Global Neobank Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview

of Global Neobank market:
The latest research study on the global Neobank market finds that the global Neobank market reached a value of USD 49277.2 million in 2022. It’s expected that the market will achieve USD 214153.74 million by 2028, exhibiting a CAGR of 27.75% during the forecast period.

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.

The report covers a research time span from 2018 to 2029; combines extensive quantitative analysis and exhaustive qualitative analysis; presents not only an overview of the global Neobank market in metrics of sales, revenue, growth rate, but also a deeper dive into the segmented market by region, product type and downstream industry, showing the readers a clear and distinct picture of how the market is distributed from different perspectives.

For competitive landscape, prominent players with considerable market shares are comprehensively analyzed in this report. With information regarding the concentration ratio and detailed data reflecting the market performance of each player shared, the readers can acquire a holistic view of the competitive situation and a better understanding of their competitors.

As the COVID-19 takes over the world, we are continuously tracking the changes in the markets. We analyzed the impact of the pandemic in detail, along with other key factors, such as macro-economy, regional conflicts, industry related news and policies. Meanwhile, market investment scenario, technology status and developments, supply chain challenges, among other essential research elements are all covered.

Research Scope
This report provides an overview of the global Neobank market and analyzes the segmented market by product type, downstream industry, and region, presenting data points such as sales, revenue, growth rate, explaining the current status and future trends of the Neobank and its sub-markets in an intuitive way.

Key Companies in the global Neobank market covered in Chapter 3:
Ally
Varo
Azlo
Monzo
Chime
Starling Bank
Axos
Atom Bank
Good Money
Simple
N26
Revolut

In Chapter 4 and Chapter 14.2, on the basis of types, the Neobank market from 2018 to 2029 is primarily split into:
Payments
Processing Services
Customer and Channel Management
Risk Management

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Neobank market from 2018 to 2029 covers:
Small and Medium Size Enterprises
Large Size Enterprises
Personal

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)

Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)

Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)

Latin America (Brazil, Mexico, Argentina)

Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)

Key Factors Considered

COVID-19
Amid the COVID-19 crisis, the Neobank market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research.

Regional Conflict / Russia-Ukraine War
The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it’s going to evolve in the years to come.

Challenges & Opportunities
Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.

Chapter Outline

Chapter 1 starts the report with a brief overview of the research scope, as well as the definitions of the target market and the subdivisions.

Chapter 2 integrates and sketches the research findings and conclusions in a clear and explicit way.

Chapter 3 presents the competitive landscape by displaying the sales, revenue, and market shares of the top players. It also profiles the major market participants with their business introductions, sales, price, revenue, gross, growth rates, etc.

Chapter 4 breaks down the market by different product types and shares data correspondingly with the aim of helping the readers know how the market is distributed by type.

Chapter 5 segments the market by downstream industry, with data covers sales, revenue, and growth rate tracing back to 2018.

Chapter 6 is the analysis of the whole market industrial chain, ranging from upstream raw materials to downstream customers, with regional conflicts taken into consideration.

Chapter 7 elaborates on market dynamics. Factors that drive, challenge, or restrain the market are all listed, together with industry news, opportunities, impacts of COVID-19, and SWOT analysis.

Chapter 8 shows the breakdown data at the regional level, which enables the readers to picture the regional competitive pattern of the market and learn about the revenue, sales, and market share of all the major regions.

Chapter 9-13 focus on each and every of the major region, specifically, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Sales, price, revenue, gross, gross margin, among others, will be all be presented.

Chapter 14 forecasts the future trend of the market not only as a whole but also from the perspective of all segments.

Years considered for this report:

Historical Years:

2018-2022

Base Year:

2022

Estimated Year:

2023

Forecast Period:

2023-2029