Dublin, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The "Neo and Challenger Bank Market by Service Type and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
According to this report the global Neo and challenger bank industry was valued at $20.4 billion in 2019, and the market size is projected to reach $471.0 billion by 2027, growing at a CAGR of 48.1% from 2020 to 2027.
Neo bank are digital-only banks without any physical branches and operates on a partnered bank license in the market. These banks provide digital and mobile-first financial payment solutions, remittances & money transfers services, lending, checking & saving account, insurance, and mortgages completely via mobile applications. In addition, neo banks also provide value-added services such as automated accounting, expenses management, and payroll, especially to growing small & medium enterprises.
Challenger banks are established firms and operate with a full banking license in the market. These banks provide services such as lending, investments & savings accounts, checking & merchant accounts, mobile banking, credit cards, mobile banking, and others (retirement savings, insurance products, and buying & selling of cryptocurrency). These banks are continuously challenging over existing traditional banks, by innovating & integrating several technologies in their product offerings. Together, neo and challenger banks have entered in the banking industry with advance features, real-time services and client-centric products & services posing challenges for the existing traditional banks in the market.
Higher interest rates offered to customers over traditional banks, government & regulatory supports toward banking operations, and better convenience provided via mobile applications are major driving factors of the market. However, acquiring customers online and profitability for these start-up banks limit market growth. Moreover, the neo and challenger bank market is expected to have lucrative opportunities such as to expand their business by strengthening online offerings to unbanked population in the emerging economies. In addition, business expansion, development of existing banking portfolio, bundling the product offerings and provide customized solutions are remaining some other focus areas for these Fintech banks in the upcoming years.
The neo and challenger bank market is segmented on the basis of service type, end user, and region. In terms of service type, it is classified into loans, mobile banking, checking & savings account, payment & money transfer, and others. By end user, it is bifurcated into business and personal. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the global neo and challenger bank market analysis are Atom Bank plc, Fidor Solutions AG, Monzo Bank Limited, Movencorp, Inc., MYbank, Number26 GmbH, Simple Finance Technology Corporation, Tandem Bank, UBank limited, and WeBank. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key benefits for stakeholders
- The study provides an in-depth analysis of the global neo and challenger bank market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global neo and challenger bank market from 2020 to 2027 is provided to determine the market potential.
Key Findings Of The Study
- By service type, the loan segment led the neo and challenger bank market size, in terms of revenue in 2019.
- By end user, the business segment accounted for the highest neo and challenger bank market share in 2019.
- By region, Europe generated the highest revenue in 2019.
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
3.1. Market Definition and Scope
3.2. Key Forces Shaping Neo and Challenger Bank Market
3.2.1. Moderate Bargaining Power of Suppliers
3.2.2. High Bargaining Power of Buyer
3.2.3. Moderate Threat of Substitutes
3.2.4. High Threat of New Entrants
3.2.5. High Competitive Rivalry
3.3. Market Dynamics
3.3.1. Drivers
3.3.1.1. Convenience Offered to Consumers
3.3.1.2. Higher Interest Rates Offered Over Traditional Banks
3.3.1.3. Regulations Supporting Market Growth
3.3.2. Restraint
3.3.2.1. Key Challenge of Acquisition of Customers
3.3.2.1. Profitability: a Challenge for Digital Banks
3.3.3. Opportunities
3.3.3.1. Untapped Potential of Emerging Economies
3.3.3.2. Increase in Smartphone and Internet Penetration
Chapter 4: Neo and Challenger Bank Market, by Service Type
4.1. Overview
4.2. Loans
4.2.1. Key Market Trends, Growth Factors and Opportunities
4.2.2. Market Size and Forecast, by Region
4.2.3. Market Analysis, by Country
4.3. Mobile Banking
4.3.1. Key Market Trends, Growth Factors and Opportunities
4.3.2. Market Size and Forecast, by Region
4.3.3. Market Analysis, by Country
4.4. Checking & Savings Account
4.4.1. Key Market Trends, Growth Factors, and Opportunities
4.4.2. Market Size and Forecast, by Region
4.4.3. Market Analysis, by Country
4.5. Payment & Money Transfer
4.5.1. Key Market Trends, Growth Factors and Opportunities
4.5.2. Market Size and Forecast, by Region
4.5.3. Market Analysis, by Country
4.6. Others
4.6.1. Key Market Trends, Growth Factors and Opportunities
4.6.2. Market Size and Forecast, by Region
4.6.3. Market Analysis, by Country
Chapter 5: Neo and Challenger Bank Market, by End-user
5.1. Overview
5.2. Business
5.2.1. Key Market Trends, Growth Factors and Opportunities
5.2.2. Market Size and Forecast, by Region
5.2.3. Market Analysis, by Country
5.3. Personal
5.3.1. Key Market Trends, Growth Factors and Opportunities
5.3.2. Market Size and Forecast, by Region
5.3.3. Market Analysis, by Country
Chapter 6: Neo and Challenger Bank Market, by Region
6.1. Overview
6.2. North America
6.3. Europe
6.4. Asia-Pacific
6.5. LAMEA
Chapter 7: Competitive Landscape
7.1. Introduction
7.1.1. Market Player Positioning, 2019
7.1.2. Top Winning Strategies
Chapter 8: Company Profiles
8.1. Atom Bank plc
8.1.1. Company Overview
8.1.2. Key Executives
8.1.3. Company Snapshot
8.1.4. Product Portfolio
8.1.5. Key Strategic Moves and Developments
8.2. Fidor Solutions AG
8.2.1. Company Overview
8.2.2. Key Executives
8.2.3. Company Snapshot
8.2.4. Product Portfolio
8.3. Monzo Bank Limited
8.3.1. Company Overview
8.3.2. Key Executives
8.3.3. Company Snapshot
8.3.4. Product Portfolio
8.3.5. Key Strategic Moves and Developments
8.4. Movencorp Inc.
8.4.1. Company Overview
8.4.2. Key Executives
8.4.3. Company Snapshot
8.4.4. Product Portfolio
8.4.5. Key Strategic Moves and Developments
8.5. Mybank
8.5.1. Company Overview
8.5.2. Key Executives
8.5.3. Company Snapshot
8.5.4. Product Portfolio
8.6. Number26 GmbH
8.6.1. Company Overview
8.6.2. Key Executives
8.6.3. Company Snapshot
8.6.4. Product Portfolio
8.7. Simple Finance Technology Corporation
8.7.1. Company Overview
8.7.2. Key Executives
8.7.3. Company Snapshot
8.7.4. Product Portfolio
8.8. Tandem Bank
8.8.1. Company Overview
8.8.2. Key Executives
8.8.3. Company Snapshot
8.8.4. Product Portfolio
8.8.5. Key Strategic Moves and Developments
8.9. Ubank Limited
8.9.1. Company Overview
8.9.2. Key Executives
8.9.3. Company Snapshot
8.9.4. Product Portfolio
8.9.5. Key Strategic Moves and Developments
8.10. Webank
8.10.1. Company Overview
8.10.2. Key Executives
8.10.3. Company Snapshot
8.10.4. Product Portfolio
8.10.5. Key Strategic Moves and Developments
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