Neo And Challenger Banks Market 2022-2028: Adoption By Millennials, Micro, Small And Medium Enterprises (Msmes)

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Neo and Challenger Banks Market

The Neo and Challenger Banks market was valued at USD 30.99 Billion in 2020 and is projected to grow at a double-digit CAGR of 46.5% from 2020 to 2028.

NEW YORK CITY, NEW YORK, USA, June 27, 2022 /EINPresswire.com / -- 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 the these Banks.

With competition rising amongst traditional banks, new-age FinTechs, technology firms and non-banking entrants, it is yet to be seen whether the market is very much enough for these banks to grow sustainably and equitably. How the banks manage crucial impediments in terms of regulation and compliance, data and cybersecurity, unified API integration as well as expansion of products and services will be the fundamental determinants of their success.

Characteristics and offerings like accessibility, cost-effective multiple banking and financial functionalities under one umbrella, and personalization are some of the major driving aspects for neo banks worldwide. Another factor is that FinTechs are building niche solutions that are focused on blue-collar workers and the underserved needs of thin-file MSMEs thus driving the . Neobanking can work as an extension of measures undertaken to solve the challenges of financial inclusion and bundling banking services with other financial services—for example, services like opening of bank accounts for immigrants, facilitated through new onboarding procedures not based on traditional documentation of identification.

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Key Regional Markets Covered in the Report:
•North America
oU.S.
oCanada
oMexico
•Europe
oRussia
oU.K.
oGermany
oFrance
oBENELUX
oRest of Europe
•Asia Pacific
oChina
oJapan
oIndia
oSouth Korea
oRest of Asia Pacific
•Latin America
oBrazil
oRest of Latin America
•Middle East & Africa
oSaudi Arabia
oU.A.E.
oIsrael
oRest of Middle East & Africa

Top 10 Profiled in the Global Neo and Challenger Banks Market Report:

•Atom Bank PLC,
•Movencorp, Inc.,
•Simple Finance Technology Corporation,
•Fidor Bank AG

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Key Takeaways of the Global Neo and Challenger Banks Market Report:

•A comprehensive overview of the global Neo and Challenger Banks industry.
•Accurate market projections in terms of market size, share, and volume.
•Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
•Deep-dive analysis of the upcoming market trends.
•Qualitative and quantitative analyses of the global Neo and Challenger Banks market.
•Elaborate study of the leading regional markets in the global Neo and Challenger Banks market.
•Complete overview of the market's competitive landscape.
•Brief look at the company profiles and portfolios.

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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