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Global Neo and Challenger Bank Market – Industry Trends and Forecast to 2029

ICT

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Global Neo and Challenger Bank Market – Industry Trends and Forecast to 2029

  • ICT
  • Upcoming Report
  • May 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Neo and Challenger Bank Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 6.41 Billion
Diagram Market Size (Forecast Year) USD 8.45 Billion
Diagram CAGR %

Major Markets Players

  • Atom bank
  • Fidor Solutions AG
  • Monzo Bank Limited
  • Moven Enterprise
  • N26 GmbH

Global Neo and Challenger Bank Market, By Type (Neo Bank, Challenger Bank), Application (Personal, Business), Services Provided (Checking and Savings Account, Payment and Money Transfer, Loans, Mobile Banking, Investment Accounts, Retirement Savings, Others) - Industry Trends and Forecast to 2029

Neo and Challenger Bank Market

Market Analysis and Size

According to Forbes, banks are expected to become invisible, connected, insights-driven and purposeful by the year 2030. Consumers are inclining towards neobanks and digital challenger as they are more digital, agile and innovative than a traditional banking system. These banks have successfully taken over various verticals, including payments and transfers, among others.

Global Neo and Challenger Bank Market was valued at USD 6.41 billion in 2021 and is expected to reach USD 1326.41 billion by 2029, registering a CAGR of 47.80% during the forecast period of 2022-2029. “Mobile Banking” is expected to witness high growth owing to the rapid digitization and adoption of smartphones globally. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

A neobank refers to financial tech startup that mainly focuses on delivering excellent customer experience. The major aim of the technology is acquiring as many clients as possible. It facilitates lending, payment options, and money transfers, among other banking services. Digital challenger banks are known to be similar to traditional banking institutions, but they do not require or have physical presence.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Neo Bank, Challenger Bank), Application (Personal, Business), Services Provided (Checking and Savings Account, Payment and Money Transfer, Loans, Mobile Banking, Investment Accounts, Retirement Savings, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Atom bank (UK), Fidor Solutions AG (Germany), Monzo Bank Limited (UK), Moven Enterprise (US), N26 GmbH (Germany), Tandem Bank Limited (UK), Pockit LTD (UK), UBank (Australia), PRETA S.A.S. (France), WeBank (China), Holvi Payment Services Ltd (Finaland), Hello bank (France), KOHO Financial Inc. (Canada), Rocket Bank (Russia), Soon Banque (France), Banco Bilbao Vizcaya Argentaria, S.A. (Spain), Starling Bank (UK), and DBS Bank India Limited (India), among others

Market Opportunities

  • Online offerings to unbanked population in the emerging economies
  • Emergence of neo and challenger banks the banking industry incorporating advance features
  • Increase in the popularity of challenger banks owing to its services

Neo and Challenger Bank Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Need for Advanced Features in Banking

The emergence of neo and challenger banks the banking industry incorporating advance features, client-centric products and services, and real-time services acts as one of the major factors driving the neo and challenger bank market.

  • Increase in Popularity of Challenger Banks

The increase in the popularity of challenger banks owing to its services such as investments and savings accounts, mobile banking, lending, checking and merchant accounts, among others accelerate the market growth. These banks are also considered beneficial for buying and selling of cryptocurrency, insurance products and retirement savings.

  • Higher Interest Rates

The increase in adoption of these banks due to their higher interest rates over traditional banks further influence the market. Also, the increase in government and regulatory supports toward banking operations has a positive impact on the market growth.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the neo and challenger bank market.

Opportunities

Furthermore, online offerings to unbanked population in the emerging economies extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, the introduction of both Artificial Intelligence (AI) and Machine Learning (ML) will further expand the market.

Restraints/Challenges

On the other hand, issues with maintaining strong customer relations via online services along with good customer experience are expected to obstruct market growth. Limited profitability for these start-up banks is projected to challenge the neo and challenger bank market in the forecast period of 2022-2029.

This neo and challenger bank market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on neo and challenger bank market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Neo and Challenger Bank Market

COVID-19 had a positive impact on the neo and challenger bank market due to the rise in number of end users adopting neo and challenger bank solutions tools during the outbreak of COVID-19. An increase in the adoption of these banks for services, including Payment and Money Transfer, Checking and Savings Account, and Mobile Banking was witnessed owing to the strict lockdowns and social distancing to contain the spread of the virus. The neo and challenger bank market is expected to witness high growth in the post-pandemic scenario owing to the rise in awareness regarding the potential benefits of neo and challenger bank.

Recent Developments

  • In May’2022, Neo Financial became a part of Canada’s unicorns after securing a $185 million CAD Series C round at a valuation of more than $1 billion. The round marked the third consecutive round that Peter Thiel-backed firm Valar Ventures leading for Neo.

Global Neo and Challenger Bank Market Scope and Market Size

The neo and challenger bank market is segmented on the basis of type, services provided, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Neo Bank
  • Challenger Bank

                     Small Challenger

                      Large Challenger

Services Provided

  • Checking and Savings Account
  • Payment and Money Transfer
  • Loans
  • Mobile Banking
  • Investment Accounts
  • Retirement Savings
  • Others

Application

  • Personal
  • Business

Neo and Challenger Bank Market Regional Analysis/Insights

The neo and challenger bank market is analysed and market size insights and trends are provided by country, type, services provided, and application as referred above.

The countries covered in the neo and challenger bank market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the neo and challenger bank market due to the prevalence of the major financial institutions and increased consumer awareness within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the growth of the banking sector in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Neo and Challenger Bank Market

The neo and challenger bank market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to neo and challenger bank market.

Some of the major players operating in neo and challenger bank market are

  • Atom bank (UK)
  • Fidor Solutions AG (Germany)
  • Monzo Bank Limited (UK)
  • Moven Enterprise (US)
  • N26 GmbH (Germany)
  • Tandem Bank Limited (UK)
  • Pockit LTD (UK)
  • UBank (Australia)
  • PRETA S.A.S. (France)
  • WeBank (China)
  • Holvi Payment Services Ltd (Finaland)
  • Hello bank (France)
  • KOHO Financial Inc. (Canada)
  • Rocket Bank (Russia)
  • Soon Banque (France)
  • Banco Bilbao Vizcaya Argentaria, S.A. (Spain)
  • Starling Bank (UK)
  • DBS Bank India Limited (India)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The Neo and Challenger Bank Market is expected USD 1326.41 billion by 2029.
The Neo and Challenger Bank Market is expected to witness a CAGR of 47.80% during the forecast period of 2022-2029
The major players operating in the Neo and Challenger Bank Market are Atom bank (UK), Fidor Solutions AG (Germany), Monzo Bank Limited (UK), Moven Enterprise (US), N26 GmbH (Germany), Tandem Bank Limited (UK), Pockit LTD (UK), UBank (Australia), PRETA S.A.S. (France), etc
On the basis of application, the Neo and Challenger Bank Market is segmented into Personal, and Business.
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