Neo and Challenger Bank Market Size, Share, Growth Report 2030

Neo and Challenger Bank Market

Neo and Challenger Bank Market - by Type (Neo Bank and Challenger Bank) and by Application (Personal and Business): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026

Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-4124 Published Date: May-2019 Status : Published
Market Size in 2018 Market Forecast in 2026 CAGR (in %) Base Year
USD 18,604 Million USD 1394,648 Million 46.5% 2018

Neo and Challenger Bank Market Size & Overview

The global Neo and Challenger Bank market size which was estimated at 18,604 (USD Million) in 2018 and is predicted to accrue earnings worth 394,648 (USD Million) by 2026, is set to record a CAGR of nearly 46.5% over 2019-2026. The report offers valuation and analysis of Neo and Challenger Bank market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2026 based on value (USD Million).

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Introduction

Neobank is a type of digital bank that performs various banking operations online without having any branches established at physical locations. In addition to this, Neobank is consumer-centric and offer personalized online services to its customers. Precisely, these banks are FinTech firms offering only internet-based financial services to tech-savvy consumers. They provide value-added banking services, insurance, remittances, mobile payment services, money transfer services, and mortgage services to its customers online. Some of the examples of Neobank include Google Pay, Stash, PhonePe, Pockit, Cleo, Karat, Qube, and PayTm.

On other hand, Challenger banks are small and currently created retail financial institutions operating in the countries like the UK. They are the FinTech firms performing online-only operations without having any physical presence across the globe. These banks offer services like credit cards, mobile banking, lending, purchase & sale of cryptocurrency, and insurance products to the end-users.

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Market Growth Drivers

Easy & quick access to the online banking services, real-time financial transactions, personalized online financial services, and high rate of interest offered by neo and challenger banks are expected to provide new growth avenues for the market over the forthcoming years. Apart from this, escalating smartphone demand and onset of innovative technologies like IoT, Big Data, and AI are likely to serve as major tools of growth for the neo and challenger bank market over the forthcoming years. In addition to this, huge unexplored market growth potential in emerging economies is going to be one of the major factors that will determine the business growth over the next couple of years.

Furthermore, service industry has dominated the overall economy and has accounted majorly towards GDP share of both developed countries as well as developing economies. Moreover, Neo and challenger bank industry is no exception to this and its online services have resulted in value creation for the customers. This, in turn, is likely to result in immense business growth over the years ahead.

European Market To Witness Optimal Growth And ROI Over 2020-2026

The growth of the regional market over the forecast timespan is due to massive presence of these financial institutions in the countries like the UK. Apart from this, the country possesses largest number of small & medium-sized enterprises in Europe and is succeeded by Germany.

Key Market Players & Competitive Landscape

Key players leveraging the market growth include 

  • Moven
  • Jibun Bank Corporation
  • Tandem Bank Limited
  • DBS
  • Simple
  • Pockit Limited
  • N26 GmbH
  • Koho Financial
  • Kakao Bank
  • Hello Bank
  • Timo
  • Fidor Solutions
  • MyBank
  • Holvi Payment Services
  • Monzo Bank Limited
  • Starling Bank
  • Atom Bank
  • WeBank.

This report segments the global neo and challenger bank market into:

Global Neo and Challenger Bank Market: Type Analysis

  • Neo Bank
  • Challenger Bank

Global Neo and Challenger Bank Market: Application Analysis

  • Personal
  • Business

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

Easy & quick access to the online banking services, real-time financial transactions, personalized online financial services, and high rate of interest offered by neo and challenger banks are expected to provide new growth avenues for the market over the forthcoming years. Apart from this, escalating smartphone demand and onset of innovative technologies like IoT, Big Data, and AI are likely to serve as major tools of growth for the neo and challenger bank market over the forthcoming years. In addition to this, huge unexplored market growth potential in emerging economies is going to be one of the major factors that will determine the business growth over the next couple of years.

According to Zion market research report, the global Neo and Challenger Bank market, which was estimated at 18,604 (USD Million) in 2018 and is predicted to accrue earnings worth 394,648 (USD Million) by 2026, is set to record a CAGR of nearly 46.5% over 2019-2026.

Europe is likely to make noteworthy contributions towards overall market revenue. The regional market growth over 2019-2026 can be credited to massive presence of these financial institutions in the countries like the UK. Apart from this, the country possesses largest number of small & medium-sized enterprises in Europe and is succeeded by Germany.

The key players profiled in the report include Moven, Jibun Bank Corporation, Tandem Bank Limited, DBS, Simple, Pockit Limited, N26 GmbH, Koho Financial, Kakao Bank, Hello Bank, Timo, Fidor Solutions, MyBank, Holvi Payment Services, Monzo Bank Limited, Starling Bank, Atom Bank, and WeBank.

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