(I-BusinessNews.Com, November 12, 2019 ) Market Summary:
• Neo bank provides a complete range of banking solutions to the customers without having any physical offices or branch. While challenger banks are comparatively small retail banks which are established to compete for business with large, long-established national banks.
• The global neo-banking market is anticipated to grow at a CAGR of 46.23% from 2019 to 2026.
• Cost-effective banking, fast servicing, provision of advance banking features, healthy interest rates, and customer convince are prominent drivers of the neo-banking market.
• Moreover, increased penetration of internet and mobile devices has boosted the market potential for neo banks globally. Increasing investment within neo-baking sector would help the market to sustain healthy growth rates in the next couple of years.
• For instance, Atom Bank, one of the top player in neo-baking sector received a 45-million-pound investment from the Spanish bank BBVA in January 2016. However, security and privacy of the data might hamper the market growth.
• By type, the neo-banking market is segmented as neo-banks and challenger banks. Neo-banks are aggressively marketing their products and reaching a vast consumer base.
• However, challenger banks are focused on acquiring small and medium enterprises. Geographically the market concentrated over Europe.
• Growing consumer base and adoption of neo banking would drive the European neo-baking market. For instance, in 2015, challenger banks supplied over 200,000 UK consumers with mortgages and held a 20% share of the UK’s small and medium-sized enterprise (SME) gross lending, providing new loans and overdrafts to around 50,000 SMEs. North America is a second largest market for neo banking owing to increasing adoption of new banks by America people.
• The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
• The report profiles the following companies, which includes Atom Bank PLC, Fidor Bank Ag, Monzo Bank Limited, Movencorp Inc., My bank, N26, Pocket Limited, Simple Finance Technology Corporation, Ubank Limited, and Webank.
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Key Market Segment Covered:
By Type
• Neo Bank
• Challenger Bank
By Region
• Asia Pacific
• Europe
• North America
• South America
• Rest of the World
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Why purchase the report?
• Visualize the composition of the Neo-banking market across each indication, regarding type and applications, highlighting the vital commercial assets and players.
• Identify commercial opportunities in Neo-banking by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of the Neo-banking market – level 4/5 segmentation
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Product mapping in excel for the critical Neo-banking products of all major market players.
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