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Neobanking Market is expand at a CAGR of 26.1% to reach USD 428.7 Billion by 2031 - Atom Bank Plc, BBVA S.A., BMTX, Inc., Chime Financial

08-23-2023 01:04 PM CET | IT, New Media & Software

Press release from: Global Insight Services

Neobanking Market

Neobanking Market

The global Neobanking Market was valued at USD 42.2 Billion in 2021 and it is anticipated to grow up to USD 428.7 Billion by 2031, at a CAGR of 26.1% during the forecast period.

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Neobanking is a term used to describe financial institutions that offer digital-only banking services. These institutions are typically online-only and lack a physical branch presence.

Neobanks typically offer a suite of services that are similar to those offered by traditional banks, such as checking and savings accounts, debit cards, personal loans, and investment products. However, neobanks often differ from traditional banks in terms of their business model, technology platform, and target market.

Read More Report of Neobanking Market: https://www.globalinsightservices.com/reports/neobanking-market/

Market Trends and Drivers

The market growth is attributed to the sophisticated digital advisory services offered by such banks. By 2021, neobanks were offering around ten features on average compared to only four functions provided by traditional banks. These four features, search, view balances, view transactions, and customize notifications, only provide basic insights for users, which has initiated a seismic consumer behavior change toward neobanking services.

Market Segmentation

By Account Type

Business Account
Savings Account

By Service

Mobile Banking
Payments & Money Transfer
Checking/Savings Account
Loans
Others

By Application

Enterprise
Personal
Others

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Major Players in the Global Neobanking Market

The neobanking market is analyzed to be highly competitive due to the presence of both multinational companies and fintech start-ups in the space. These market participants are mainly focusing on collaboration with banking institutes to gain revenue share.

Prominent leaders operating in the market are placing an ever-growing emphasis on delivering advanced digital banking solutions that can cater to the dynamic requirements, especially during the rise of AI-enabled automation amid the ongoing pandemic.

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The key players in the Neobanking Market

Atom Bank Plc, BBVA S.A., BMTX, Inc., Chime Financial, Inc., Citigroup Inc., Dave, Inc., Deutsche Bank AG, Digibank, Equitable Bank, and HSBC Holdings Plc., among others.

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Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

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