The global neobanking market is anticipated to grow at a considerable CAGR of 49.4% during the forecast period (2022-2028). Popularity among SMEs and increasing number of partnerships of banks and organizations is boosting the global neobanking market. The partnership of organization with neo banks provides better customer service, safety and hassle free transactions. For instance, in April 2021 Bengaluru-based neobank Fi has partnered with Federal bank to issue an instant savings account, equipped with a debit card, in under 3 minutes to its employees. Also, in June 2022 Suryoday Small Finance bank, partnered with a neobank startup named Mobisafar to provide banking services through all Mobisafar’s franchisees and business correspondent networks across India. The partnership is aimed at strengthening financial inclusion by providing key banking services, digitally to the under-banked customers even at the remotest parts of the country.
Browse the full report description of “Neobanking Market Size, Share & Trends Analysis Report by Account Type (Business Account, Savings Account), by Service (Mobile Banking, Payments & Money Transfer, Checking/Savings Account, Loans), and by Application (Enterprises, Personal) Forecast Period (2022-2028)” at https://www.omrglobal.com/industry-reports/neobanking-market
Moreover, neobanking is gaining popularity among retail customers and Small and Medium-sized Enterprises (SMEs). Neobanks offer easy and quick access to banking services through their apps or online platforms. Stress-free banking, low-cost business banking model, easy, fast & secure payments 24/7, smart, up-to-date reporting, digitized account opening, instant payments, e-bill generation, invoice management are some of the prominent features propelling the retail customers and SMEs to use neobanking services rather than traditional banks which is very time consuming and complex. According to Razorpay which is a neobank, Fintech startups across the globe, especially dealing in banking and financial services have more than 15 million consumers, out of which, over 50% of the consumers are acquired by neobanks itself. Moreover, for instance there are over 42.5 million small and medium-sized businesses throughout India, constituting nearly 95% of the total industrial units in the country. But, only 47% of these businesses have been able to access tools for payments, disbursals, and other vital processes. Which shows the demand and need for better banking services which neobanks can provide hence, boosting the market for neobanks.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Account Type
o By Service
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including atom bank plc, Fidor Bank AG, Monzo Bank Ltd., Movencorp, Inc., Preta S.A.S. and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Neobanking Market Report Segment
By Account Type
By Service
By Application
Global Neobanking Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/neobanking-market