Neo and Challenger Bank Market is registering a CAGR of 50.6% during the forecast period 2016-2020. The growth of the neo and challenger bank market is driven by factors such as favorable government regulations, convenience offered to consumers, and higher interest rates than traditional banks. However, acquisition of customers and profitability pose challenges to the market growth. Furthermore, increase in penetration of smartphones and internet in the emerging economies is expected to offer immense opportunities for the market growth in the near future.
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The leading players profiled in the report include Atom Bank Plc, Movencorp Inc., Simple Finance Technology Corporation (acquired by BBVA), Fidor Bank AG (acquired by BPCE Group), N26, Pockit Limited, UBank Limited, Monzo Bank Limited, MyBank (Alibaba Group), and WeBank (Tencent Holdings Limited).
The neo and challenger bank market is segmented based on the type of bank into neo and challenger banks. Among these, the neo banks segment accounts for the largest customer base in 2016, owing to the prominence of these banks in U.S. and the ease in acquisition of customers. This segment is expected to grow at a notable CAGR of 49.7% during the forecast period. The challenger banks segment is expected to grow at a CAGR of 52.6% in terms of customer base because of the proliferation of these banks in regions such as UK, Germany, and China. This is attributed to favorable regulations and substantial investments for these startups. Furthermore, increase in launch of digital subsidiaries by traditional banks and a large customer base available with them are expected to promote the growth of the market.
KEY FINDINGS OF THE NEO AND CHALLENGER BANK MARKET STUDY
The U.S. accounts for the largest customer base in neo bank market in 2016, and is expected to maintain its dominance throughout the forecast period.
In Challenger bank market, Germany accounts for the lions share in 2016.
The neo and challenger banks market in China is anticipated to witness the fastest growth rate during 2017-2020.
Neo banks has the largest customer base in 2016, and is expected to dominate the market in the near future.
The customer base of challenger banks market is projected to grow at a significant rate during the forecast period.
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Global Neo and Challenger Bank Market By Bank Type
Chapter 5 Neo And Challenger Bank Market, By Country
Chapter 6 Related Industry Insights
Chapter 7 Company Profiles
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