Global Neobanking Market
Neobanking is defined as novel banking technology which provides complete online banking solutions to its customers. Neobanking differ from traditional banks, as they have no physical offices & branches. These banks allow everything from opening an account to other services, without the need to go to a bank. Simple, GoBank and Moven are some Neobanking organizations.
Neobanks provide a complete range of banking solutions without any physical offices or branches. The increase in demand for customer convenience in the banking industry is expected to drive the global neobanking market growth over the forecast period. These are customer-centric banks and provide personalized services to customers that differentiate them from traditional banks. Neobank platforms allow users to validate their service offerings in real time via mobile sites & online channels. These platforms eliminate the need for human interference, thus reducing transaction errors.
Furthermore, benefits provided by neobanking such as healthy interest rest, fast servicing, cost effective banking, are anticipated to boost the global neobanking market growth during this forecast period. The growing penetration of smartphones & the internet across the world has boosted the market potential for neobanks. The neobanking model provides a low-cost structure, advanced services, and easy accessibility will positively influence the market growth. The rise in customer interest in digital banking services is expected to accelerate the target market growth.
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The authenticity and financial security are major restraints which expected to hinder the growth of global neobanking market throughout the period.
The Global Neobanking Market is segmented into account type such as Savings Account, and Business Account. Further, market is segmented into application such as Personal, Enterprises, and Others.
Also, the Global Neobanking Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Among these regions, Europe is expected to hold the biggest market share in the year 2018, due to establishment of multiple technology start-ups & the growing adoption of technology. The congestion faced in commercial banks & the increase in technological baking start-ups will create opportunities for target market.
The APAC is a fastest growing regional market during this forecast period due to the increase in investments within the FinTech sector. The FinTech companies are developing neobanks, these banks don’t demand cumbersome organizational structures & legacy structures.
Market key Players
Various key players are discussed in this report such as Atom Bank PLC, WeBank, Inc., Ubank Limited, Simple Finance Technology Corporation, Revolut Ltd., MyBank, Movencorp Inc., Monzo Bank Limited, Fidor Bank Ag, Etc.
By Account Type
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