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Market Overview of Global Neobank market:
According to our latest research, the global Neobank market looks promising in the next 5 years. As of 2022, the global Neobank market was estimated at USD 49277.2 million, and it's anticipated to reach USD 214153.74 million in 2028, with a CAGR of 27.75% during the forecast years.
Neobank is an online financial institution similar to a bank, which only operates through digital means or mobile applications. Compared with traditional banks, Neobank's products are usually limited, sometimes just a simple check and savings account.
The Impact of Covid-19 From the Perspective of Value Chain
Many intermediate inputs that are indispensable for the global value chain of each specific product are at both ends of the value chain and are provided by companies in developed countries, including multinational companies that manipulate the entire value chain. At present, both agricultural and industrial production are using services more and more, especially in the manufacturing industry, because manufacturing companies increasingly use intermediate services. Due to the rapid development of the Internet, global communications and exchanges have not been greatly affected. Therefore, the outbreak of COVID-19 has little impact on the financial and consulting services industries. Therefore, its adverse impact in the value chain is weak.
Market Drivers
People's way of banking is changing, and for many people, it is being fully digitized. This is partly due to Neobank: Small start-ups usually operate without a physical location and require account holders to trade online or on their smartphones. The old banks are also transferring their products to the Internet more and more, and the trend of Neobank is becoming more and more obvious. The change of banking mode will be combined with digitalization to develop rapidly, thus promoting the development of Neobank industry.
Neobank's product model tends to be oriented to customers who are proficient in technology, and they usually seek a simpler and more accessible financial management method. Many schools offer free budget tools and financial education. Because most branches of Neobank has less management costs, there are fewer employees operating these branches, and the business model is usually more streamlined, so users can usually enjoy higher interest rates and lower fees. Most neobank do not provide credit, which helps to reduce costs and limit risks. Most of these banks also provide physical debit cards to avoid affecting the user experience. All these factors will increase people's demand for neobank and promote the development of the industry.
Region Overview:
From 2023-2028, Europe is estimated to witness robust growth prospects.
Company Overview:
Ally is one of the major players operating in the Neobank market, holding a share of 8.88% in 2020.
Ally Financial Inc. is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients.
Axos Bank is an American federally chartered direct bank headquartered in San Diego, California. It is the main consumer brand of Axos Financial. The bank has three branches located in San Diego, California; Las Vegas, Nevada, and Columbus, Ohio. With a broad and ever-growing range of financial products and services, including checking, savings, CDs, money market, lending, and retirement, Axos specializes in convenience and customization.
Segmentation Overview:
Among different product types, Payments segment is anticipated to contribute the largest market share in 2028.
Application Overview:
By application, the Large Size Enterprises segment occupied the biggest share from 2018 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Neobank market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Neobank Market Report:
Market Size Estimates: Neobank market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Neobank market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Neobank market
Segment Market Analysis: Neobank market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Neobank market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Neobank Market: Revenue and sales volume of major countries in each region
Neobank Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Neobank market in major regions.
Neobank Industry Value Chain: Neobank market raw materials & suppliers, manufacturing process, distributors, downstream customers
Neobank Industry News, Policies & Regulations
Key players in the global Neobank market are covered in Chapter 12:
Ally
Azlo
N26
Good Money
Axos
Atom Bank
Revolut
Monzo
Chime
Starling Bank
Varo
Simple
In Chapter 2 and Chapter 15.1, based on types, the Neobank market from 2018 to 2028 is primarily split into:
Payments
Processing Services
Customer and Channel Management
Risk Management
In Chapter 3 and Chapter 15.2, based on applications, the Neobank market from 2018 to 2028 covers:
Small and Medium Size Enterprises
Large Size Enterprises
Personal
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Neobank market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028