Press release
2024 Neobanking Market Report : Market Size, Growth Drivers, And Key Trends | Wells Fargo & Company, U.S. Bancorp, TD Ameritrade Holding Corporation
Neobanking Global Market Report
The Business Research Company presents an extensive market research report on the Neobanking Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The neobanking market size has grown exponentially in recent years. It will grow from $118.57 billion in 2023 to $176.6 billion in 2024 at a compound annual growth rate (CAGR) of 48.9%. The growth in the historic period can be attributed to consumer demand for convenience, cost efficiency, regulatory environment, globalization and cross-border transactions, financial inclusion initiatives, leveraging big data.
The neobanking market size is expected to see exponential growth in the next few years. It will grow to $836.11 billion in 2028 at a compound annual growth rate (CAGR) of 47.5%. The growth in the forecast period can be attributed to open banking initiatives, embedded finance, rise of challenger banks, expansion of product offerings, expansion beyond core banking services. Major trends in the forecast period include integration of open banking platforms, partnerships with fintech and tech giants, AI and machine learning in personalized finance, virtual and contactless banking features, customer-centric approach.
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Key Market Players:
Major companies operating in the neobanking market report are Wells Fargo & Company, U.S. Bancorp, TD Ameritrade Holding Corporation, Webank Inc., Nubank, Chime Financial Inc., SoFi Technologies Inc., Green Dot Corporation, Robinhood Markets Inc., Revolut Ltd., Upgrade Inc., Monzo Bank Ltd., Aspiration Inc., Tangerine Bank, N26 GmbH, Starling Bank Ltd., Personal Capital LLC, Radius Financial LLC, Ubank Limited, Betterment LLC, Bunq BV, Stash Invest LLC, Wealthfront Corporation, Simple Finance Technology Corp, Daylight Financial Corp, Vivid Money GmbH, Monese Ltd., Varo Money Inc., Current Financial Inc., Acorns Grow Inc., JPMorgan Chase & Co
Market Drivers:
The growing demand for digitalization among banking institutions across the globe is contributing to the growth of the neobanking market. Digital banking describes the digitalization of all banking procedures and the substitution of the bank's physical location with a continual online presence, which eliminates the need for consumers to visit a branch. Traditional financial services are being automated by digital banking. Customers of a bank can access banking services and products online or through an electronic platform thanks to digital banking. Neobanking aids in digitizing banks by enabling financial organizations to do business online without physical locations and offering digital versions of all banking services. Neobanks provide highly personalized services at lower prices by utilizing technology such as artificial intelligence (AI), automation, and cloud computing. In 2021, according to a survey conducted by McKinsey and Company, between 2017 and 2021, the fraction of customers in Asia-Pacific developing countries actively utilizing digital banking expanded rapidly, rising to 88% in 2021. Thus, the growing demand for digitalization in the banking sector is expected to propel the growth of the neobanking market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/neobanking-global-market-report
The neobanking market covered in this report is segmented -
1) By Account Type: Business Account, Savings Account
2) By Service: Mobile Banking, Payments And Money Transfer, Checking/Savings Account, Loans, Other Services
3) By Application : Enterprises, Personal, Other Application
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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