Neo and Challenger Bank Market Overview :

Neo and challenger banks are expected to transform the banking sector. Neo banks are referred to as web-based banks which provide technology-enabled financial services through web and mobile interface. While, challenger banks are modernized form of traditional bank, which functions without physical offices or branches. These banks have gained momentum in the European region. The advent of new participants has led to intense competition among existing digital banks and traditional banks. However, the market seems to show and increased neo and challenger bank growth trends in the coming years. The neo and challenger bank market size is predicted to show comparatively higher growth rate in the Asia-countries such as China.

Global Neo and Challenger Bank Market Size and Forecast, 2016 – 2025 (US$ Million)
Global Neo and Challenger Bank Market Size and Forecast, 2016 – 2025 (US$ Million)

The global neo and challenger bank market is mainly driven by factors such as high interest rates as compared to traditional banks, proactive banking regulations to grant licenses and approvals, and enhanced convenience to customers. The major challenges that may hinder the neo and challenger market growth are acquisition of customers, and profitability. Moreover, rising internet penetration and rapid growth in the sale of smartphones, majorly in the developing countries such as China and Australiaare likely to open up new growth opportunities for the market in the upcomingyears.

Global Neo and Challenger Bank Market, by Bank Type
Global Neo and Challenger Bank Market, by Bank Type

Bank type, and country are the major segments considered in the global neo and challenger bank market. The bank type segment includes neo bank, and challenger bank. On the basis of country analysis, the market is further bifurcated into U.S., UK, Germany, China, and Australia.

Global Neo and Challenger Bank Market Country Wise Revenue % (2017 Vs 2025)
Global Neo and Challenger Bank Market Country Wise Revenue % (2017 Vs 2025)

Movencorp, a digital neo bank based in the U.S., extended its market in Canada, and provided high-class 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. Major companies operating in the global market include Atom Bank Plc, Movencorp, Inc., Simple Finance Technology Corporation (acquired by BBVA), Fidor Bank AG (acquired by BPCE Group), Number26 GmbH, Pockit Limited, UBank Limited, Monzo Bank Limited, MyBank (Alibaba Group), and WeBank, among others.

The key takeaways from the report

  • The report will provide detailed analysis of the Global Neo and Challenger Bank Market with respect to major segments such as bank type, and country
  • The report will include the qualitative and quantitative analysis with market estimation over 2016 - 2025 and compound annual growth rate (CAGR) between 2017 and 2025
  • Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
  • An exhaustive regional analysis of the Global Neo and Challenger Bank Market has been included in the report
  • Profile of the key players in the Global Neo and Challenger Bank Market will be provided, which include key financials, product & services, new developments and business strategies

Scope of the Global Neo and Challenger Bank Market

Bank Type Segments

  • Neo Bank
  • Challenger Bank

Country Segments

  • U.S
  • UK
  • Germany
  • China
  • Australia

Global Neo and Challenger Bank Market Primary Interviews, by Country
Global Neo and Challenger Bank Market Primary Interviews, by Country


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