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Neobanking Market is projected to Expand at Over 44.15% CAGR by Garnering a Revenue of US$ 2,595 Bn from 2022 to 2032: Fact.MR Analysis

Neobanking Market Analysis by Account Type (Neobanking for Business Accounts, Savings Account), by Application (Personal Use, Enterprises), by Region - Global Forecast 2022-2032

/EIN News/ -- ROCKVILLE, Md., March 02, 2022 (GLOBE NEWSWIRE) -- Fact.MR states the global sales of neobanking to reach US$ 2,595 Bn by registering a staggering double-digit CAGR of over 44% in the forecast period 2022-2032. Consumers across the globe are preferring neobanking due to its contactless nature. In addition, the integration of artificial intelligence and machine learning is driving the demand for neobanking.

Historically, from 2015 to 2021, the global neobanking industry flourished at a CAGR of 30%. Although the COVID-19 pandemic affected the supply and demand chain of end user industries, it also escalated the use of neobanking due to its contactless nature. As neobanking helped businesses to thrive in the pandemic, the demand for the same is expected to upsurge in the assessment period.

Furthermore, enterprises are largely relying on neobanking owing to its provision of transparent transactions. As number of start-ups grew in the last two years, businesses showed a growing inclination towards using online payment gateways to meet work demands. All these factors are positively influencing the demand for neobanking.

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Contactless Feature a Blessing in the Time of COVID-19 for Neobanks?
The onset of the COVID-19 pandemic set restrictions for various countries across the world. This hampered businesses on a large scale and bank transactions got stuck due to no physical contact. Thus, the demand for neobanks grew by leaps and bounds in the pandemic. Moreover, small and medium sized enterprises showed a growing inclination towards using neobanks as it helped in keeping track on transactions.

Digitally led neobanks have made work easier by going paperless. As neobanks do not have any physical branch, the hassle of creating an account by waiting for longer period is deleted. Moreover, neobanks contactless feature helped people to stay safe at home by not affecting their income revenues. Furthermore, growing income scale along with millennials and generation-Z’s preference to use smartphones to make life easy has made neobanks gain popularity.

Key Takeaways from the Market Study

  • By account type, business account expected to gain more than 50% market share for neobanking market.
  • By application, enterprises expected to hold more than 40% market share for neobanking market.
  • Neobanking industry expected to possess nearly 30% market share throughout Europe.
  • Neobanking industry expected to possess nearly 25% market share throughout Asia Pacific.
  • Global neobanking market expected to be valued at US$ 67 Bn by the end of 2022

“Increasing demand for contactless transactions along with the integration of artificial intelligence and machine learning is fuelling the growth of neobanking.” opines a Fact.MR analyst

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

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Competitive Landscape

  • In March 2021, Atom bank and credit Kudos partnered to help small businesses bounce back. The companies have taken this initiative to help businesses to help recover losses caused due to the COVID-19 pandemic.
  • Atom Bank PLC, Ubank Limited, Simple Finance Technology Corp., Fidor Bank Ag, Movencorp Inc., Monzo Bank Ltd., Mybank, N26, Revolut Ltd., Webank, Inc are prominent neobanking market players.

Key Companies Profiled:

  • Atom Bank PLC
  • Ubank Limited
  • Simple Finance Technology Corp.
  • Fidor Bank Ag
  • Movencorp Inc.
  • Monzo Bank Ltd.
  • Mybank
  • N26
  • Revolut Ltd.
  • Webank, Inc.

Early Adoption of Neobanking Spurring Growth in Europe?
Europe has been at the forefront of adapting technological innovations and changing bank systems. Companies in the U.K. and Germany are offering complete contactless platforms. This, in turn, has attracted consumers to use neobanking as services are available 24*7.

Moreover, existing banks are collaborating with neobanking platforms to offer easy and convenient services to consumers. Thus, Europe is expected to hold more than 30% market share for neobanking.

Convenience Playing Key Role in Using Neobanking Platforms in Asia Pacific?
Rapid urbanization and increasing population in countries like India and China is playing a key role in the increasing usage of neobanking. Long queues at banks, pending cases of cheque clearances and delays due to lengthy procedures has shifted people’s interest to using neobanking.

Furthermore, penetration of smartphones and 4G network in the region is driving the dependency on neobanking. Moreover, growing number of businesses along with inclination of millennials and generation Z to use neobanking is accelerating the growth of neobanking platforms. Thus, Asia Pacific is expected to hold more than 25% market share for neobanking in the assessment period.

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