Neobanking Market Size, Share & Segmentation by Account Type (Business Account, Savings Account), by Service (Mobile Banking, Payments & Money Transfer, Checking/Savings Account, Loans), by Application (Enterprises, Personal), by Regions and Global Market Forecast 2023-2030
Report Id: SNS/ICT/1257 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Neo banking Market was valued at USD 71.42 Bn in 2022 and is predicted to increase at a CAGR of 52.4% from 2023 to 2030, to reach USD 2078.54 billion by 2030.
The increased need for convenience among banking consumers is projected to fuel industry expansion. Neobanks provide financial services without the need for physical locations. They assist users invalidating their service offers in real-time via internet and mobile platforms. Furthermore, the increasing use of smartphones and the internet for online banking throughout the world is projected to fuel demand for neobank systems.
The growing number of bank and organization collaborations to establish neo banking platforms is also propelling industry expansion. Such collaborations strive to improve consumer experience while also increasing safety and stability.
MARKET DYNAMICS:
KEY DRIVERS:
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Neobanks offer a full range of banking services without the need for physical offices or branches.
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Over the forecast period, the global neobanking market is predicted to rise due to an increase in demand for consumer convenience in the banking industry.
RESTRAINTS:
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Authenticity and financial security are two main obstacles that are predicted to stifle the worldwide neobanking market's expansion throughout the forecast period.
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The digital banking market's expansion is being hampered by a lack of simple solutions and an increase in convenience for accessing multiple services.
OPPORTUNITIES:
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During the market projection period, the IT department, which serves numerous sectors globally and locally, will be heavily reliant.
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The Asia Pacific area, which is followed by Latin America, has various emerging markets.
CHALLENGES:
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Companies are planning and attempting to execute operations using new and updated approaches, which would necessitate a significant investment.
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Employees are less ready to take on work owing to uncertainty.
IMPACT OF COVID-19:
Because of the growing reliance on online banking services, the advent of the COVID-19 pandemic is projected to open up new growth potential for the business. In the aftermath of the epidemic, a slew of social, political, and economic issues has emerged throughout the world. Both financial service providers and investors are affected by these issues. During the epidemic, however, many SMEs turned to neobanks for working finance, propelling the sector forward.
KEY PLAYERS:
The key players in the Neobanking Market are Atom Bank Plc, BBVA S.A., BMTX, Inc., Chime Financial, Inc., Citigroup Inc., Dave, Inc., Deutsche Bank AG, Digibank (DBS Bank Ltd., Equitable Bank, HSBC Holdings Plc.
MARKET ESTIMATION:
Market, By Account type:
The market has been divided into two types of accounts: business accounts and savings accounts. In 2021, the business account sector led the market, accounting for more than 65.0 percent of total revenue. Neo banking is becoming the favored method of payment for large settlements in a variety of industries throughout the world. Furthermore, the potential of neo bank platforms to give suppliers and other stakeholders simplicity and convenience of procedures in disbursals by decreasing human participation is projected to fuel the segment's growth. Over the projected period, the savings account category is predicted to grow at the quickest rate.
Market, By Application:
The market has been segmented into businesses, individuals, and others based on applications. In 2021, the enterprise sector led the market, accounting for more than 52 percent of worldwide sales. Credit management, transaction management, and asset management are among the services provided by these platforms. Various neo bank service providers for SMEs are attempting to expand their product line through acquisitions in order to better serve their customers. For example, in December 2021, Open, a Neo banking platform provider for small businesses, announced the purchase of Finin, a consumer Neo banking platform, for USD 10 million in cash and shares.
KEY MARKET SEGMENTATION:
By Service Type:
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Mobile Banking
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Payments & Money Transfer
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Checking/Savings Account
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Loans
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Others
By Account type:
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Business
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Savings
By Application:
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Personal
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Business
REGIONAL ANALYSIS:
In 2021, the European region led the worldwide market, accounting for more than 30% of global sales. The development of many innovative technologies and the early acceptance of new technologies are responsible for the regional market growth. Furthermore, corporations are concentrating their efforts on creating product platforms and forming alliances in order to increase their market position. Several neo banks in the region have opened brick-and-mortar distribution channels in order to develop an O2O distribution model, resulting in market growth potential.
Over the projection period, Asia Pacific is predicted to be the fastest-growing regional market. The rising usage of smartphones, together with the expanding use of internet services, is likely to boost market development. Furthermore, factors such as accessible and convenient banking services, as well as the expansion of digital-only banks in countries such as Japan, India, and China, are likely to contribute to the Asia Pacific regional market's growth throughout the forecast period.
REGIONAL COVERAGE:
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North America
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The USA
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Canada
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Mexico
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Europe
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Germany
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The UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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| Report Attributes | Details |
| Market Size in 2022 | US$ 71.42 Bn |
| Market Size by 2030 | US$ 2078.54 Bn |
| CAGR | CAGR of 52.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Account Type (Business Account, Savings Account) • by Service (Mobile Banking, Payments & Money Transfer, Checking/Savings Account, Loans) • by Application (Enterprises, Personal) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Atom Bank Plc, BBVA S.A., BMTX, Inc., Chime Financial, Inc., Citigroup Inc., Dave, Inc., Deutsche Bank AG, Digibank (DBS Bank Ltd., Equitable Bank, HSBC Holdings Plc. |
| Key Drivers | • Over the forecast period, the global neobanking market is predicted to rise due to an increase in demand for consumer convenience in the banking industry. |
| Market Opportunities | • During the market projection period, the IT department, which serves numerous sectors globally and locally, will be heavily reliant. |
Frequently Asked Questions (FAQ) :
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Neo banking Market Segmentation, by Service Type
8.1 Mobile Banking
8.2 Payments & Money Transfer
8.3 Checking/Savings Account
8.4 Loans
8.5 Others
9. Neo banking Market, by Account type
9.1 Business
9.2 Savings
10. Neo banking Market, by Application
10.1 Personal
10.2 Business
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Atom Bank Plc
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 BBVA S.A
12.3 BMTX, Inc.
12.4 Chime Financial
12.5 Citigroup Inc
12.6 Dave, Inc.
12.7 Deutsche Bank AG
12.8 Digibank (DBS Bank Ltd.)
12.9 Equitable Bank
12.10 HSBC Holdings Plc
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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