According to the report by Expert Market Research (EMR), the global neo and challengers bank market size reached a value of around USD 21.5 billion in 2022. Aided by the burgeoning demand for customer-centric, digital banking solutions and the expanding applications of neo and challenger banks across numerous sectors, the market is projected to further grow at a CAGR of 47.80% between 2023 and 2028 to reach a value of USD 221.9 billion by 2028.
Neo and Challenger banks are digital-centric financial institutions that operate without traditional physical branch networks. They focus on providing seamless, technologically advanced banking services, including payments, loans, money transfers, and financial planning. These banks are often recognised for their user-friendly interfaces, cost-effectiveness, and personalised financial products. Beyond their core banking functions, these banks are increasingly being integrated into various sectors, including fintech, e-commerce, and peer-to-peer payments, enhancing their market value.
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The rising consumer preference for digital banking services is driving the global Neo and Challenger banks market growth. With growing awareness of the convenience and efficiency associated with digital banking, there has been a significant shift towards these modern banking solutions. Furthermore, the widespread adoption of smartphones and the internet has increased accessibility to these services, driving the demand for Neo and Challenger banks.
The broadening applications of Neo and Challenger banks in various sectors also contribute significantly to the neo and challengers bank market expansion. In the fintech sector, these banks are used to streamline payments and facilitate peer-to-peer transfers, propelling the market. The e-commerce industry utilises these banks to manage online transactions, enhancing customer shopping experiences and offering flexible payment options.
Additionally, the growing demand for customised, customer-centric banking services has led to an increased focus on Neo and Challenger banks, thus increasing the neo and challengers bank market demand. The advent of AI and data analytics in banking allows these institutions to offer personalised banking and financial products. This shift towards personalisation in banking has been further accelerated by the COVID-19 pandemic, which has increased the need for remote, digital financial services.
Moreover, regulatory support for digital banking, particularly in developing economies, is boosting the Neo and Challenger banks market expansion. Governments worldwide are implementing policies that foster digital banking to enhance financial inclusion, driving market growth.
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Neo and Challengers Bank Market Segmentation
The market can be divided based on service type, end user, and region.
Market Breakup by Service Type
- Loans
- Recurrent Charges
- Payment and Money Transfer
- Credit Cards
- Others
Market Breakup by End User
- Business
- Personal
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global neo and challengers bank companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Atom Bank Plc
- Monzo Bank Limited
- Movencrop, Inc
- N26 Bank AG
- Tandem Bank Limited
- UBank
- Preta S.A.S
- Starling Bank Limited
- Others
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