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Sales of Neobanking Are Expected to Exceed Us$ 2,595 Bn by 2032
5 months ago
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Sales of Neobanking Are Expected to Exceed Us$ 2,595 Bn by 2032

The neobanking market refers to the segment of the financial industry that focuses on providing digital banking services to customers through mobile apps and online platforms. Neobanks are typically fintech startups that leverage technology to offer innovative banking solutions that are more convenient, efficient, and affordable than traditional banking services.

The neobanking market is growing rapidly due to several factors, including the increasing adoption of digital technologies, the rising demand for mobile banking services, and the growing dissatisfaction among customers with traditional banking services. The market is segmented based on the type of service provided, such as digital-only banking, digital banking with physical branches, and white-label banking services. Digital-only neobanks, which do not have any physical branches, are the most common type of neobank.

The market is also segmented based on the type of customer served, such as retail customers, small and medium-sized enterprises (SMEs), and large enterprises. Neobanks typically target tech-savvy millennials and Gen Z customers who prefer digital channels for banking. The major players in the neobanking market include companies like Revolut, N26, Chime, Monzo, and Varo Money. These companies are constantly innovating and introducing new products and services to meet the evolving needs of consumers.

The neobanking market is expected to continue growing in the coming years, driven by factors such as the increasing adoption of mobile banking services, the growing demand for personalized banking solutions, and the increasing use of AI and blockchain technologies in banking. However, neobanks also face challenges such as regulatory compliance, profitability, and customer acquisition and retention in a highly competitive market.

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Key findings of the Neobanking market study:

  • The report provides a present market outlook on Neobanking. Additionally, the Neobanking market share is anticipated to grow with a CAGR of 44.15% in the forecast period.

  • Regional breakdown of the Neobanking market based on predefined taxonomy.

  • Innovative manufacturing processes implemented by Neobanking vendors in detail.

  • Region-wise and country-wise fragmentation of the Neobanking market to grasp the revenue, and growth outlook in these areas.

  • Changing preferences among consumers across various regions and countries.

  • Factors (Positive and Negative) impacting the growth of the global Neobanking market.

  • Neobanking price, market share, and Trends forecast for assessment period 2022-2032

Key Segments Covered in the Neobanking Industry Report

  • By Account Type

    • Neobanking for Business Accounts

    • Neobanking for Savings Account

  • By Application

    • Neobanking for Personal Use

    • Neobanking for Enterprises

    • Neobanking for Other Applications

What makes this Research different from others?

  • COVID- Impact analysis- The report includes details of the impact of the pandemic on the Neobanking market further including insights on the pre-COVID situation. Additionally, this report benefits in terms of post-COVID recovery prospects, changing consumer demands, and buying patterns valuable for Neobanking companies.

  • Industrial trend analysis- The research covers recent trends in the field of Neobanking which are augmented with the applicable technologies and shifts in industrial processes. The scope for digital and industrial technologies is discussed in order to help client firms to understand the benefits and risks included in light of market trends.

  • Neobanking Sustainability metrics- The rising concerns of environmentally friendly production and consumption are taken to next level in this research, as research is focused on emerging methods of ensuring sustainability. These insights include climate-friendly initiatives adopted by some players in the industry. Furthermore, details of manufacturers’ impact on carbon footprint are evaluated intend to make clients aware of their contribution to sustainable development goals.

Competitive Landscape

The Neobanking industry is dominated by some prominent players including

  • Atom Bank PLC

  • Ubank Limited

  • Simple Finance Technology Corp.

  • Fidor Bank Ag

  • Movencorp Inc.

  • Monzo Bank Ltd.

  • Mybank

  • N26

  • Revolut Ltd.

  • Webank, Inc.

The competition in the sector is driven by key parameters such as product price, targeted customer base, and strategic marketing. Major players in the market focused on the Neobanking market innovation by investing more in research and development. Furthermore, the industry players are focusing on the extensive usage of online distribution channels for enhanced cost-effectiveness. The sustainability in the supply chain is a decisive factor for Neobanking brands leading to an impact on the margin profits of firms.

Report Benefits & Key Questions Answered

  • Neobanking Company & brand share analysis: Company and brand share analysis on Neobanking reveals how much market share is captured by Tier 1, Tier 2, and Tier 3 players

  • Neobanking Historical volume analysis: The industry analysis provides data & insights on historical volume sales of Neobanking

  • Neobanking Category & segment level analysis: Fact.MR’s Neobanking sales outlook offers category and segment level analysis on lucrative and nascent product types. Market players can use this information to identify sales potential and set sales targets at local, country, and regional level.

  • Neobanking Consumption by demographics: The market intelligence study provides consumption by demographics analysis so market players can design their product and marketing strategies on the basis of high-value consumers

  • Post COVID consumer spending on Neobanking: The report includes post COVID consumer spending analysis. This information will help business leads understand the shifts in purchasing power and behavior

  • Manufacturing trend analysis: Vital information on how market players are aligning their manufacturing strategies with respect to evolving consumer sentiments

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