Global Neo and Challenger Bank Market Will Reach to USD 394,648 Million By 2026: Zion Market Research

According to the report, the global neo and challenger bank market was approximately USD 18,604 million in 2018 and is expected to generate around USD 394,648 million by 2026, at a CAGR of around 46.5 % between 2019 and 2026.

New York, NY, May 21, 2019 (GLOBE NEWSWIRE) — 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, 2018–2026”. According to the report, the global neo and challenger bank market was approximately USD 18,604 million in 2018 and is expected to generate around USD 394,648 million by 2026, at a CAGR of around 46.5 % between 2019 and 2026.

Neo and challenger banks are a digital platform for banking via websites or mobile applications. The neo and challenger banks are replacing 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 through 37 Tables & 14 Figures spread over 126 Pages and in-depth TOC on “Global Neo and Challenger Bank Market Size, Share 2018: By Industry Type, Share, Trends, Analysis, and Forecast to 2026”.

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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.

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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.

Europe held a significant share, i.e., around 40%, of the global neo and challenger bank market in 2018. UK is likely to dominate the European market throughout the forecast time period, as most of these banks are based in the UK and the country also contributes significant revenue share to the European neo and challenger bank market. The region is also an early adaptor of digital banking.

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North America is foreseen to hold the second largest regional market share and is likely to indicate remarkable progress in the future. The U.S. is expected to contribute a major share to the North American neo and challenger bank market. The large SME market in the U.S. offers the ability to provide innovative solutions, which present new growth opportunities for challenger banks.

The Asia Pacific is anticipated to exhibit prominent growth in the future. China, India, and Japan will be the fastest growing countries in the neo and challenger bank market. Emerging economies like and China and India are likely to have better economic indicators in the future, owing to high technological adoption, increased smartphone penetration, and a rising number of cost-effective solutions provided by the vendors.

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Latin America held a minimal share of the global neo and challenger bank market. Brazil dominates this regional market in terms of revenue share, owing to the increasing number of companies and rising awareness regarding the advantages of neo and challenger banks. The low-cost and ease of access to neo and challenger banks are expected to attract the region’s industrial sector.

Some key players operating in the global neo and challenger bank market include DBS, Simple, Koho Financial, Hello Bank, Fidor Solutions, MyBank, Pockit Limited, Holvi Payment Services, Monzo Bank Limited, Starling Bank, N26 GmbH, Atom Bank, Moven, Jibun Bank Corporation, Timo, Kakao Bank, Tandem Bank Limited, and WeBank.

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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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