New York, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Neobanking Global Market Report 2022" - https://www.reportlinker.com/p06320096/?utm_source=GNW
A., OakNorth, Orange Bank, Tinkoff Bank, Upgrade, Inc., Monzo and Monese.
The global neobanking market is expected to grow from $54.36 billion in 2021 to $78.02 billion in 2022 at a compound annual growth rate (CAGR) of 43.52%. The neobanking market is expected to grow to $359.46 billion in 2026 at a compound annual growth rate (CAGR) of 43.52%.
The neobanking market consists of sales of neobanking services by the entities (organizations, sole traders, and partnerships) that refer to digital banks with no physical locations that provide a broad range of financial services to target tech-savvy clients primarily. Neobanking offers services including payments, debit cards, money transfers, lending, and more that are mostly digital and mobile in nature.
The main types business accounts of neobanking market include business account, savings account.Business account refers to neobanking services used by business account holders to manage money, bulk pay-outs, credits, detailed account insights, and international transfers.
Mobile banking, payments & money transfer, checking/savings account, loans and others are services offered in neobanking. These are applied byenterprises, personal, others.
Western Europe was the largest region in the neobanking market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in neobanking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The neobanking market research report is one of a series of new reports that provides neobanking market statistics, including Feed yeast industry global market size, regional shares, competitors with a neobanking market share, detailed neobanking market segments, market trends and opportunities, and any further data you may need to thrive in the neobanking industry. These neobanking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The growing demand for digitalization among banking institutions across the globe is contributing to the growth of the neobanking market.Digital banking describes the digitalization of all banking procedures and the substitution of the bank’s physical location with a continual online presence, which eliminates the need for consumers to visit a branch.
Traditional financial services are being automated by digital banking.Customers of a bank can access banking services and products online or through an electronic platform thanks to digital banking.
Neobanking aids in digitizing banks by enabling financial organizations to do business online without physical locations and offering digital versions of all banking services.Neobanks provide highly personalized services at lower prices by utilizing technology such as artificial intelligence (AI), automation, and cloud computing.
According to a survey conducted by McKinsey and Company, between 2017 and 2021, the fraction of customers in Asia–Pacific developing countries actively utilizing digital banking expanded rapidly, rising from 54 % in 2017 to 88% in 2021. Thus the growing demand for digitalization in the banking sector is expected to propel the neobanking market.
Technological Advancement is a key trend propelling the neobanking market.Artificial intelligence is used in neobanking services and solutions to improve efficiency.
AI can provide consumers with highly personalized solutions and logical reminders and notifications that will help them save money and enjoy more ease.It helps in credit decisions, risk management, trading and personalized services.
In March 2021, DigiBankASIA, a Singapore-based financial services company, entered into a partnership with Xebia to launch Asia’s digital Bank, UnoBank.Combining top banking products to provide a distinctive and cutting-edge digital foundation, Xebia will be UNO’s digital and innovative technology partner in building Cognito, UNO’s digital-first platform.
It is ideally positioned to construct a cutting-edge and intelligent CX platform for UNObank due to its experience in technologies like Al/ML, IoT, AR/VR, Cloud, DevOps, Big Data & Analytics. Xebia is a US-based IT consultancy company.
In December 2021, Open, an India-based neobank that combines banking, payments, accounting, expense management & taxes in one place, acquired Finin for $10 million.The acquisition improves Open’s cloud-native BankingStack financial OS and gives banks and other financial institutions the means to introduce and expand their digital banking services to both individuals and enterprises.
Along with providing salary accounts for employees and an integrated payroll module, the acquisition will enable SMEs using the Open SME neo-banking platform to expand. Finin is an India-based neobanking platform that makes it easier, quicker, and smarter to manage, save, and invest your money.
The countries covered in the neobanking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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