Neobanking Market PDF

Neobanking Market anticipated to witness healthy CAGR over 2018-
2024: Global Market Insights, Inc.
According to a new research report by the market research and strategy consulting
firm, Global Market Insights, Inc, Neobanking Market driven by the growing demand
for customer convenience in the banking sector. Neobanking platforms have
extensively differentiated themselves from the traditional banking models by offering
automated products. These platforms allow the customers to validate the product
offering through online channels and mobile sites. The banking platform eliminates the
requirement of human interference by developing automated products. They have
complemented this by designing customer journeys and processes that complete
transactions in a single and easy continuum.
Europe has the major share in the neobanking market due to the emergence of
multiple technology startups and early adoption technology. The fintech startups have
emerged in the region due to the saturation of big commercial banks, which have
created an opportunity for the non-conventional banking institutions. The region is an
early adopter of digital banking technology dating back to the dotcom era during the
late 1990s and early 2000s. This head start led to the shift to the technological banking
startups
The Asia Pacific neobanking market is projected to grow substantially over the forecast
period due to the increasing inversing investments in the fintech sector. E-commerce
companies, Alibaba Group and WeBank, have invested in China’s MyBank
neobanking platform. The fintech companies are developing their own neobanking
platforms unlike their traditional counterparts as they are not burdened with legacy
structures and cumbersome organizational structures. These platforms have less
regulatory requirements as they don’t offer a full suite of services. This has fostered
the growth of neobanks in the developing countries such as China and India.
The neobanking market is on the rise as it doesn’t need support from the traditional
banking institutions. Moreover, the prominent banking institutions are investing in
developing their own platforms to augment their full-service models with digital banking
services. The financial institutes are collaborating with fintech companies to develop
advanced products and services to cater to the growing demand for the market.
Moreover, they are also investing in startups to explore new opportunities and
application.
The platforms are designed to withstand cyberattacks and can manage the online
ecosystem much better. The neobanks monitor the network and can easily detect
when they are under attack while the traditional banks discover the attack when the
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damage has already been done. The key trends shaping the market landscape are
customer engagement with technology and the growth in data accessibility. Customer
engagement with the technology has grown exponentially in the last decade due to
the widespread adoption of mobile applications for shopping goods & services and
accessing content online in the banking sector. The data access & analytical
capabilities have grown significantly enabling organizations to understand their
customer needs even better.
The companies operating the neobanking market focus on forming partnerships and
launching their platforms to increase their market share and gain an edge over their
competitors. For instance, in 2018, Fidor, a provider of advanced digital banking
solutions partnered with the International Finance Corporation (IFC) to expand the
business in the developing markets such as Latin America and Africa. Similarly, in
2019, Albaraka, a Turkish bank launched Insha, a digital banking platforming in
Germany. This launch is aimed at increasing its market presence in the region and to
develop new personalized product offerings for the customers. The key vendors in the
neobanking market are Atom, Simple, MyBank, Monzo, Webank, Tandem, Fidor Bank,
N26, Moven, Starling bank, Bank of America, Guta, SKB, Citigroup, CBC, ICBC,
HSBC Holdings, Deutsche, Toscana, and Agricultural Bank of China.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
specially designed and presented to aid strategic decision making. These exhaustive
reports are designed via a proprietary research methodology and are available for key
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biotechnology.
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