Global Neobanking Market report from Global Insight Services is the single authoritative source of intelligence on Neobanking Market The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Neobanking is a term used to describe financial institutions that offer digital-only banking services. These institutions are typically online-only and lack a physical branch presence. Neobanks typically offer a suite of services that are similar to those offered by traditional banks, such as checking and savings accounts, debit cards, personal loans, and investment products. However, neobanks often differ from traditional banks in terms of their business model, technology platform, and target market.
Neobanks have gained popularity in recent years as consumers have become more comfortable conducting financial transactions online and using mobile apps for banking purposes. The rise of neobanks has also been driven by the increasing availability of financial services through technology companies, such as Amazon and Google. Neobanks are often able to offer competitive rates and fees due to their lower overhead costs.
While neobanks have become a viable option for many consumers, there are still some risks associated with using these types of financial institutions. For example, neobanks are not subject to the same regulations as traditional banks, which means they may not be as safe or secure. Additionally, neobanks may not offer the same level of customer service as traditional banks.
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Key Trends
There are a few key trends in neobanking technology:
1. The shift from traditional banking to neobanking: More and more people are ditching traditional banks in favor of neobanks. This is because neobanks offer more flexible and user-friendly options, such as early wage access and fee-free ATM withdrawals.
2. The rise of mobile banking: Mobile banking is becoming increasingly popular, as it offers a convenient way to manage your finances on the go.
3. The growth of peer-to-peer payments: Peer-to-peer payments are growing in popularity, as they offer a convenient way to send and receive money without having to go through a bank.
4. The increasing use of artificial intelligence: Artificial intelligence is being used more and more in the banking industry, in order to provide personalised recommendations and improve customer service.
5. The increasing use of biometrics: Biometrics, such as fingerprint and facial recognition, are being used more and more as a way to securely authenticate users.
Key Drivers
There are several key drivers of the neobanking market.
First, traditional banks have been slow to adopt new technologies, leaving room for neobanks to enter the market with more innovative offerings.
Second, consumers are becoming more comfortable with trusting technology to handle their finances, and are therefore more open to using neobanks.
Third, the rise of mobile commerce and the ubiquity of smartphones has made it easier for consumers to conduct financial transactions on the go, which has helped neobanks to gain traction.
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Market Segments
The neobanking market report is bifurcated on the basis of type, application, and region. On the basis of type, it is segmented into mobile banking, payments & money transfer, loans, and others. By application, it is categorized into personal and business. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.
Key Player
The neobanking market report includes players such as Atom Bank Plc, BBVA S.A., BMTX, Inc., Chime Financial, Inc., Citigroup Inc., Dave, Inc., Deutsche Bank AG, Digibank, Equitable Bank, and HSBC Holdings Plc.
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