Google revenue

Neobank market revenues will increase by 44.1% from 2022 to 2032, reaching nearly 2,595 billion US dollars in 2032, identifies Fact.MR

Digital Transaction Management Market Analysis by Component, Solution, End User, Vertical and Region – Global Forecast 2022-2032

ROCKVILLE, MARYLAND, USA, March 10, 2022 /EINPresswire.com/ — Neobank Market Growth and Trends

Neobanking had a market value of US$45 billion in 2021, and it is expected to reach US$67 billion by 2022. During the assessment period 2022-2032, the market is expected to grow at a CAGR of 44 .1%, amassing a market value of US$2.595 billion.

Factors such as faster loan approval and funding process compared to traditional banks, as well as low interest rates through banking apps, are fueling market growth, according to recent analysis by Fact.MR Market Research. Increasing technical breakthroughs in online banking platforms, such as Artificial Intelligence (AI) and Internet of Things (IoT), are expected to support the market growth over the forecast period. The growing popularity of mobile apps for international financial transfers and online payments is also fueling the expansion of the industry. Governments in a number of countries are working to improve Internet access in rural areas.

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The market is also growing due to the proliferation of partnerships between banks and organizations to create neo-banking platforms. These collaborations aim to provide a better customer experience as well as increased security and stability. In April 2021, for example, the co-creators of Google Pay announced the launch of Fi, a neobank, in cooperation with the Federal Bank to provide millennial workers with a fast savings account with debit cards.

Competitive landscape

• In March 2021, Atom Bank and Kudos Credit teamed up to help small businesses bounce back. The companies took this initiative to help businesses recover losses caused by the COVID-19 pandemic.
• Atom Bank PLC, Ubank Limited, Simple Finance Technology Corp., Fidor Bank Ag, Movencorp Inc., Monzo Bank Ltd., Mybank, N26, Revolut Ltd., Webank, Inc. are major players in the neobanking market.

COVID-19 Impact Analysis

Due to the increasing use of online banking services, the advent of the COVID-19 pandemic is expected to open up new growth potential for the company. In the aftermath of the pandemic, a multitude of social, political and economic problems have emerged around the world. Both financial service providers and investors are affected by these issues. During the pandemic, however, a large number of SMEs have turned to neobanks to meet their working capital needs, propelling the market forward.

By going digital, digital-led neobanks have made the job easier. Because neobanks have no physical branches, the hassle of opening an account while waiting for a long time is eliminated. Moreover, since the contactless functionality of neobanks did not influence people’s income streams, they were able to stay safe at home. Additionally, neobanks have gained popularity due to rising incomes and the predilection of Millennials and Gen Z for using smartphones to simplify their lives.

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Scope of the Global Neobanks Market Report

Neobanks are online-only economic foundations that operate similarly to banks. A neobank is a type of digital bank that does not have a physical location. Neobanking is not limited to a single location; it’s all over the internet. Fintech organizations that provide computer-first and mobile-first financial arrangements such as money remittances and transfers, money lending, etc. are known as neobanks. Neobanks, unlike traditional banks, generally offer a completely different business model. In any case, neobanks, like traditional banks, earn little money between collection and credit. Additionally, since there is no physical location and everything is done online, customer costs are significantly reduced.

Because neobanks are customer-centric, they provide their customers with tailor-made technology-initiated services. Neobanks do not have their own banking license and rely on their banking partners to administer banking licenses. As the financial environment evolves towards customer experience and execution, a gap has opened up between what traditional banks offer and what customers expect. Neobanks are also trying to fill this void.

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Key Benefits of the Global Neobanking Report

• Global Neobanking report covers in-depth historical and forecast analysis.
• Global Neobanking research report provides in-depth information about market introduction, market summary, global market revenue (USD revenue), market drivers, market restraints, market opportunities, competitive analysis, regional and national levels.
• The Global Neobanking Report helps identify market potential.
• The Global Neobank report includes an in-depth review of emerging trends and the competitive landscape.

Key segments covered in the Neobanking industry report

• By account type

o Neobank for Professional Accounts
o Neobank for Savings Account

• By request

o Neobank for personal use
o Neobank for Businesses
o Neobank for other applications

Full access to this exclusive report is available at https://www.factmr.com/report/neobanking-market

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