Neo and Challenger Bank Market Size, Share, Statistics, Growth Trend Analysis and Forecast Report, 2021 - 2028

Neo and Challenger Bank Market is segmented By Type (Neo Bank and Challenger Bank) and By Application (Personal and Business) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)

  • Report ID : MD2746
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  • Pages : 120
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  • Tables : 70
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  • Formats :

Neo and Challenger Bank Market size was estimated at $18,604 million in 2020 and is expected to reach $394,648 million by 2028, growing at a CAGR of 46.5% during the forecast period of 2021 to 2028.

Neo bank is digital-only banks that do not have any physical branches or operate under a partnered bank license in the market. These banks offer remittances and money transfers, digital and mobile-first financial payment solutions, loans, checking and savings accounts, mortgages, and insurance entirely through mobile applications. Challenger banks are established companies that compete in the market with a full banking license. These banks provide various goods and services, including loans, investing and savings accounts, checking and merchant accounts, mobile banking, credit cards, and internet payments (retirement savings, buying & selling of cryptocurrency and insurance products).

Neo and challenger banks have combined with joining the banking sector with advanced features, real-time solutions, and client-centric goods and services, creating a threat to the markets established traditional banks. Higher interest rates drive the industry offered to clients over traditional banks, government and regulatory backing for banking activities, and improved convenience supplied via mobile applications. However, the markets development is constrained by the difficulty of gaining clients online and the profitability of these start-up banks.

Neo and Challenger Bank Market Growth and Trend

Higher interest rates drive the industry offered to clients over traditional banks, government and regulatory backing for banking activities, and improved convenience supplied via mobile applications. However, the markets development is constrained by the difficulty of gaining clients online and the profitability of these start-up banks. Additionally, the neo and challenger bank markets are projected to offer attractive prospects such as expanding their company by improving online services to emerging nations unbanked population. Moreover, company expansion, portfolio development, bundling product offerings, and providing customized solutions will continue to be some of these Fintech banks primary emphasis areas in the future years.

The worldwide market is fueled by government restrictions, customer convenience, and cheap interest rates compared to traditional banks. However, these banks have significant hurdles in terms of client acquisition and profitability. Increased smartphone and internet usage in emerging nations is projected to create attractive development possibilities.

Additionally, neo & challenger banks offer speed, convenience, functionality, and simplicity. Further, flexible government regulations governing neo and challenger investors will encourage the neo and challenger bank business growth throughout the predicted time frame. The enormous generational shift toward digitalization, together with the growing need for digital apps throughout the banking industry, will drive the markets growth over the projection period. Nonetheless, the rising usage of smartphones in established and emerging nations would increase demand for digital and app-based financial services, propelling the industry forward.

Neo and Challenger Bank Market Segmentation

The neo and challenger bank market is segmented by type and application. Based on type, the market consists of neo bank and challenger bank. Based on application, the market is divided into personal and business.

Neo and Challenger Bank Market Country Analysis

Europe accounted for a sizable portion, around 40%, of the worldwide neo and challenger bank market in 2018. The UK is expected to continue dominating the European market during the projection period since most of these banks are headquartered in the nation. The country also provides a sizable revenue share to the European neo and challenger bank markets. Furthermore, the area was an early adopter of digital banking. North America is expected to have the second-highest regional market share and is expected to continue to make significant strides in the future. The United States is projected to account for a sizable portion of the North American neo and challenger bank market. The Asia Pacific is expected to continue to expand rapidly in the future. China, India, and Japan will be the neo and challenger bank markets fastest expanding countries. Emerging economies such as China and India are anticipated to have improved economic indicators in the future, thanks to widespread technology adoption, greater smartphone usage, and an increasing number of suppliers offering cost-effective solutions.

Neo and Challenger Bank Market Share and Competition

The major players operating in the global neo and challenger bank market are Moven, Jibun Bank Corporation, Tandem Bank Limited, DBS, Simple, Pockit Limited, N26 GmbH, Koho Financial, Kakao Bank, Hello Bank, Timo, Fidor Solutions, MyBank, Holvi Payment Services, Monzo Bank Limited, Starling Bank, Atom Bank, and WeBank.

Report Highlights

• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy


Industry Segmentation and Revenue Breakdown

Type Analysis (Revenue, USD Million, 2021 - 2028)
• Neo Bank
• Challenger Bank

Application Analysis (Revenue, USD Million, 2021 - 2028)
• Personal
• Business

Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
o Canada
o Mexico
• South America
• Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Austria
• Asia Pacific
o Russia
o China
o Japan
o India
o Philippines
o Malaysia
o Australia
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World


Neo and Challenger Bank Market Companies
• Moven
• Jibun Bank Corporation
• Tandem Bank Limited
• DBS
• Simple
• Pockit Limited
• N26 GmbH
• Koho Financial
• Kakao Bank
• Hello Bank
• Timo
• Fidor Solutions
• MyBank
• Holvi Payment Services
• Monzo Bank Limited
• Starling Bank
• Atom Bank
• WeBank.

Available Versions
• United States Neo and Challenger Bank Industry Research Report
• Europe Neo and Challenger Bank Industry Research Report
• Asia Pacific Neo and Challenger Bank Industry Research Report

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