Neobanking Market — Analysis of Market Size, Share & Trends till 2020 and Forecasts to 2030
Research Reports
Jan 08, 2021
Market Overview:
Fatpos Global has released a report titled “Neobanking Market — Analysis of Market Size, Share & Trends till 2020 and Forecasts to 2030” which is anticipated to reach USD XXX billion by 2030. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of XX% between 2020 and 2030. According to the report, Fintech start-up’s have over 15 million customers, especially in the banking sector, out of which neobanks acquire about half of the customers. Neobanking market has registered a CAGR of 50.6% during the period 2017 to 2020. In 2018, the neobank market accounted for about $18,604 million and $39,928 in 2020 which is expected to see a growth of $3,94,648 million by 2026. The neo banking market is globally driven by features like simplicity, speed, cost-effectiveness, and improved functionality offered to the customers. The wide varieties of products accessible are unlimited, which is most likely to increase market development over the forecasted period. The rising smartphone penetration in both developed and developing countries is also a factor supporting the neo banking market as it is boosting the demand for online and app-based banking
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The market report on Neobanking Market includes in-depth insights as:
According to Fidelity National Information Services (FIS), which works with 50 of the world’s largest banks, there was a 200% jump in new mobile banking registrations in early April, while mobile banking traffic rose 85%. With many branches closed and no tellers available, banks have also been dealing with a significant uptick in call center traffic, creating long wait times.
Co-founder and CTO of Open Financial Technologies, Ajeesh Achuthan says, “So, we built a dashboard to have all ecosystems such as banking, accounting, invoicing and expense management tools, etc. on one platform”.
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Neobanking Market: Regions
Global optical coatings market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Europe held a maximum share of around 40% of the Global neobanking market due to the emergence of multiple technology startups and early adoption technology. Latin America is likely to dominate the European market in the near future. The APAC neobanking market is projected to grow over the forecast period due to the increasing investments in the fintech sector. Asia is seen, in addition to Europe and Latin America, as one of the world’s major regions that show an upcoming growth in this sector.
Key Players in the Neobanking Market:
- Simple
- MyBank
- Monzo
- We bank
- Tandem
- Fidor Bank
- Deutsche
- Agricultural Bank of China
About Fatpos Global
Fatpos Global is a leading management consulting, advisory, and market research organization that serves its clients globally by its team of experts and industry veterans that have years of expertise for management consulting, advisory, and market research analysis. The organization functions across business consulting, strategy consulting, and market research, operations consulting, financial advisory, human resources, risk & compliance, environmental consulting, software consulting, and sales consulting amongst others, and aims to aid businesses with bold decisions that help them embrace change for their sustainable growth.
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