Neobanking Market Research Delving into Disruptive Trends, Customer Preferences, and Regulatory Frameworks for Strategic Market Positioning and Growth

The neobanking market size has grown exponentially in recent years. It will grow from $118.57 billion in 2023 to $176.6 billion in 2024 at a compound annual growth rate (CAGR) of 48.9%. The growth in the historic period can be attributed to consumer demand for convenience, cost efficiency, regulatory environment, globalization and cross-border transactions, financial inclusion initiatives, leveraging big data.

The neobanking market size is expected to see exponential growth in the next few years. It will grow to $836.11 billion in 2028 at a compound annual growth rate (CAGR) of 47.5%. The growth in the forecast period can be attributed to open banking initiatives, embedded finance, rise of challenger banks, expansion of product offerings, expansion beyond core banking services. Major trends in the forecast period include integration of open banking platforms, partnerships with fintech and tech giants, AI and machine learning in personalized finance, virtual and contactless banking features, customer-centric approach.

Market Overview -
The neobanking refer to digital banks with no physical locations that provide a broad range of financial services to target tech-savvy clients primarily. Neobanking offers services including payments, debit cards, money transfers, lending, and more that are mostly digital and mobile in nature.

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Rapid Digitalization In Banking Drives Neobanking Market Growth
The growing demand for digitalization among banking institutions across the globe is contributing to the growth of the neobanking market. Digital banking describes the digitalization of all banking procedures and the substitution of the bank's physical location with a continual online presence, which eliminates the need for consumers to visit a branch. Traditional financial services are being automated by digital banking. Customers of a bank can access banking services and products online or through an electronic platform thanks to digital banking. Neobanking aids in digitizing banks by enabling financial organizations to do business online without physical locations and offering digital versions of all banking services. Neobanks provide highly personalized services at lower prices by utilizing technology such as artificial intelligence (AI), automation, and cloud computing. In 2021, according to a survey conducted by McKinsey and Company, between 2017 and 2021, the fraction of customers in Asia-Pacific developing countries actively utilizing digital banking expanded rapidly, rising to 88% in 2021. Thus, the growing demand for digitalization in the banking sector is expected to propel the growth of the neobanking market.

Competitive Landscape -
Major companies operating in the neobanking market report are Wells Fargo & Company, U.S. Bancorp, TD Ameritrade Holding Corporation, Webank Inc., Nubank, Chime Financial Inc., SoFi Technologies Inc., Green Dot Corporation, Robinhood Markets Inc., Revolut Ltd., Upgrade Inc., Monzo Bank Ltd., Aspiration Inc., Tangerine Bank, N26 GmbH, Starling Bank Ltd., Personal Capital LLC, Radius Financial LLC, Ubank Limited, Betterment LLC, Bunq BV, Stash Invest LLC, Wealthfront Corporation, Simple Finance Technology Corp, Daylight Financial Corp, Vivid Money GmbH, Monese Ltd., Varo Money Inc., Current Financial Inc., Acorns Grow Inc., JPMorgan Chase & Co

Neobanking Market Thrives On Technological Advancements
Technological Advancement is a key trend propelling the neobanking market. Artificial intelligence is used in neobanking services and solutions to improve efficiency. AI can provide consumers with highly personalized solutions and logical reminders and notifications that will help them save money and enjoy more ease. It helps in credit decisions, risk management, trading and personalized services. In March 2021, DigiBankASIA, a Singapore-based financial services company, entered into a partnership with Xebia to launch Asia's digital Bank, UnoBank. Combining top banking products to provide a distinctive and cutting-edge digital foundation, Xebia will be UNO's digital and innovative technology partner in building Cognito, UNO's digital-first platform. It is ideally positioned to construct a cutting-edge and intelligent CX platform for UNObank due to its experience in technologies like Al/ML, IoT, AR/VR, Cloud, DevOps, Big Data & Analytics. Xebia is a US-based IT consultancy company.

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Key Segments -

The neobanking market covered in this report is segmented -

1) By Account Type: Business Account, Savings Account
2) By Service: Mobile Banking, Payments And Money Transfer, Checking/Savings Account, Loans, Other Services
3) By Application : Enterprises, Personal, Other Application

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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