Global Neobanking Market By Account Type, By Application, By Region, Industry
New York, Feb. 10, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Neobanking Market By Account Type, By Application, By Region, Industry Analysis and Forecast, 2020 – 2026” – https://www.reportlinker.com/p06021896/?utm_source=GNW
The rising demand for the comfort of customer in the banking industry is anticipated to boost the market growth. Neobanks are customer-centric and provide customized services to customers, which make them different from conventional banks. Neobank platforms help users to validate their service offerings in real-time with the help of mobile sites and online channels.
With the help of these platforms, the need for human interference is eliminated, hence decreasing errors related to the transaction. In addition, neobanking offers numerous advantages like quick servicing, healthy interest rates, and cost-effective banking, which are anticipated to boost the growth of the market during the forecast years. Neobanks have considerable growth potential which is boosted by its low-cost model for end-users with very low or no monthly fees for financial services like deposits, withdrawals, and balance maintenance.
The market potential for neobanks is driven by the rising penetration of internet and the smartphones across the globe. Also, the global market competition is boosted by the increasing customer interest, hence pushing neobanks to introduce various features like sign-up incentives and overdraft protection. Various neobanks work under a freemium model, under which they provide their services for free, hence appealing to a broad customer base. Customers are also extensively accepting neobanking services due to advantages like personal finance management features, such as low-interest rates, and enhanced user experience.
By Account Type
Based on Account Type, the market is segmented into Business Account and Savings Account. The market was dominated by the business account segment in 2019. Several businesses globally are adopting neobanking as the preferred method of payment for bulk payouts. Moreover, neobanking models smoothly incorporate banking into business workflows with developer-friendly banking Application Programming Interface (API) to boost the fast and scalable growth of businesses.
By Application
Based on Application, the market is segmented into Enterprises, Personal and Others. The personal application segment is expected to observe considerable growth over the forecast period. The massive penetration rate of smartphones has facilitated customers to extensively choose neobanking services due to convenience and ease of use. The services are provided utilizing mobile app interfaces, which further assist money transfers and payments with the help of the app. The comfort of opening and operating accounts efficiently is further expected to boost the adoption of neobanking over the forecast years.
By Region
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is anticipated to emerge as the highest growing market over the forecast period. The increasing adoption of internet services, along with the high utilization of smartphones, is anticipated to push the market growth. In order to accelerate modernization and innovation through competition, regional regulators are slowly creating neobanking systems for wider participation. New entrants are likely to explore avenues to introduce extremely related services in the region with an exceptional level of ease & comfort and low pricing.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Banco Bilbao Vizcaya Argentaria SA is the forerunner in the Neobanking Market. Companies such as Atom Bank PLC, Sopra Steria Group SA, and Revolut Ltd., N26 GmbH, and Deutsche Bank AG are some of the key innovators in the market.
The market…
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