Global Neo and Challenger Bank Market Report, published by Variant Market Research, forecast that the global market is expected to reach $356 Million by 2025 from $17million in 2017, growing at a CAGR of 45.8% from 2017 to 2025. By country, China isexpected to grow at the fastest CAGR of 48%, during the forecast period. Neo and challenger banks are expected to develop the banking sector.The initiation of new competitors in the market has led to intense competition among existing digital banks and traditional banks.
"Neo and Challenger Bank Market (By Bank Type: Neo Bank, and Challenger Bank; By Country: (U.S, UK, Germany, China, and Australia) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
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The global neo and challenger bank market is primarily boosted by high interest rates as compared to traditional banks
High interest rates compared to traditional banks, improved convenience to customers, and proactive banking regulations to grant licenses and approvals are the major aspects to drive the growth of the global neo and challenger bank market. However, acquisition of customers and profitability are the major hindrance for the market growth. Further, growing internet penetration and surge in demand for smartphones in the under-developed countries are expected to generate several growth opportunities for the market in the coming years.
Market Segmentation
The global neo and challenger bank market is mainly classified on the basis of bank type, and country. The bank type segment includes neo bank, and challenger bank. Furthermore, the country wise segmentations include the U.S., UK, Germany, China, and Australia.
Neo bank, by bank type dominated with major market share, in 2017
Global Neo and Challenger Bank Market, by Bank Type
Neo bank accounted for the major market share, in 2017, in the bank type segment, and is likely to continue its dominance during the forecast period 2017 – 2025. The high growth is attributed to prominence of these banks in the U.S. and the ease in acquisition of customers. In terms of growth, challenger bank is expected to attain the fastest CAGR driven by factors such as proliferation of these banks in regions such as UK, Germany, and China with high customer base, favourable regulations and substantial investments for these start-ups.
U.S. dominated the global market with the highest market revenue in 2017
Global Neo and Challenger Bank Market, by Country
In 2017, U.S. generated the highest revenue accounting for the market share of 56.8% of the total market and is anticipated to achieve the fastest CAGR during the forecast period 2017 – 2025. Substantial fintech investments, and large SME market in the U.S. is supporting the market growth with innovative products, solutions, and services.
Competitive Landscape
Movencorp, a digital neo bank based in the U.S., expanded its market in Canada, and provided exclusive Canadian distribution rights of Moven’s mobile money management app to Toronto Dominion Bank. This app would operate conjointly with TD mobile banking app to monitor the spending habits of customers in real-time. Key players profiled in the report include Movencorp, Inc.,Simple Finance Technology Corporation (acquired by BBVA), Atom Bank Plc, UBank Limited, Pockit Limited, Number26 GmbH, Monzo Bank Limited, MyBank (Alibaba Group), and WeBank among others.
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| Chapter 1 Prefix |
|---|
| 1.1 Market Scope |
| 1.2 Report Description |
| 1.3 Research Methodology |
| 1.3.1 Primary Research |
| 1.3.2 Secondary Research |
| 1.3.3 In-house Data Modeling |
| Chapter 2 Executive Summary |
|---|
| 2.1 Global Neo and Challenger Bank Market Year-on-Year Growth, 2017 – 2025 (%) |
| Chapter 3 Market Outline |
|---|
| 3.1 Market Inclination, Trend, Outlook and Viewpoint |
| 3.2 Market Share Analysis: Company’s Competitive Scenario |
| 3.3 Market Dynamics |
| 3.3.1 Drivers |
| 3.3.1.1 Impact Analysis |
| 3.3.2 Restraints |
| 3.3.2.1 Impact Analysis |
| 3.3.3 Opportunities |
| Chapter 4 Global Neo and Challenger Bank Market by Bank Type: Market Size and Forecast, 2016 – 2025 |
|---|
| 4.1 Overview |
| 4.2 Neo Bank |
| 4.2.1 Current Trend and Analysis |
