Neo and challenger banks are a digital platform for banking through websites or mobile applications. The neo and challenger banks are replacing traditional banking by minimizing the banking process. The neo banks are groups that provide scrutiny, prepaid debit cards, etc. which are exclusive of the traditional brick-and-mortar buildings. These neo banks provide strong digital support with simple and easy account start-up and excellent (24*7) customer support.
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% between 2019 and 2026.
The latest report entitled “Global Neo & Challenger Bank Market from 2019 to 2026” has been recently added to the repository of report consultants, is a professional and detailed research report on the worldwide major regional market conditions, centered on the key regions (North America, Europe and Asia-Pacific). It covers the market landscape and its growth prospects over the upcoming years. The report also contains a discussion of the Key Vendors operating in this Global market.
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This report offers deep-dive description on recent market trends and technological aggrandizement that impact growth in the Market, and the Market is thriving by Major Vendors are:
Other Prominent Players:
- Atom Bank
- Simple Finance Technology
- Monzo Bank
MyBank (Alibaba Group), Holvi Bank, WeBank (Tencent Holdings Ltd.), Hello Bank, Koho Bank, Rocket Bank, Soon Banque
Market Segmentation by Type:
Market Segmentation by Application:
Geographically, a well-developed infrastructure of the global Neo & Challenger Bank Market, its awareness, regulatory framework are some of the factors that are driving the North Americans, Europe, Asia-Pacific, Middle East & Africans, and Latin Americans global market.
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Features like easy ease of access, simplicity, speed, cost-effectiveness, and enhanced functionality offered to the customers by neo and challenger banks are driving the market globally. The wide variety of products offered by a neo and challenger bank is almost limitless, which is also expected to fuel the market development over the forecast time period. Moreover, the growing smartphone penetration in both developed and developing countries globally is also boosting the demand for online and app-based banking.
Key highlights of the global Neo & Challenger Bank Market for the forecast years 2019-2026:
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- Neo & Challenger Bank Market report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of Neo & Challenger Bank Market and by making in-depth analysis of market segments
Industry analysis tools, such as SWOT and Porter's five techniques, have been used to analyze the global market for Neo & Challenger Bank Market. In addition, development plans and policies are also presented in the report. To obtain a more solid and effective perspective of the global market, this report has been elucidated with graphic information. It also offers an investigation of the global market pilots.