Neobanking Market Size Worth $ 4784.54 Billion By 2032 | CAGR: 51.5%

The global neobanking market size is expected to reach USD 4784.54 billion by 2032, according to a new study by Polaris Market Research. The report “Neobanking Market Share, Size, Trends, Industry Analysis Report, By Account Type (Business Account, Savings Account, Others); By Service Type; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Neobanks are digital financial institutions that provide a comprehensive array of banking and financial services exclusively through online channels, without any physical infrastructure.

The banking industry is anticipated to expand due to the growing demand for improved customer comfort. Neobanks, which are recognized for their customer-focused strategy, provide tailored services that differentiate them from conventional banks. Neobanks platforms leverage mobile and online channels to allow users to verify their service offerings quickly in real-time.

The dissatisfaction with traditional banking is driving a worldwide trend of customers adopting innovative banking solutions. Neobanks, which operate solely through digital channels without physical branches, offer banking services with lower fees and a simplified banking experience.

Technology has greatly benefited the banking sector. Neo-banks leverage technology to be more effective, efficient, and innovative. Technology lowers expenses, enhances customer satisfaction, and enables neo-banks to focus on cutting-edge products and services.

The Covid-19 pandemic has accelerated the acceptance of neobanking due to the increased reliance on online services. Neobanks have experienced significant growth and have the potential to enhance efficiency in areas such as prolonged manual processes, subpar client experiences, and low productivity.

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Neobanks were capitalizing on advanced mobile apps, intuitive user interfaces, and data analytics to offer personalized financial solutions. Collaborations and partnerships between neobanks and fintech companies are also increasing, allowing neobanks to improve their service offerings and grow their customer base. The growth of neobanks is facilitated by regulatory advancements and the establishment of regulatory sandboxes in various regions, which provide a favorable environment for experimentation and innovation. Additionally, neobanks are expanding their product portfolios beyond traditional banking services to include budgeting tools, investment options, and financial education resources.

Neobanking Market Report Highlights

• In 2023, the business account segment accounted for the largest revenue share in the neobanking market. Neobanking has gained immense popularity as a payment method for businesses across the globe. The simplified procedures and intuitive features of neobank platforms enhance the effectiveness of payments to suppliers and other related parties and also lead to progress by declining the requirement of manual intervention.
• The enterprise segment accounted for the highest market share during the forecast period. The enterprise sector has played a significant role in the growth of the market. These platforms deliver services such as asset management, credit management, and transaction management. To satisfactorily serve their customers, various neobank service providers for SMEs seek to extend their product line by acquiring other companies.
• In 2023, Europe is accounted for the largest market share in the neobanking market. The European market's growth is due to innovative technologies, early adoption of new tech, product platform creation, and alliances to enhance market position. Neo banks are adopting an O2O distribution model to drive growth.
• Asia Pacific region accounted for the fastest growth in the neobanking market. The market is expected to grow due to the increasing use of smartphones and internet services. Additionally, the availability of convenient banking services and the rise of digital-only banks in countries like Japan, India, and China are likely to contribute to the growth of the Asia Pacific market in the forecast period.
• The global key market players include Atom Bank PLC, Chime Financial Inc, Citigroup Inc, Dave Inc, Fidor Bank AG, Monzo Bank Ltd., Movencorp Inc., Mybank, N26 GmbH, Revolut Ltd., Simple Finance Technology Corp., Starling Bank, Ubank Limited, Upgrade, Inc, Webank, Inc.

Polaris Market Research has segmented the neobanking market report based on account type, service type, application and region:

Neobanking, Account Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Business Account
• Savings Account
• Others

Neobanking, Service Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Mobile Banking
• Loans
• Payments and Money Transfer
• Checking/Savings Account
• Others

Neobanking, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Enterprise
• Personal
• Others

Neobanking, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Neobanking Market Report Scope