According to the current analysis of Reports and Data, the global Neo and Challenger Banks market was valued at USD 30.99 Billion in 2020 and is projected to grow at a CAGR of 46.5% from 2020 to 2028. Factors affecting the growth of the Neo Challenger Banks market are the favorable regulations from various government bodies globally, as well as the convenience Neo Banks offer to consumers in the form of quick account opening. The rising penetration of internet globally, specifically in developing nations like China and India will be another factor for the rise of the Neo Challenger banks market. Adoption by millennials, micro, small and medium enterprises (MSMEs), and those having irregular incomes and earnings, embracement of ground-breaking technologies and rising consumerism are some of the catalysts for the success of neo banks. For these banks to be accepted on a larger scale, greater penetration of smartphones as well as the internet is vital. Another factor is the user comfort with digital applications and elementary knowledge of financial products and services. However, the growth of the market may be restrained due to the narrow range of products that are offered by these Banks.

The Neo and Challenger Banks industry report takes a close look at the industry’s historical, present, and future scenarios and sheds light on the paradigm shifts taking place in demand, supply, and production. Revenue growth of the global Neo and Challenger Banks industry is majorly supported by a range of market growth-stimulating factors. The latest report is curated by Reports and Data’s stellar market research team and offers expert-verified data and information related to the Neo and Challenger Banks market. Research methodologies used by the authors are expected to help readers better comprehend the present situation of the market.

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Global Neo and Challenger Banks Market Synopsis:

Revenue of the global consumer goods industry is expected to grow at a significant rate over the forecast period owing to various factors. Surge in global population, fast-paced globalization, rising demand for consumer goods, and increasing adoption of advanced technologies such as the IoT (Internet of Things), robotics, and 3D printing by manufacturers are among the key factors prompting industry revenue growth. Significantly changing consumer tastes and preferences, introduction of eco-friendly and sustainable product packaging solutions, growing demand for organic food products and ingredients, and increasing investments in FMCG logistics infrastructure development are other major factors accounting for the revenue growth of the consumer goods industry. 

Key Regional Markets Covered in the Report:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)

Market Segmentation:

Type (Revenue, USD Billion; 2018–2028)

• Neo Bank
• Challenger Bank

Application (Revenue, USD Billion; 2018–2028)

• Personal
• Business

Services Provided (Revenue, USD Billion; 2018–2028)

• Checking Savings account
• Payment Money transfer
• Loans
• Mobile Banking
• Investment Accounts
• Retirement Savings
• Others

Top Companies Profiled in the Report:

• Atom Bank PLC,
• Movencorp, Inc.,
• Simple Finance Technology Corporation,
• Fidor Bank AG,
• Pockit Ltd.,
• Ubnak,
• Monzo Bank Ltd.,
• MyBank,
• WeBank,
• Holvi Bank,
• Hello Bank,
• Koho Bank,
• Rocket Bank,
• Soon Banque.

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Frequently Asked Questions (FAQs) Answered in the Report:

• What is the projected revenue growth rate of the global Neo and Challenger Banks market?
• What are the major factors driving the growth of the global Neo and Challenger Banks market?
• What are the imminent risks and challenges expected to restrain market growth in the coming years?
• What are the latest trends observed in the global Neo and Challenger Banks market?
• What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the Neo and Challenger Banks market report?

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