Press release
Neo and Challenger Bank Market 2022|By Key Players, Application, Type, Share, and Forecast to 2028
The global Neo and Challenger Bank market is anticipated to grow at a significant CAGR of 42.5% during the forecast period (2022-2028).Neo and challenger bank provide banking through websites or mobile applications using digital platforms. The major factor expected to drive the market growth is the new advanced features, real-time services, and client-centric products & services posing. In addition, higher interest rates offered to customers over traditional banks, government and regulatory support toward banking operations and license approvals, and better convenience provided through mobile applications will further drive the growth of the global neo and challenger bank market during the forecast period.
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Furthermore, the neo and challenger market is driven by the development of existing banking portfolio, bundling the product offerings, and providing customized solutions along with the rising demand for smartphones and internet of things along with the untapped potential of emerging economies. Additionally, by service type, the loan segment dominates the market owing to the faster loan approval and funding compared to regular banks, with low or no banking fees through banking applications.
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Some major players in the market include Atom Bank plc, Fidor Solutions AG, and Monzo Bank Ltd., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in July 2021, Monzo Bank Ltd. announced that the bank developed new features after it was partnered with Wise to give its consumers a simple, cheap way to send money overseas. Further, the bank said that they always use the real exchange rate, with no hidden fees. Moreover, in January 2021, Sopra Banking Software, a part of Sopra Steria announced that the company acquires FIdor Solutions, a software subsidiary and digital banking specialist of next-generation bank Fidor Bank. The company also acquired 94.03% share capital of Sodifrance in September 2020.
Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Service Type
o By End-User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Atom Bank plc, Fidor Solutions AG, and Monzo Bank Ltd., among others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Neo and Challenger Bank Market Report by Segment
By Service Type
• Loans
• Mobile Banking
• Checking & Savings Account
• Payment & Money Transfer
• Others
By End-User
• Business
• Personal
Media Contact:
Company Name: Orion Market Reports
Contact Person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
About Us:
Orion Market Reports (OMR) endeavors to provide an exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and the most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
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