Neobanking Market Growth Statistics, Trends Analysis, Revenue and Forecast to 2028

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Neobanking Market Growth Statistics, Trends
Analysis, Revenue and Forecast to 2028
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• Industry Insights

• Neobanking Market has garnered significant
  attention as the concept has become popular, with
  the ease of access to online platforms. Unlike a
  traditional bank, neobanks operate only through
  virtual platforms and do not have any physical
  presence in the form of branches.
• Global neobanking market size to exceed USD 600
  billion in value by 2028. The growing
  digitization of banking activities has
  accelerated the setup of neobanks. The COVID-19
  pandemic had a positive effect on the adoption of
  the services as governments had announced strict
  movement and travel restrictions, which compelled
  customers to use digital banking platforms.
• Since neobanks, sometimes called as challenger
  banks, seamlessly carry out a wide range of
  banking operations, they have been able to boost
  the efficiency of various banking products
  offered by financial institutions. The numerous
  digital options and services offered by neobanks
  have significantly improved the overall
  experience of customers

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• The millennial generation is looking for quicker
  and more reliable ways to conduct financial
  transactions like money transfers. The pandemic
  situation has fueled the introduction of
  platforms that enable customers to transfer money
  through digital portals. Neobanks are picking
  pace among the tech-savvy population, as there
  are quite a few benefits associated with using
  these virtual banks to transfer funds.
• Firstly, these banks are much faster than the
  traditional ones with respect to money transfer.
  A customer doesnt have to fill out numerous
  forms and can transfer money to even foreign
  countries without any hassles. Neobanks have
  greatly eased the burden of transferring money to
  international locations.
• Personal applications will hold a large share of
  neobanking industry by 2028 due to the rising
  preference for online banking apps among
  non-commercial customers like homeowners and
  students. While online payment applications can
  easily solve payment challenges posed by
  conventional banks, they still cannot address a
  lot of other issues. For example, if a customer
  has INR 10,000 lying in their account,
  traditional banks may debit some amount as
  maintenance charges.
• However, neobanks, equipped with smart
  technologies like AI, can suggest the customer to
  make productive use of this idle money by keeping
  it in a liquid fund or fixed deposit, which can
  earn them great returns. These benefits will
  prompt more customers to opt for neobanks for
  personal banking.

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• Competitive Analysis

• Leading companies, such as Monzo Bank Ltd., Chime
  Financial, Inc., Atom Bank Plc, Revolut Ltd.,
  Nubank S.A., and N26 GmbH, among several others,
  are delivering neobanking solutions, such as
  mobile banking, checking savings account,
  payments money transfer, and loans.

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