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The global neobanking market is currently experiencing robust growth. Neobanking refers to a financial service that offers digital banking and a seamless customer experience through a mobile application. The application is generally implemented using 2-factor authorization (2FA), biometric verification, role-based access control (RBAC), encryption technology, and other security measures to protect customer data and prevent malware attacks. As it lacks physical branches, neobanking can integrate the entire financial portfolio into a single platform. Moreover, it offers hassle-free account creation, seamless international payments, a user-friendly interface, low operating costs, value-added services, and real-time transactions. As a result, it is gaining popularity over traditional banking services worldwide.
The integration of advanced technology into banking services for offering digital transactions and personalized services represents one of the key factors bolstering the global neobanking market growth. Additionally, a shift in consumer preferences from physical cash towards online banking and e-wallets, along with a rise in the number of mobile users, is contributing to the market growth. Apart from this, as neobanking uses decision-making models to collect data, analyze patterns and customer behavior, and generate predictions, its application is expanding across the globe to gain useful business insights. It also relies on chatbots and artificial intelligence (AI) for flexible, virtual, and online customer support. Moreover, the leading players are offering customized services based on user requirements to help manage their finances, expenses, and savings. This also saves manual efforts and makes the approval process transparent, automatic, and quick, which is anticipated to drive the adoption of neobanking for fast, economic, convenient, easy to operate, and customer-oriented banking services. Looking forward, IMARC Group expects the global neobanking market to grow at a CAGR of around 42% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global neobanking market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, account type and application.
Breakup by Account Type:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Agricultural Bank of China Limited, Atom Bank PLC, Citigroup Inc., Deutsche Bank AG, Fidor Solutions AG (Groupe BPCE), HSBC Holdings Plc, Malayan Banking Berhad, Monzo Bank Limited, Movencorp Inc., N26 GmbH, Simple Finance Technology Corporation (BBVA USA), Ubank Limited and Webank Co. Ltd.
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