NEW YORK, USA, Aug. 23, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Neo and Challenger Bank Market Size, Share, Growth Analysis Report By Service Type (Loans, Mobile Banking, Checking & Savings Account, Payment & Money Transfer, and Others) and End User (Business and Personal), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Neo and Challenger Bank Market size & share was valued at approximately USD 28.30 billion in 2021. The market is expected to grow above a CAGR of 46.50% and is anticipated to reach over USD 279.77 billion by 2028.”
The report analyses the Neo and Challenger Bank market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Neo and Challenger Bank market.
What is Neo and Challenger Bank? How big are the Neo and Challenger Bank Industry?
Neobank is a digital-only bank with no physical locations and uses a partnered bank license to function in the market. These banks operate entirely through mobile applications, including digital and mobile-first financial payment solutions, remittance and money transfer services, lending, checking and savings account, insurance, and mortgages. Neobanks offer value-added services, including automated accounting, cost management, and payroll, particularly for small and medium-sized businesses.
Besides, challenger banks are well-established businesses that operate in the market with full banking licenses. These banks offer various services, including lending, credit cards, checking and merchant accounts, investing and savings accounts, and mobile banking (retirement savings, insurance products, and buying & selling of cryptocurrency). Using various technologies in their product offerings, these banks consistently threaten the established traditional banks.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 202+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Industry Major Players, Historical and ForecastGrowth, Porter’s 5 Forces Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Market Growth Drivers
- Advanced features and higher interest rates over conventional banks to drive market growth
Neo and challenger banks have joined forces to enter the banking business with cutting-edge features, real-time services, and customer-centric products & services, challenging the market’s incumbent traditional banks. Higher interest rates primarily drive the market offered to customers compared to traditional banks, government & regulatory backing for banking activities, and improved convenience offered by mobile applications. The market expansion is nonetheless constrained by online client acquisition costs and the profitability of these startup banks.
Key questions answered in this report:
- What is the market size and growth rate forecast for Neo and Challenger Bank industry?
- What are the main driving factors propelling the Neo and Challenger Bank Market forward?
- What are the leading companies in the Neo and Challenger Bank Industry?
- What segments does the Neo and Challenger Bank Market cover?
- How can I receive a free copy of the Neo and Challenger Bank Market sample report and company profiles?
Browse the full “Neo and Challenger Bank Market Size, Share, Growth Analysis Report By Service Type (Loans, Mobile Banking, Checking & Savings Account, Payment & Money Transfer, and Others) and End User (Business and Personal), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028″ report at https://www.fnfresearch.com/neo-and-challenger-bank-market
Neo and Challenger Bank Market: COVID-19 Impact Analysis
During the COVID-19 outbreak, there was an increase in the number of end users who chose neo and challenger bank solutions tools. As a result, COVID-19 had a positive influence on the market for neo and challenger banks. These banks’ services, including payment and money transfer, checking and savings accounts, and mobile banking, came to the attention of the public as a direct result of the stringent lockdowns and social isolation that were enacted to halt the spread of the virus. As more people become aware of the potential benefits that could be gained from using neo and challenger banks, it is projected that the market for these types of financial institutions will swiftly expand in the environment that will follow the epidemic.
Key Insights from Primary Research
- As per the analysis, the Neo and Challenger Bank market is likely to grow above a CAGR of around 46.50% between 2022 and 2028.
- The Neo and Challenger Bank market size was worth around US$ 28.30 Billion in 2021 and is estimated to hit approximately US$ 279.77 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- By service type, the loan category dominated the market in 2021.
- By end user, the business category dominated the market in 2021.
- North America dominated the global neo and challenger bank market in 2021.
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Neo and Challenger Bank Market: Segmentation Analysis
Service type and end-user are the two market segments for the global neo and challenger bank market. The market is divided into five categories based on service type: loans, mobile banking, checking and savings accounts, payments and money transfers, and others. In 2021, the loan segment dominated the neo and challenger bank market in terms of service type.
The market is divided into business and personal segments based on the end user. In 2021, the business segment dominated the neo and challenger bank industry based on offending users, and it is anticipated that it will continue its dominance during the forecast period.
The global neo and challenger bank market are divided into four regions based on regional analysis: North America, Europe, Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest market share during the projected period. Due to major players like Atom Bank plc and Fidor Solutions AG, the market will increase due to the incorporation of new technologies into the product line. Increased expenditures would expand the market expansion across the region by businesses on R&D.
However, because of the region’s developing economies, Asia-Pacific is predicted to experience the fastest growth rate in the near future. Easy and convenient banking services and the expansion of digital-only banks in nations like Australia, Japan, China, and India are factors boosting the industry in this area. Consequently, these developments became some of the key neo and challenger bank market trends in the area.
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|Market Size in 2021||USD 28.30 Billion|
|Projected Market Size in 2028||USD 279.77 Billion|
|CAGR Growth Rate||46.50%CAGR|
|Key Market Players||Atom Bank plc, Fidor Solutions AG, Monzo Bank Limited, Movencorp Inc., MYbank, Number26 GmbH, Simple Finance Technology Corporation, Tandem Bank, UBank Limited, WeBank|
|Key Segment||By Service Type, End User, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
The report contains qualitative and quantitative research on the global neo and challenger bank market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Some of the main players in the global neo and challenger bank market include:
- Atom Bank plc
- Fidor Solutions AG
- Monzo Bank Limited
- Movencorp Inc.
- Number26 GmbH
- Simple Finance Technology Corporation
- Tandem Bank
- UBank Limited
Recent Industry Developments:
- Beginning in March 2021, Atom Bank will work with Open Banking credit reference company Credit Kudos to automate the evaluation of small business loan applications and provide in-the-moment financial information on enterprises.
- In May 2019, Jumio and Monzo signed a new multi-year deal, further solidifying their long-standing cooperation. Jumio is the top AI-powered trusted identity as a service provider, and Monzo is one of the top digital banks in the UK. Change Market Name and CAGR Value.
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The global Neo and Challenger Bank market is segmented as follows:
By Service Type
- Mobile Banking
- Checking & Savings Account
- Payment & Money Transfer
By End User
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Service Type, End User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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