Neobanking Market Poised to Reach $3.3 Trillion by 2032, with Companies Catering to Various End-User Segments

Neobanks have gained immense popularity owing to their customer-centric approach. These banks design their interfaces to be much more user-friendly and provide various financial services without the traditional hassles of brick-and-mortar banks. They enable anyone to access banking at the finger's touch with just a smartphone and internet connection. 

Allied Market Research published a report, titled, "Neobanking Market by Account Type (Business Account and Savings Account), Service Type (Mobile Banking, Payments & Money Transfer, Checking/Saving Accounts, Loans, and Others), and Application (Enterprise, Personal): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Neobanking Market was valued at $68.95 billion in 2022 and is estimated to reach $3,251.95 billion by 2032, exhibiting a CAGR of 47.3% from 2023 to 2032. 

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Prime determinants of growth 

Increase in digitalization of banking activities and increase in demand for digital banking solutions boost the growth of the global neobanking market. In addition, increase in use of mobile banking positively impacts the growth of the neobanking market. However, security issues and privacy concerns and high implementation cost hampers the neobanking market growth. On the contrary, rise in investments in fintech Industry is expected to offer remunerative opportunities for expansion of the neobanking market during the forecast period. 

Covid-19 Scenario 

• The neobanking market has witnessed stable growth during the COVID-19 pandemic, owing to the rising dependency on online banking services. A myriad of social, political, and economic challenges has become apparent across the globe in the wake of the pandemic. These challenges has affected both financial service providers and investors. 

• On the contrary, numerous SMEs relied on neobanks to fulfill their working capital needs during the pandemic, thereby driving the growth of the market. 
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The savings account segment to maintain its fastest growth rate throughout the forecast period. 

Based on the account type, the business account segment held the highest market share in 2022, accounting for more than two-thirds of the global neobanking market revenue, owing to increasing adoption of neobanking by various businesses across the globe as the preferred way of payment for bulk payouts. However, the savings account segment is projected to manifest the highest CAGR of 49.4% from 2023 to 2032, owing to the increased the adoption of digitalization in banking activity. 

The loans segment to maintain its leadership status throughout the forecast period 

Based on service type, the mobile banking segment held the highest market share in 2022, accounting for nearly half of the global neobanking market revenue, owing to increase in demand for personalization and self-service on services and products. However, the loans segment is projected to manifest the highest CAGR of 52.6% from 2023 to 2032, owing to an increase in the adoption of neo bank lending platforms based on its benefits such as enhanced loan optimized loan process, quicker decision-making, compliance with regulations and rules, and improved business efficiency. 

The personal segment to maintain its lead position during the forecast period 

Based on application, the enterprise segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global neobanking market revenue, owing to increase in adoption of neobanking application that provides enterprise-related services, such as credit management, transaction management, and asset management. However, the personal segment is expected to portray the largest CAGR of 49.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, owing to the high penetration rate of smartphones has enabled customers to widely opt for neobanking services.

Europe maintain its dominance by 2032 

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global neobanking market revenue, owing to presence of most successful neobanking businesses in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 50.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to increasing government initiatives in the banking industry and an increasing number of mobile and internet users in developing nations such as India and China are accounted development of private and rural banking. 

Leading Market Players: - 

• Monzo Bank Limited, 
• Movencorp, Inc., 
• WeBank, 
• PRETA S.A.S., 
• N26 AG, 
• Revolut Ltd., 
• Ubank, 
• Pockit LTD, 
• Starling Bank Limited, 
• Atom Bank PLC., 

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The report provides a detailed analysis of these key players of the global neobanking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Neobanking Market Report Highlights

By Service Type
• Loans
• Others
• Mobile Banking
• Payments and Money Transfer
• Checking/Savings Account

By Application

• Enterprise
• Personal

By Account Type

• Business Account
• Saving Account

By Region

• North America  (U.S., Canada)
• Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA  (Latin America, Middle East, Africa)

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