Neobanking market is anticipated to grow at a significant CAGR of 49.4% during the forecast period. The growing adoption of smartphones and the internet across the globe for online banking is anticipated to grow the neobanking market. According to World Bank data, of 2020 around 60% of world population is using internet and on an average around 106 people per 100 people have mobile cellular subscription which shows the increasing mobile use across the globe. Neobanks offer banking solutions without the need for physical branches or offices. They help customers to validate their service offerings in real-time through online medium and mobile sites. The adavantages of neobanks includes low costs, suitability, speed, security and transparency. Due to the busy life schedule customers don’t want to go to banks and waste their time, hence with use of smartphones they want to operate their bank account and do financial transactions without any problem which is more convenient. Thus these factors are propelling the demand for neobanking across the globe.
The global neobanking market is segmented based on account type, service, and application. Based on account type, the market is segmented into business account, savings account . Based on service, the market is sub-segmented into mobile banking, payments & money transfer, checking/savings account, loans. Based on application the market is segmented into enterprises, personal. The above mentioned segments can be customized as per the requirements. Based on account type the business account segment is anticipated to grow at the fastest rate during the forecast period. As due to varios adavantages of neobanking, many businesses across the globe are adopting neobanking as the preferred way of payment for bulk payouts,disbursals, vendor payment/management and others. Moreover, the ability of the neobank platforms to offer simplicity and ease of processes in disbursals to vendors and other stakeholders by reducing human intervention and errors is anticipated to further drive the growth of the segment. According to Novo Platform Inc., a neobank that has built a service targeting small businesses, has closed a round of $40.7 million, a Series A that it will be using to continue growing its business, and its platform. The services of Novo is trusted by over 160,000 small businesses across the globe which shows the increasing popularity and demand among enterprises for neobanking. Hence these factors are boosting the segment.
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Neobanking Market Segmentation
By Account
- Business Account
- Savings Account
By Service
- Mobile Banking
- Payments & Money Transfer
- Checking/Savings Account
- Loans
By Application
- Enterprises
- Personal
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- BMTX, Inc.
- Chime Financial, Inc.
- Citigroup Inc.
- Dave, Inc.
- DBS Bank Ltd.
- Deutsche Bank AG
- HSBC Holdings Plc
- Monzo Bank Ltd.
- N26 GmbH
- Neo Financial Technologies Inc
- Nubank S.A.
- Paytm Payments Bank
- Revolut Ltd.
- SoFi Technologies, Inc.
- Sopra Steria Group
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