Neobanking Market Report by Account Type (Business Account, Savings Account), Application (Enterprises, Personal, and Others), and Region 2024-2032

Neobanking Market Report by Account Type (Business Account, Savings Account), Application (Enterprises, Personal, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112023A3488
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Market Overview 2024-2032:

The global neobanking market size reached US$ 132.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,882.1 Billion by 2032, exhibiting a growth rate (CAGR) of 46.82% during 2024-2032.

Report Attribute
 Key Statistics 
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Neobanking Market Size in 2023
US$ 132.9 Billion
Neobanking Market Forecast in 2032
US$ 4,882.1 Billion
Neobanking Market Growth Rate 2024-2032 46.82%


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.

Neobanking Market

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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global neobanking market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on account type and application.

Breakup by Account Type:

  • Business Account
  • Savings Account
     

Breakup by Application:

  • Enterprises
  • Personal
  • Others
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Account Type, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global neobanking market was valued at US$ 132.9 Billion in 2023.

We expect the global neobanking market to exhibit a CAGR of 46.82% during 2024-2032.

The rising integration of chatbots and Artificial Intelligence (AI) for flexible, virtual, and online customer support, along with the escalating adoption of neobanking, as it saves manual efforts and makes the approval process transparent, automatic, and quick, is primarily driving the global neobanking market.

The sudden outbreak of the COVID-19 pandemic has led to the growing demand for neobanking, owing to the increasing consumer inclination towards digital payment solutions over conventional methods for conducting financial transactions with minimal human interaction to mitigate the risk of the coronavirus infection.

Based on the account type, the global neobanking market has been segregated into business account and savings account, where business account currently holds the largest market share.

Based on the application, the global neobanking market can be bifurcated into enterprises, personal, and others. Currently, enterprises exhibit a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global neobanking market include 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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 Neobanking Market Report by Account Type (Business Account, Savings Account), Application (Enterprises, Personal, and Others), and Region 2024-2032
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