Press release
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
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.To Remain 'Ahead' Of Your Competitors, Request for a Sample - https://www.globalinsightservices.com/request-sample/GIS24355
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.
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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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