Global Neobanking Market Report 2022

New York, Sept. 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Neobanking Global Market Report 2022” – https://www.reportlinker.com/p06320096/?utm_source=GNW
A., OakNorth, Orange Bank, Tinkoff Bank, Upgrade, Inc., Monzo and Monese.

The global neobank market is expected to grow from $54.36 billion in 2021 to $78.02 billion in 2022 at a compound annual growth rate (CAGR) of 43.52%. The neobank market is expected to reach $359.46 billion in 2026 at a compound annual growth rate (CAGR) of 43.52%.

The neo-banking market consists of sales of neo-banking services by the entities (organizations, individual merchants and partnerships) which refer to digital banks without physical location that provide a wide range of financial services to primarily target tech-savvy customers. Neobanking offers services including payments, debit cards, money transfers, loans, etc., which are mostly digital and mobile in nature.

The main types of business accounts in the neobank market include business account, savings account. Business account refers to neo-banking services used by business account holders to manage money, bulk payments, credits, detailed account information and international transfers.

Mobile banking, payments and money transfers, checking/savings accounts, loans and others are services offered in the neobank. These are applied by companies, individuals, others.

Western Europe was the largest region in the neobanking market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.

Regions covered in the Neobank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa .

The Neobank Market research report is part of a series of new reports that provide statistics on the Neobank market, including the global nutritional yeast industry market size, regional shares, competitors holding Neobank market share, detailed Neobank market segments, market trends and opportunities, and any other data you may need to thrive in the Neobank industry. This Neobanking Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of current and future industry scenarios.

Growing demand for digitization among banking institutions across the globe is contributing to the growth of the neobanking market. Digital banking describes the digitization of all banking procedures and the replacement of the bank’s physical location with a seamless online presence, eliminating the need for consumers to visit a branch.

Traditional financial services are automated by digital banking. Bank customers can access banking services and products online or through an electronic platform through digital banking.

Neobanking helps digitize banks by enabling financial organizations to do business online without physical locations and by offering digital versions of all banking services. Neobanks provide highly personalized services at lower prices using technologies such as artificial intelligence (AI), automation and cloud computing.

According to a survey conducted by McKinsey and Company, between 2017 and 2021, the proportion of customers in developing Asia-Pacific countries actively using digital banking services increased rapidly, from 54% in 2017 to 88% in 2021. Thus, the growing demand for digitization in the banking sector is expected to propel the neo-banking market.

Technological advancement is a key trend propelling the neobanking market. Artificial intelligence is used in neo-banking services and solutions to improve efficiency.

AI can provide consumers with highly personalized solutions along with logical reminders and notifications that will help them save money and enjoy more convenience. It helps in credit decisions, risk management, trading and personalized services.

In March 2021, DigiBankASIA, a Singapore-based financial services company, entered into a partnership with Xebia to launch Asian digital bank, UnoBank. Combining the best banking products to deliver a distinctive and cutting-edge digital foundation, Xebia will be UNO’s digital and innovative banking technology partner in the creation of Cognito, UNO’s first digital platform.

She is uniquely positioned to build a cutting-edge and intelligent CX platform for UNObank due to her experience in technologies such as Al/ML, IoT, AR/VR, Cloud, DevOps, Big Data & Analytics. Xebia is an IT consulting company based in the United States.

In December 2021, Open, an India-based neobank that combines banking, payments, accounting, expense management and taxes in one place, acquired Finin for $10 million. The acquisition enhances Open’s cloud-native BankingStack financial operating system and empowers banks and other financial institutions to introduce and expand their digital personal and business banking services.

In addition to the provision of salary accounts for employees and an integrated payroll module, the acquisition will enable SMEs using the neo-banking platform Open PME to develop. Finin is an India-based neo-banking platform that makes managing, saving and investing your money easier, faster and smarter.

The countries covered in the neobanking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom United and the United States.
Read the full report: https://www.reportlinker.com/p06320096/?utm_source=GNW

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