According to the current analysis of Reports and Data, the global Neo and Challenger Banks market was valued at USD 30.99 Billion in 2020 and is projected to grow at a CAGR of 46.5% from 2020 to 2028. Factors affecting the growth of the Neo & Challenger Banks market are the favorable regulations from various government bodies globally, as well as the convenience Neo Banks offer to consumers in the form of quick account opening. The rising penetration of internet globally, specifically in developing nations like China and India will be another factor for the rise of the Neo & Challenger banks market. Adoption by millennials, micro, small and medium enterprises (MSMEs), and those having irregular incomes and earnings, embracement of ground-breaking technologies and rising consumerism are some of the catalysts for the success of neo banks. For these banks to be accepted on a larger scale, greater penetration of smartphones as well as the internet is vital. Another factor is the user comfort with digital applications and elementary knowledge of financial products and services. However, the growth of the market may be restrained due to the narrow range of products that are offered by the these Banks.
With competition rising amongst traditional banks, new-age FinTechs, technology firms and non-banking entrants, it is yet to be seen whether the market is very much enough for these banks to grow sustainably and equitably. How the banks manage crucial impediments in terms of regulation and compliance, data and cybersecurity, unified API integration as well as expansion of products and services will be the fundamental determinants of their success.
Characteristics and offerings like accessibility, cost-effective multiple banking and financial functionalities under one umbrella, and personalization are some of the major driving aspects for neo banks worldwide. Another factor is that FinTechs are building niche solutions that are focused on blue-collar workers and the underserved needs of thin-file MSMEs thus driving the . Neobanking can work as an extension of measures undertaken to solve the challenges of financial inclusion and bundling banking services with other financial services—for example, services like opening of bank accounts for immigrants, facilitated through new onboarding procedures not based on traditional documentation of identification.
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Key Regional Markets Covered in the Report:
- North America
- S.
- Canada
- Mexico
- Europe
- Russia
- K.
- Germany
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- Israel
- Rest of Middle East & Africa
Top 10 Profiled in the Global Neo and Challenger Banks Market Report:
- Atom Bank PLC,
- Movencorp, Inc.,
- Simple Finance Technology Corporation,
- Fidor Bank AG
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Key Takeaways of the Global Neo and Challenger Banks Market Report:
- A comprehensive overview of the global Neo and Challenger Banks industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Neo and Challenger Banks market.
- Elaborate study of the leading regional markets in the global Neo and Challenger Banks market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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