Press release
Sales Of Neobanking Garnered A Value Of US$ 2,595 Bn In By 2032
According to FactMR, global neobanking sales would reach $2,595 billion by 2022-2032, with a startling double-digit CAGR of more than 44%. Because of its contactless nature, consumers all around the world favour neobanking. Furthermore, the integration of artificial intelligence and machine learning is fueling neobanking demand.Historically, the global neobanking industry grew at a CAGR of 30% between 2015 and 2021. Despite the fact that the COVID-19 epidemic impacted the supply and demand chain of end user sectors, it also increased the adoption of neobanking due to its contactless nature. Because neobanking enabled firms to prosper throughout the epidemic, demand for it is likely to rise over the evaluation period.
Furthermore, due to the availability of transparent transactions, businesses rely heavily on neobanking. As the number of start-ups increased in the last two years, businesses demonstrated an increasing preference for using online payment gateways to meet job demands. All of these considerations are driving up demand for neobanking.
๐๐ผ๐๐ป๐น๐ผ๐ฎ๐ฑ ๐๐ฟ๐ฒ๐ฒ ๐ฆ๐ฎ๐บ๐ฝ๐น๐ฒ ๐๐ผ๐ฝ๐ ๐ผ๐ณ ๐ง๐ต๐ถ๐ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐: https://www.factmr.com/connectus/sample?flag=S&rep_id=7106?PS
๐๐ ๐๐ต๐ฒ ๐๐ผ๐ป๐๐ฎ๐ฐ๐๐น๐ฒ๐๐ ๐๐ฒ๐ฎ๐๐๐ฟ๐ฒ ๐ฎ ๐๐น๐ฒ๐๐๐ถ๐ป๐ด ๐ณ๐ผ๐ฟ ๐ก๐ฒ๐ผ๐ฏ๐ฎ๐ป๐ธ๐ ๐ถ๐ป ๐๐ต๐ฒ ๐๐ด๐ฒ ๐ผ๐ณ ๐๐ข๐ฉ๐๐-๐ญ๐ต?
The start of the COVID-19 epidemic imposed restrictions on governments all around the world. This impeded large-scale corporate operations, and bank transactions became stalled owing to a lack of physical interaction. As a result, demand for neobanks increased dramatically during the pandemic. Furthermore, small and medium-sized businesses are increasingly turning to neobanks to assist them maintain track of transactions.
Paperless neobanks have made work easier for digitally led neobanks. Because neobanks do not have physical branches, the trouble of opening an account by waiting for a longer amount of time is eliminated. Furthermore, the contactless characteristic of neobanks allowed people stay safe at home by not interfering with their economic revenues. Furthermore, as income levels rise and millennials and Generation Z prefer to use smartphones to simplify their lives, neobanks are becoming more popular.
๐๐ฒ๐ ๐ง๐ฎ๐ธ๐ฒ๐ฎ๐๐ฎ๐๐ ๐ณ๐ฟ๐ผ๐บ ๐๐ต๐ฒ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฆ๐๐๐ฑ๐
โข By account type, business account expected to gain more than 50% market share for neobanking market.
โข By application, enterprises expected to hold more than 40% market share for neobanking market.
โข Neobanking industry expected to possess nearly 30% market share throughout Europe.
โข Neobanking industry expected to possess nearly 25% market share throughout Asia Pacific.
โข Global neobanking market expected to be valued at US$ 67 Bn by the end of 2022
"Increasing demand for contactless transactions along with the integration of artificial intelligence and machine learning is fuelling the growth of neobanking." opines a Fact.MR analyst
๐๐ฒ๐ ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐๐ ๐๐ผ๐๐ฒ๐ฟ๐ฒ๐ฑ ๐ถ๐ป ๐๐ต๐ฒ ๐ก๐ฒ๐ผ๐ฏ๐ฎ๐ป๐ธ๐ถ๐ป๐ด ๐๐ป๐ฑ๐๐๐๐ฟ๐ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐
By Account Type
โข Neobanking for Business Accounts
โข Neobanking for Savings Account
By Application
โข Neobanking for Personal Use
โข Neobanking for Enterprises
โข Neobanking for Other Applications
๐๐ฒ๐ ๐๐๐๐๐ผ๐บ๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ป ๐๐ต๐ถ๐ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐: https://www.factmr.com/connectus/sample?flag=RC&rep_id=7106?PS
๐๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐๐ถ๐๐ฒ ๐๐ฎ๐ป๐ฑ๐๐ฐ๐ฎ๐ฝ๐ฒ
โข In March 2021, Atom bank and credit Kudos partnered to help small businesses bounce back. The companies have taken this initiative to help businesses to help recover losses caused due to the COVID-19 pandemic.
โข Atom Bank PLC, Ubank Limited, Simple Finance Technology Corp., Fidor Bank Ag, Movencorp Inc., Monzo Bank Ltd., Mybank, N26, Revolut Ltd., Webank, Inc are prominent neobanking market players.
๐๐ฒ๐ ๐๐ผ๐บ๐ฝ๐ฎ๐ป๐ถ๐ฒ๐ ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐น๐ฒ๐ฑ:
โข Atom Bank PLC
โข Ubank Limited
โข Simple Finance Technology Corp.
โข Fidor Bank Ag
โข Movencorp Inc.
โข Monzo Bank Ltd.
โข Mybank
โข N26
โข Revolut Ltd.
โข Webank, Inc.
๐๐ฎ๐ฟ๐น๐ ๐๐ฑ๐ผ๐ฝ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐ก๐ฒ๐ผ๐ฏ๐ฎ๐ป๐ธ๐ถ๐ป๐ด ๐ฆ๐ฝ๐๐ฟ๐ฟ๐ถ๐ป๐ด ๐๐ฟ๐ผ๐๐๐ต ๐ถ๐ป ๐๐๐ฟ๐ผ๐ฝ๐ฒ?
Europe has been at the forefront of adapting technological innovations and changing bank systems. Companies in the U.K. and Germany are offering complete contactless platforms. This, in turn, has attracted consumers to use neobanking as services are available 24*7.
Moreover, existing banks are collaborating with neobanking platforms to offer easy and convenient services to consumers. Thus, Europe is expected to hold more than 30% market share for neobanking.
Convenience Playing Key Role in Using Neobanking Platforms in Asia Pacific?
Rapid urbanization and increasing population in countries like India and China is playing a key role in the increasing usage of neobanking. Long queues at banks, pending cases of cheque clearances and delays due to lengthy procedures has shifted people's interest to using neobanking.
Furthermore, penetration of smartphones and 4G network in the region is driving the dependency on neobanking. Moreover, growing number of businesses along with inclination of millennials and generation Z to use neobanking is accelerating the growth of neobanking platforms. Thus, Asia Pacific is expected to hold more than 25% market share for neobanking in the assessment period.
๐๐ฒ๐ ๐๐๐น๐น ๐๐ฐ๐ฐ๐ฒ๐๐ ๐ผ๐ณ ๐๐ผ๐บ๐ฝ๐น๐ฒ๐๐ฒ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐: https://www.factmr.com/checkout/7106?PS
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