Neobanking refers to the next-generation of digital banking services offered by non-traditional financial institutions, such as fintech companies. Neobanks typically offer a range of financial services, including personal and business banking, investment management, and financial planning, through a completely digital platform. The neobanking market refers to the overall market for these types of financial services, including the companies that offer them and the technologies used to support them.
The neobanking market has been growing rapidly in recent years as more consumers embrace digital financial services and seek alternatives to traditional banks. Neobanks are particularly attractive to younger generations who are more comfortable with technology and expect seamless, digital experiences. By offering a range of financial services through a single, user-friendly platform, neobanks are positioning themselves as a convenient and cost-effective alternative to traditional banks.
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The neobanking market is expected to continue to grow as more consumers adopt digital financial services and as neobanks expand their offerings to include a wider range of financial products and services. Additionally, the increasing use of technology and the rise of new financial technologies, such as blockchain and artificial intelligence, are also expected to drive growth in the neobanking market.
Key findings of the Neobanking market study:
- The report provides a present market outlook on Neobanking. Additionally, the Neobanking market share is anticipated to grow with a CAGR of 44.15% in the forecast period.
- Regional breakdown of the Neobanking market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Neobanking vendors in detail.
- Region-wise and country-wise fragmentation of the Neobanking market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Neobanking market.
- Neobanking price, market share, and Trends forecast for assessment period 2022-2032
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
What makes this Research different from others?
- COVID- Impact analysis- The report includes details of the impact of the pandemic on the Neobanking market further including insights on the pre-COVID situation. Additionally, this report benefits in terms of post-COVID recovery prospects, changing consumer demands, and buying patterns valuable for Neobanking companies.
- Industrial trend analysis- The research covers recent trends in the field of Neobanking which are augmented with the applicable technologies and shifts in industrial processes. The scope for digital and industrial technologies is discussed in order to help client firms to understand the benefits and risks included in light of market trends.
- Neobanking Sustainability metrics- The rising concerns of environmentally friendly production and consumption are taken to next level in this research, as research is focused on emerging methods of ensuring sustainability. These insights include climate-friendly initiatives adopted by some players in the industry. Furthermore, details of manufacturers’ impact on carbon footprint are evaluated intend to make clients aware of their contribution to sustainable development goals.
The Neobanking industry is dominated by some prominent players including
- Atom Bank PLC
- Ubank Limited
- Simple Finance Technology Corp.
- Fidor Bank Ag
- Movencorp Inc.
- Monzo Bank Ltd.
- Revolut Ltd.
- Webank, Inc.
The competition in the sector is driven by key parameters such as product price, targeted customer base, and strategic marketing. Major players in the market focused on the Neobanking market innovation by investing more in research and development. Furthermore, the industry players are focusing on the extensive usage of online distribution channels for enhanced cost-effectiveness. The sustainability in the supply chain is a decisive factor for Neobanking brands leading to an impact on the margin profits of firms.
Report Benefits & Key Questions Answered
- Neobanking Company & brand share analysis: Company and brand share analysis on Neobanking reveals how much market share is captured by Tier 1, Tier 2, and Tier 3 players
- Neobanking Historical volume analysis: The industry analysis provides data & insights on historical volume sales of Neobanking
- Neobanking Category & segment level analysis: Fact.MR’s Neobanking sales outlook offers category and segment level analysis on lucrative and nascent product types. Market players can use this information to identify sales potential and set sales targets at local, country, and regional level.
- Neobanking Consumption by demographics: The market intelligence study provides consumption by demographics analysis so market players can design their product and marketing strategies on the basis of high-value consumers
- Post COVID consumer spending on Neobanking: The report includes post COVID consumer spending analysis. This information will help business leads understand the shifts in purchasing power and behavior
- Manufacturing trend analysis: Vital information on how market players are aligning their manufacturing strategies with respect to evolving consumer sentiments