Press release
Global Neobanking Market Projected to Grow at 47.1% CAGR, Reaching $1228.17 Billion by 2029
Neobanking
How Large Will the Neobanking Market Size By 2025?
The scale of the neobanking industry has witnessed considerable expansion recently. From a projection of $176.05 billion in 2024, it is anticipated to increase to $262.36 billion in 2025, reflecting a compound annual growth rate (CAGR) of 49.0%. Several factors have bolstered growth during the historic period which include consumer's preference for convenience and cost-effectiveness, regulations, globalization along with cross-border transactions, initiatives aimed at financial inclusivity and the utilization of big data.
How Big Is the Neobanking Market Size Expected to Grow by 2029?
Expectations are high for a significant surge in the size of the neobanking market in the upcoming years. The prediction is for the market to enlarge to $1228.17 billion by 2029, marking a compound annual growth rate (CAGR) of 47.1%. The anticipated growth during this forecast period can be credited to factors such as the introduction of open banking, the development of embedded finance, the emergence of challenger banks, broadening of product portfolios, and extending beyond traditional banking services. Fundamental trends for this forecast period include the integration of open banking systems, collaborations with fintech and tech titans, the application of AI and machine learning in personal finance, and the advent of virtual and contactless banking features along with a customer-oriented approach.
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Which Key Market Drivers Powering Neobanking Market Expansion and Growth?
The surge in digitalization needs among global banking institutions is facilitating the growth of the neobanking sector. This digital banking refers to the complete digitization of all banking processes, replacing physical bank locations with a consistent online presence, removing the necessity for customers to visit branches. Traditional financial services are becoming automated due to digital banking. It enables bank customers to utilize banking services and products through online or electronic platforms. Neobanking supports bank digitalization by allowing financial firms to operate online without physical branches and by providing digital counterparts for all banking services. Through the use of technologies like artificial intelligence, automation and cloud computing, neobanks are able to deliver highly individualized services at lower costs. For example, as predicted by Softtek, a Mexico-based IT company, digital banking is forecasted to bring in approximately $8.646 billion by 2025. Hence, the rising demand for banking sector digitalization is anticipated to stimulate the growth of the neobanking market.
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Which Fast-Growing Trends Are Poised to Disrupt the Neobanking Market?
The progression of technology is a driving force behind the surge in the neobanking industry. Neobank services leverage the use of artificial intelligence to boost their efficiency. AI can offer users with individualized solutions and sensible notifications, significantly assisting them in saving money and providing convenience. It's beneficial in making credit decisions, managing risk, conducting trades, and customizing services. For example, BranchX, a pioneering Indian neobank, gained recognition in July 2024 by becoming India's first neobank to offer personal loans through the Open Network for Digital Commerce (ONDC). This effort is designed to improve financial accessibility for India's large population, specifically focusing on the growing middle class, young professionals, small business operators, and entrepreneurs who frequently encounter difficulties in obtaining conventional loans.
What Are the Emerging Segments in the Neobanking Market?
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
Subsegments:
1) By Business Account: Sole Proprietorship Accounts, Partnership Accounts, Corporate Accounts, Freelancer Accounts
2) By Savings Account: Regular Savings Accounts, High-Interest Savings Accounts, Goal-Based Savings Accounts, Joint Savings Accounts
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Who Are the Global Leaders in the Neobanking Market?
Major companies operating in the neobanking market include Webank Inc., Nubank, Chime Financial Inc., SoFi Technologies Inc., Green Dot Corporation, Robinhood Markets Inc., Revolut Ltd., Upgrade Inc., Monzo Bank Ltd., Aspiration Inc., N26 GmbH, Starling Bank Ltd., Ubank Limited, Bunq BV, Daylight Financial Corp, Vivid Money GmbH, Monese Ltd., Varo Money Inc., Current Financial Inc., Acorns Grow Inc.
Which are the Top Profitable Regional Markets for the Neobanking Industry?
Western Europe was the largest region in the neobanking market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neobanking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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