Sales Of Neobanking Garnered A Value Of US$ 2,595 Bn In By 2032

According to FactMR, global neobanking sales would reach $2,595 billion by 2022-2032, with a startling double-digit CAGR of more than 44%. Because of its contactless nature, consumers all around the world favour neobanking. Furthermore, the integration of artificial intelligence and machine learning is fueling neobanking demand.

Historically, the global neobanking industry grew at a CAGR of 30% between 2015 and 2021. Despite the fact that the COVID-19 epidemic impacted the supply and demand chain of end user sectors, it also increased the adoption of neobanking due to its contactless nature. Because neobanking enabled firms to prosper throughout the epidemic, demand for it is likely to rise over the evaluation period.

Furthermore, due to the availability of transparent transactions, businesses rely heavily on neobanking. As the number of start-ups increased in the last two years, businesses demonstrated an increasing preference for using online payment gateways to meet job demands. All of these considerations are driving up demand for neobanking.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=S&rep_id=7106?PS

𝗜𝘀 𝘁𝗵𝗲 𝗖𝗼𝗻𝘁𝗮𝗰𝘁𝗹𝗲𝘀𝘀 𝗙𝗲𝗮𝘁𝘂𝗿𝗲 𝗮 𝗕𝗹𝗲𝘀𝘀𝗶𝗻𝗴 𝗳𝗼𝗿 𝗡𝗲𝗼𝗯𝗮𝗻𝗸𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗔𝗴𝗲 𝗼𝗳 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵?

The start of the COVID-19 epidemic imposed restrictions on governments all around the world. This impeded large-scale corporate operations, and bank transactions became stalled owing to a lack of physical interaction. As a result, demand for neobanks increased dramatically during the pandemic. Furthermore, small and medium-sized businesses are increasingly turning to neobanks to assist them maintain track of transactions.

Paperless neobanks have made work easier for digitally led neobanks. Because neobanks do not have physical branches, the trouble of opening an account by waiting for a longer amount of time is eliminated. Furthermore, the contactless characteristic of neobanks allowed people stay safe at home by not interfering with their economic revenues. Furthermore, as income levels rise and millennials and Generation Z prefer to use smartphones to simplify their lives, neobanks are becoming more popular.

𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝘂𝗱𝘆

• By account type, business account expected to gain more than 50% market share for neobanking market.

• By application, enterprises expected to hold more than 40% market share for neobanking market.

• Neobanking industry expected to possess nearly 30% market share throughout Europe.

• Neobanking industry expected to possess nearly 25% market share throughout Asia Pacific.

• Global neobanking market expected to be valued at US$ 67 Bn by the end of 2022

"Increasing demand for contactless transactions along with the integration of artificial intelligence and machine learning is fuelling the growth of neobanking." opines a Fact.MR analyst

𝗞𝗲𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱 𝗶𝗻 𝘁𝗵𝗲 𝗡𝗲𝗼𝗯𝗮𝗻𝗸𝗶𝗻𝗴 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗥𝗲𝗽𝗼𝗿𝘁

By Account Type

• Neobanking for Business Accounts
• Neobanking for Savings Account

By Application

• Neobanking for Personal Use
• Neobanking for Enterprises
• Neobanking for Other Applications

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=RC&rep_id=7106?PS

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

• In March 2021, Atom bank and credit Kudos partnered to help small businesses bounce back. The companies have taken this initiative to help businesses to help recover losses caused due to the COVID-19 pandemic.

• Atom Bank PLC, Ubank Limited, Simple Finance Technology Corp., Fidor Bank Ag, Movencorp Inc., Monzo Bank Ltd., Mybank, N26, Revolut Ltd., Webank, Inc are prominent neobanking market players.

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗣𝗿𝗼𝗳𝗶𝗹𝗲𝗱:

• Atom Bank PLC
• Ubank Limited
• Simple Finance Technology Corp.
• Fidor Bank Ag
• Movencorp Inc.
• Monzo Bank Ltd.
• Mybank
• N26
• Revolut Ltd.
• Webank, Inc.

𝗘𝗮𝗿𝗹𝘆 𝗔𝗱𝗼𝗽𝘁𝗶𝗼𝗻 𝗼𝗳 𝗡𝗲𝗼𝗯𝗮𝗻𝗸𝗶𝗻𝗴 𝗦𝗽𝘂𝗿𝗿𝗶𝗻𝗴 𝗚𝗿𝗼𝘄𝘁𝗵 𝗶𝗻 𝗘𝘂𝗿𝗼𝗽𝗲?
Europe has been at the forefront of adapting technological innovations and changing bank systems. Companies in the U.K. and Germany are offering complete contactless platforms. This, in turn, has attracted consumers to use neobanking as services are available 24*7.

Moreover, existing banks are collaborating with neobanking platforms to offer easy and convenient services to consumers. Thus, Europe is expected to hold more than 30% market share for neobanking.

Convenience Playing Key Role in Using Neobanking Platforms in Asia Pacific?
Rapid urbanization and increasing population in countries like India and China is playing a key role in the increasing usage of neobanking. Long queues at banks, pending cases of cheque clearances and delays due to lengthy procedures has shifted people's interest to using neobanking.

Furthermore, penetration of smartphones and 4G network in the region is driving the dependency on neobanking. Moreover, growing number of businesses along with inclination of millennials and generation Z to use neobanking is accelerating the growth of neobanking platforms. Thus, Asia Pacific is expected to hold more than 25% market share for neobanking in the assessment period.

𝗚𝗲𝘁 𝗙𝘂𝗹𝗹 𝗔𝗰𝗰𝗲𝘀𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/checkout/7106?PS

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This release was published on openPR.