Neo and Challenger Bank Market Is Expected To Reach $5256.71 Billion By 2032

Global Neo and Challenger Bank Market To Expand At 46.3% CAGR Through 2032

Zion Market Research has published a new report titled “Neo and Challenger Bank Market by Type (Neo Bank and Challenger Bank) and by Application (Personal and Business): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032”. According to the report, the global neo and challenger bank market was approximately USD 171.73 Billion in 2023 and is projected to hit USD 5256.71 Billion by 2032, with a compound annual growth rate (CAGR) of 46.3% during the forecast period 2024-2032.

Neo and challenger banks are a digital platform for banking via websites or mobile applications. The neo and challenger banks are replacing the traditional banking by minimizing the banking process. The neo banks are organizations that provide scrutiny, prepaid debit cards, etc. that are exclusive of the traditional brick-and-mortar buildings. Real-time digital receipts, mobile budgeting tools, P2P payments, and mobile deposits are some main features of a neo bank. These neo banks provide strong digital support with simple and easy account start-up and excellent (24*7) customer support.

Browse the full “Neo and Challenger Bank Market by Type (Neo Bank and Challenger Bank) and by Application (Personal and Business): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024-2032” Report at https://www.zionmarketresearch.com/report/neo-and-challenger-bank-market

Features like easy accessibility, simplicity, speed, cost-effectiveness, and improved functionality offered to the customers by neo and challenger banks are driving the neo and challenger bank market globally. The wide variety of products offered by a neo and challenger bank is almost limitless, which is also expected to fuel the neo and challenger bank market development over the forecast time period. Additionally, the growing smartphone penetration in both developed and developing countries globally is also boosting the demand for online and app-based banking.

The global neo and challenger bank market is segmented on the basis of type and application. By type, the global neo and challenger bank market includes neo and challenger banks. The neo bank segment dominated the global market in 2018, in terms of revenue share. This segment is also expected to register a high CAGR over the forecast time period. The significant growth factors for neo banks are their low-cost structure with no monthly fees and no withdrawal costs at low re-loading fees. Moreover, the huge ATM networks with no fees and reloadable debit cards will significantly propel this segment’s growth in the future.

Personal and business comprise the application segment of this global market. The business segment dominated the global market in terms of revenue in 2018, due to the increasing acceptance of mobile and digital banking as a payment method by large and SMEs. On the other hand, the personal application segment is anticipated to register the highest CAGR in the future.

By region, the European neo and challenger bank market is anticipated to remain the leading region over the forecast time period. This regional dominance can be attributed to the fact that most of these banks are based in UK, which is the hub for neo and challenger banks. Furthermore, UK has the largest number of SMEs in Europe (5.2 million), followed by Germany. Additionally, the U.S. and China dominate the global market with 28 million and 42 million SMEs, respectively. The Asia Pacific is projected to grow at the fastest region in the global neo and challenger bank market during the forecast period.

Key Market Players & Competitive Landscape

Key players leveraging the market growth include 

• 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

This report segments the global neo and challenger bank market into:

Global Neo and Challenger Bank Market: Type Analysis

• Neo Bank
• Challenger Bank

Global Neo and Challenger Bank Market: Application Analysis

• Personal
• Business

Global Neo and Challenger Bank Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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