Global Neobanking Market Garnered Revenue Worth US$ 66.82 Bn in 2022; says Absolute Markets Insights

Global Neobanking Market Insights, Growth, Size, Comparative Analysis, Trends and Forecasts, 2023 – 2031

HOUSTON, TEXAS, UNITED STATES, July 6, 2023/EINPresswire.com/ -- Neobanking, also known as digital banking or challenger banking, is a new model of banking that operates entirely online, without the need for physical branches. Unlike traditional banks, neobanks have lower overhead costs, which allows them to offer more competitive interest rates and lower fees to customers. Neobanks also prioritize customer experience by providing user-friendly interfaces, 24/7 customer support, and personalized financial management tools. One of the key features of neobanks is their use of technology to enhance their services. For example, neobanks use artificial intelligence and machine learning to provide personalized financial advice to customers and to identify potentially fraudulent activity. Additionally, neobanks often partner with fintech companies to provide a wider range of financial services to customers. Examples of neobanks include Chime, Varo, Revolut, and Monzo. Chime, for instance, is a neobank that provides a checking account and a savings account with no monthly fees, overdraft fees, or minimum balance requirements. Varo offers a mobile bank account that has no minimum balance requirement and no monthly account fees, as well as a high-yield savings account with no fees. Revolut offers a digital banking app that allows users to send money globally with no fees, hold and exchange currencies at interbank rates, and get cashback on purchases. Monzo is a UK-based digital bank that offers a range of banking services such as current accounts, savings accounts, and overdrafts, along with features like budgeting tools, instant notifications, and contactless payments. Thus, these factors are pushing the demand of the global neobanking market.

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Global Neobanking Market Snapshot

Market Value in 2022: USD 66.82 Bn

Growth Rate(2023 – 2031): 54.8%

Drivers: Low-cost model for end consumers along with best interest rates offered over traditional banks

Opportunities: Growing digitalization in the banking industry

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Which End User Industry Will Experience Huge Growth In the Global Neobanking Market in the Upcoming Years?
Neobanking is a financial model that caters to both enterprises and individuals. Neobanks offer a range of digital banking services to both customer segments, including:
• Individuals: Neobanks offer a range of banking services to individual customers, including checking and savings accounts, credit cards, loans, and investment products. Neobanks typically provide these services through a user-friendly mobile app, making it easy for individuals to manage their finances on the go. Neobanks also offer attractive benefits to individual customers, such as higher interest rates on savings accounts, lower fees, and cashback rewards.
• Enterprises: Neobanks also cater to small and medium-sized enterprises (SMEs) by providing business banking services such as corporate credit cards, expense management tools, and business loans. Neobanks offer faster and more streamlined business banking services than traditional banks, helping SMEs save time and money. Neobanks also use technology to provide businesses with real-time financial insights and analytics to help them make better financial decisions.

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Overall, neobanking is an attractive financial model for both individuals and enterprises, offering a range of digital banking services that are user-friendly, convenient, and cost-effective. As technology continues to advance and consumer preferences shift towards digital banking, neobanking market is expected to continue to grow in popularity among both customer segments.
Based on Region Segment, Which Region is Anticipated to be the Fastest Growing Region in the Neobanking Market During the Forecast Period?
Neobanking has been rapidly gaining popularity across the Asia Pacific region in recent years. The neobanking market across the Asia Pacific is projected to witness fastest growth rate owing to factors namely increasing smartphone penetration, changing consumer preferences, and government support for digital banking. According to data analyzed and gathered by Absolute Markets Insights, neobanking adoption rates are expected to increase in China and India, where neobanks have gained a significant customer base. Neobanks in Southeast Asia, such as Singapore, Indonesia, and Vietnam, are also gaining traction among consumers. Neobanks in Asia Pacific are increasingly partnering with traditional banks and other fintech companies to expand their services and reach. For example, in India, neobank Niyo partnered with Mastercard to launch a range of digital banking services, while in Singapore, neobank StashAway partnered with local bank, Maybank to offer savings and investment products to customers.

Global Neobanking Market Participants
o Ally Financial Inc.
o Aspiration Partners, Inc.
o Atlantis
o Atom bank
o Chime
o Current
o Dave, Inc.
o Grasshopper Bancorp, Inc. N.A
o Monese Ltd
o Monzo Bank Limited
o Moven Enterprise
o N26 AG
o Revolut Technologies Inc.
o Social Finance, Inc
o Starling Bank
o Varo Bank, N.A.
o WebBank
o Other Market Participants

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Global Neobanking Market:
By Offering
o Accounts
 Current Account
 Business Account
 Saving Account
 Others
o Loans & Mortgage
 Personal Loans
 Home Loans
 Others
o Insurance
 Travel Insurance
 Electronics Insurance
 Others
o Investments
 Stocks
 Commodities
 Others
o Payments & Transfer
o Others
By Platform
o App Based
o Web Based
By End Users
o Enterprises
o Individuals

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By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)

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About Us:
Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization. From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

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Contact Name: Shreyas Tanna
Company: Absolute Markets Insights
Email Id: sales@absolutemarketsinsights.com
Phone: +1-510-420-1213
Website: www.absolutemarketsinsights.com

Shreyas Tanna
Absolute Markets Insights
+1 510-420-1213
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