PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1213653
PUBLISHER: SkyQuest Technology Consulting Pvt. Ltd. | PRODUCT CODE: 1213653
Global Neobanking Market size was valued at USD 47.39 billion in 2021 and it is expected to reach USD 947.25 billion by 2028, at a CAGR of 53.4% over the forecast period (2022-2028).
Market expansion is anticipated to be fueled by customers' growing need for convenience in the banking industry. With no need for physical branches or offices, neobanks provide banking services.
Through web and mobile channels, they support users in real-time service validation. The need for neobank platforms is also anticipated to increase as smartphones and the internet are increasingly used for online banking around the globe.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global neobanking market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global neobanking market is segmented based on the account type, application, and region. On the basis of account type, it is segmented into business account and savings account. On the basis of application, the global neobanking market is segmented into enterprise, personal and others. Based on the region it is segmented as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Driver
The industry growth is also accelerating as more banks and organisations develop collaborations to introduce neobanking platforms. These alliances are designed to improve consumer satisfaction and stability and safety. For instance, the co-creators of Google Pay said in April 2021 that they were partnering with the Federal Bank to develop Fi, a neobank, and offering salaried millennials a quick savings account with debit cards.
Restraint
Genuineness and financial security are two main obstacles that are anticipated to impede the expansion of the worldwide neobanking market throughout the forecast period. Neobanks tend to focus on providing basic banking services, hence it is not advised to use them for complex financial transactions or support as the lack of in-person interaction or assistance may be frustrating.
Market Trends
Financial service providers may now offer customers cutting-edge digital services thanks to technological improvements and the noticeable rise in internet usage around the world. The demand for online banking platforms is also being driven by the expansion of digital wallets.
A multinational financial services business called Visa estimates that there are more than one billion mobile money wallets in use worldwide. To provide affordable money transfer services, numerous financial service companies are partnering with mobile money wallet providers.