Press release
Neobanking Market 2024-2033: Future Outlook, Global Trends, Industry Share And Top Key Players
Neobanking Market
The Business Research Company offers in-depth market insights through Neobanking Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Rapid Digitalization In Banking Drives Neobanking Market Growth
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.
Competitive Landscape:
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
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Top Trend - Innovative Neobanking Products Redefine Financial Landscape
Major companies operating in the neobanking market are developing innovations, such as neobanking products, to meet larger customer bases, increase sales, and increase revenue. A neobanking product refers to a financial service or solution offered by a neobank, which is a digital-only or online-based banking institution. For instance, in June 2023, Zepz, a UK-based payments firm, launched Sendwave Pay. Sendwave Pay simplifies the process of sending funds to Africa, offering a distinctive feature as an FDIC-insured bank account coupled with a debit card. Account holders benefit from significant cost savings, with the potential to save up to 25% on transaction fees for remittances to countries like Kenya, Ghana, and various other African nations. The unique perks extend to international transactions, as users receive reimbursements for fees incurred when using their Sendwave Pay debit card outside the US. Additionally, account holders can earn monthly interest of up to 0.51% on the funds held in their Sendwave Pay account, providing a comprehensive and advantageous financial solution.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Neobanking Market Characteristics
3. Neobanking Market Trends And Strategies
4. Neobanking Market - Macro Economic Scenario
5. Neobanking Market Size And Growth
…..
27. Neobanking Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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