IMARC Group, a leading market research company, has recently released a report titled “Neobanking Market Report by Account Type (Business Account, Savings Account), Application (Enterprises, Personal, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the Neobanking market industry growth, share, size, and industry growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global Neobanking market size reached US$ 132.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,882.1 Billion by 2032, exhibiting a growth rate (CAGR) of 46.82% during 2024-2032.
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What is the Neobanking Market?
Neobanking, often referred to as digital banking, refers to the modern banking paradigm that operates online without traditional physical branch networks. It offers a broad spectrum of financial services, including savings accounts, checking accounts, money transfers, loans, and investment options, that are accessible through mobile applications and web platforms. These banks leverage advanced technologies, such as artificial intelligence (AI), blockchain, and data analytics, to provide streamlined, user-friendly, and cost-effective banking solutions.
Neobanking involves various types, such as full-service neobanks and niche neobanks, which cater to specific market segments or financial needs. It uses sophisticated cybersecurity measures, cloud computing, and robust application programming interfaces (APIs). Neobanking finds applications across personal finance management, business banking, cross-border transactions, peer-to-peer payments, and budgeting tools. It offers numerous benefits, such as enhanced user experience, real-time transaction processing, low operational costs, increased financial inclusion, and improved accessibility.
Additionally, neobanks are lauded for their high interest rates on deposits, instant account setup, personalized financial services, 24/7 customer support, and seamless integration with other digital financial services.
Neobanking Market Trends:
The increasing digitalization of financial services, propelled by advancements in mobile technology and widespread internet accessibility, is one of the major factors bolstering the market growth. Moreover, the growing inclination towards convenient, fast, and digital-first banking solutions is strengthening the market growth.
Furthermore, the rising cost-efficiency associated with neobanks, which operate without the overhead costs of maintaining physical branches, allowing them to offer competitive fees and higher interest rates to customers, is enhancing the market growth. In addition to this, the burgeoning integration of artificial intelligence (AI) and machine learning (ML) in neobanking platforms to enhance customer service through personalized financial advice, fraud detection, and efficient customer support is catalyzing the market growth.
Besides this, the growing adoption of blockchain technology to provide secure, transparent, and efficient transaction processes is favouring the market growth. Apart from this, the increasing collaboration between traditional banks and neobanks as conventional banks leverage the technological prowess of neobanks to enhance their digital offerings, is driving the market growth.
Neobanking Market Segmentation:
Breakup by Account Type:
· Business Account
· Savings Account
Breakup by Application:
· Enterprises
· Personal
· Others
Breakup by Region:
· North America
· Asia-Pacific
· Europe
· Latin America
· Middle East and Africa
Competitive Landscape With Key Players:
· The competitive landscape of the neobanking market size has been studied in the report with the detailed profiles of the key players operating in the market
Some of These Key Players Include:
· Agricultural Bank of China Limited
· Atom Bank PLC
· Citigroup Inc.
· Deutsche Bank AG
· Fidor Solutions AG (Groupe BPCE)
· HSBC Holdings Plc
· Malayan Banking Berhad
· Monzo Bank Limited
· Movencorp Inc.
· N26 GmbH
· Simple Finance Technology Corporation (BBVA USA)
· Ubank Limited
· Webank Co. Ltd.
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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