| 4.2.2 Market Size and Forecast, 2016 – 2025 ($ Million) |
| 4.2.3 Market Size and Forecast by Country, 2016 – 2025 ($ Million) |
| 4.3 Challenger Bank |
| 4.3.1 Current Trend and Analysis |
| 4.3.2 Market Size and Forecast, 2016 – 2025 ($ Million) |
| 4.3.3 Market Size and Forecast by Country, 2016 – 2025 ($ Million) |
| Chapter 5 Global Neo and Challenger Bank Market by Country: Market Size and Forecast, 2016 – 2025 |
|---|
| 5.1 Overview |
| 5.1.1 Global Neo and Challenger Bank Market Year-on-Year Growth, by Country 2017 – 2025 (%) |
| 5.2 U.S. |
| 5.2.1 Current Trend and Analysis |
| 5.2.2 Market Size and Forecast, 2016 – 2025 ($ Million) |
| 5.3 UK |
| 5.3.1 Current Trend and Analysis |
| 5.3.2 Market Size and Forecast, 2016 – 2025 ($ Million) |
| 5.4 Germany |
| 5.4.1 Current Trend and Analysis |
| 5.4.2 Market Size and Forecast, 2016 – 2025 ($ Million) |
| 5.5 China |
| 5.5.1 Current Trend and Analysis |
| 5.5.2 Market Size and Forecast, 2016 – 2025 ($ Million) |
| 5.6 Australia |
| 5.6.1 Current Trend and Analysis |
| 5.6.2 Market Size and Forecast, 2016 – 2025 ($ Million) |
| Chapter 6 Company Profiles |
|---|
| 6.1 Atom Bank Plc |
| 6.2 Movencorp, Inc. |
| 6.3 Simple Finance Technology Corporation (acquired by BBVA) |
| 6.4 Fidor Bank AG (acquired by BPCE Group) |
| 6.5 Number26 GmbH |
| 6.6 Pockit Limited |
| 6.7 UBank Limited |
| 6.8 Monzo Bank Limited |
| 6.9 MyBank (Alibaba Group) |
| 6.10 WeBank |
| List of Figures |
|---|
| FIG. 1 MARKET SEGMENTATION: GLOBAL NEO AND CHALLENGER BANK MARKET |
| FIG. 2 GLOBAL NEO AND CHALLENGER BANK MARKET YEAR ON YEAR GROWTH, 2017 – 2025 (%) |
| FIG. 3 MARKET SHARE ANALYSIS, 2017 (%) |
| FIG. 4 GLOBAL NEO AND CHALLENGER BANK MARKET SHARE AND FORECAST, BY BANK TYPE 2017 VS 2025 (VALUE %) |
| FIG. 5 NEO BANK MARKET SIZE AND FORECAST, 2016 – 2025 ($ MILLION) |
| FIG. 6 CHALLENGER BANK MARKET SIZE AND FORECAST, 2016 – 2025 ($ MILLION) |
| FIG. 7 GLOBAL NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST BY COUNTRY, 2017 VS 2025 (REVENUE, CAGR %) |
| FIG. 8 GLOBAL NEO AND CHALLENGER BANK MARKET YEAR ON YEAR GROWTH, BY COUNTRY 2017 – 2025 (%) |
| FIG. 9 U.S. NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, 2016 – 2025 ($ MILLION) |
| FIG. 10 UK NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, 2016 – 2025 ($ MILLION) |
| FIG. 11 GERMANY NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, 2016 – 2025 ($ MILLION) |
| FIG. 12 CHINA NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, 2016 – 2025 (5$ MILLION) |
| FIG. 13 AUSTRALIA NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, 2016 – 2025($ MILLION) |
| List of Tables |
|---|
| TABLE 1 GLOBAL NEO AND CHALLENGER BANK MARKET SNAPSHOT |
| TABLE 2 GLOBAL NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, BY COUNTRY, 2016 – 2025 ($ MILLION) |
| TABLE 3 DRIVERS OF THE GLOBAL NEO AND CHALLENGER BANK MARKET: IMPACT ANALYSIS |
| TABLE 4 RESTRAINTS OF THE GLOBAL NEO AND CHALLENGER BANK MARKET: IMPACT ANALYSIS |
| TABLE 5 NEO BANK MARKET SIZE AND FORECAST, BY COUNTRY, 2016 – 2025 ($ MILLION) |
| TABLE 6 CHALLENGER BANK MARKET SIZE AND FORECAST, BY COUNTRY, 2016 – 2025 ($ MILLION) |
| TABLE 7 U.S NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, BY BANK TYPE, 2016 – 2025 (5$ MILLION) |
| TABLE 8 UK NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, BY BANK TYPE, 2016 – 2025 ($ MILLION) |
| TABLE 9 GERMANY NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, BY BANK TYPE, 2016 – 2025 ($ MILLION) |
| TABLE 10 CHINA NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, BY BANK TYPE, 2016 – 2025 ($ MILLION) |
| TABLE 11 AUSTRALIA NEO AND CHALLENGER BANK MARKET SIZE AND FORECAST, BY BANK TYPE, 2016 – 2025 ($ MILLION) |
| TABLE 12 ATOM BANK PLC: COMPANY SNAPSHOT |
| TABLE 13 MOVENCORP, INC.: COMPANY SNAPSHOT |
| TABLE 14 SIMPLE FINANCE TECHNOLOGY CORPORATION: COMPANY SNAPSHOT |
| TABLE 15 FIDOR BANK AG: COMPANY SNAPSHOT |
| TABLE 16 NUMBER26 GMBH: COMPANY SNAPSHOT |
| TABLE 17 POCKIT LIMITED: COMPANY SNAPSHOT |
| TABLE 18 UBANK LIMITED: COMPANY SNAPSHOT |
| TABLE 19 IBM CORPORATION: COMPANY SNAPSHOT |
| TABLE 20 MYBANK: COMPANY SNAPSHOT |
| TABLE 21 WEBANK: COMPANY SNAPSHOT |
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