. Neo banks are simplifying the procedures and practices followed by traditional banks using digitalization and making processes simple and easier for the customers.

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Neo banks provide complete financial services like checking and savings account, payment and money transfer services, loans for individual and businesses and other services using digital platforms like mobile apps.

The banking sector has been a monopoly for so many years but new breed of neo banks are breaking this legacy. Neo banks are still in embryonic stage with positive impact on financial management.

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.

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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.

Europe is registering fastest CAGR and expected to remain same over the forecast period. Government initiatives like European Economic Area Passport, a single license concept which enables financial institutions to provide their services anywhere in Europe with EEAP.
China, India and other Asia countries are registering highest growth due to relaxations in regulatory norms, high penetration of internet and smartphones, and large untapped consumer base in these countries.

Global Neo Banking Market - Competitive Analysis
Neo banks face intense competition from existing banking infrastructure and services to sustain in this market. Neo banks have tough competition as they face rivalry among themselves and from traditional banks too. Traditional banks are launching their digital platforms which is a roadblock for neo banks. Neo banks are focusing on partnerships to increase their footprint and customer base.

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.

On March 6, 2019, InstantPay launches neo-banking services for SMEs.

On February 12, 2019, Neo-banking startup Open raises $5M in Series A funding, led by Beenext, Speedinvest and 3one4 Capital.

On January 28, 2019, Spanish Neo bank Bnc10 readies for launch.

On December 12, 2018, Neo bank 86 400 sets sights on 2019 public launch.

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