Neobanking Market Growth Statistics, Trends Analysis, Revenue and Forecast to 20

1. Neobanking Market Growth Statistics, Trends Analysis, Revenue and Forecast to 2028

2. Industry Insights • Neobanking Market has garnered significant attention as the concept has become popular, with the ease of access to online platforms. Unlike a traditional bank, neobanks operate only through virtual platforms and do not have any physical presence in the form of branches. • Global neobanking market size to exceed USD 600 billion in value by 2028. The growing digitization of banking activities has accelerated the setup of neobanks. The COVID-19 pandemic had a positive effect on the adoption of the services as governments had announced strict movement and travel restrictions, which compelled customers to use digital banking platforms. • Since neobanks, sometimes called as ‘challenger banks’, seamlessly carry out a wide range of banking operations, they have been able to boost the efficiency of various banking products offered by financial institutions. The numerous digital options and services offered by neobanks have significantly improved the overall experience of customers

3. The millennial generation is looking for quicker and more reliable ways to conduct financial transactions like money transfers. The pandemic situation has fueled the introduction of platforms that enable customers to transfer money through digital portals. Neobanks are picking pace among the tech-savvy population, as there are quite a few benefits associated with using these virtual banks to transfer funds. • Firstly, these banks are much faster than the traditional ones with respect to money transfer. A customer doesn’t have to fill out numerous forms and can transfer money to even foreign countries without any hassles. Neobanks have greatly eased the burden of transferring money to international locations. • Personal applications will hold a large share of neobanking industry by 2028 due to the rising preference for online banking apps among non-commercial customers like homeowners and students. While online payment applications can easily solve payment challenges posed by conventional banks, they still cannot address a lot of other issues. For example, if a customer has INR 10,000 lying in their account, traditional banks may debit some amount as maintenance charges. • However, neobanks, equipped with smart technologies like AI, can suggest the customer to make productive use of this idle money by keeping it in a liquid fund or fixed deposit, which can earn them great returns. These benefits will prompt more customers to opt for neobanks for personal banking.

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5. Competitive Analysis • Leading companies, such as Monzo Bank Ltd., Chime Financial, Inc., Atom Bank Plc, Revolut Ltd., Nubank S.A., and N26 GmbH, among several others, are delivering neobanking solutions, such as mobile banking, checking savings account, payments & money transfer, and loans. Request for Customization @ https://www.gminsights.com/roc/2844

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