Neobanking Market business opportunities, growth, trends - Forecast 2024 to 2031 | Deutsche Bank, Citi, HSBC, Starling Bank, MyBank, Fidor Bank AG, Agricultural Bank of China

A Neo bank is a sort of direct bank that solely does business online and lacks conventional physical branch networks, sometimes referred to as an online bank, internet-only bank, virtual bank, or digital bank. The financial institutions known as Neo Banks collaborate with licensed banks to do business. They use API banking to automate financial processes and give their customers access to a single dashboard where they can handle everything from accounting to reconciliations, and payments.

The global neobanking market was valued at $98.40 billion in 2023, and is projected to reach $3.3 trillion by 2031, growing at a CAGR of 46.3% from 2024 to 3031.

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Top Key Players Profiled in This Report:
MYBANK, Fidor Bank, CBC, Toscana, Agricultural Bank of China, Deutsche Bank, Citigroup Inc., HSBC Group, Starling bank, Movencorp Inc. Webank, and other prominent players.

The rising demand for convenience among customers in the banking sector is expected to drive market growth. Neobanks offer banking solutions without the need for physical branches or offices. They help users validate their service offerings in real-time through online channels and mobile sites. In addition, the growing adoption of smartphones and the internet across the world for online banking is expected to further accelerate the demand for neobank platforms.

The key questions answered in this report: -

1. What will be the Market Size and Growth Rate in the forecast year?
2. What are the Key Factors driving Neobanking Market?
3. What are the Risks and Challenges in front of the market?
4. Who are the Key Vendors in Neobanking Market?
5. What are the Trending Factors influencing the market shares?
6. What are the Key Outcomes of Porter's five forces model?
7. Which are the Global Opportunities for Expanding the Neobanking Market?

The Impact of COVID-19 pandemic had a favorable effect on Neobanking Apps because of the growing reliance on online banking services. Banks and businesses were collaborating to introduce new banking platforms. Financial service providers have supplied customers with digital services thanks to technological improvements and rising internet usage around the world. The pandemic had a significant impact on how firms conduct their regular financial operations. Traditionally, every banking procedure for businesses involved laborious paperwork and physical branch visits, from changing the payout approval process to opening a current account. Neo banks helped traditional banking in the wake of the virus by successfully resolving some of its operational issues, making their adoption more crucial than ever. Additionally, the rate at which neo-banks were adopted during the epidemic shows that users did so with open arms.

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Neobanking Market Segmentation by Service Type:
• Loans
• Others
• Mobile Banking
• Payments and Money Transfer
• Checking/Savings Account

Neobanking Market Segmentation by Account Type:
• Business Account
• Saving Account

Neobanking Market Segmentation by Application:
• Enterprise
• Personal

Neobanking Market by Regions:
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia etc.)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Reasons for buying this report:-

• It offers an analysis of changing competitive scenario.
• For making informed decisions in the businesses, it offers analytical data with strategic planning methodologies.
• It offers seven-year assessment of Neobanking Market.
• It helps in understanding the major key product segments.
• Researchers throw light on the dynamics of the market such as drivers, restraints, trends, and opportunities.
• It offers regional analysis of Neobanking Market along with business profiles of several stakeholders.
• It offers massive data about trending factors that will influence the progress of the Neobanking Market.

The increasing number of partnerships of banks and organizations to launch neobanks platforms is also accelerating the market growth. Such partnerships are aimed toward providing a better customer experience and enhanced safety and stability. For instance, in April 2021, Google pay co-creators announced the launch of Fi, a neobank, in partnership with the Federal Bank to provide an instant savings account with debit cards for salaried millennials. Technological advancements and the notable increase in internet penetration globally allow financial service providers to offer novel digital services to customers. Moreover, the growth in digital wallets has also been driving the demand for online banking platforms.

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