Global Neo and Challenger Bank Market: High Rate of Interest Than Traditional Banks Noticed by Variant Market Research

According to the latest report published by Variant Market Research, the global neo and challenger bank market size is projected to reach $356 Million by 2025 from $17million in 2017, In this report, neo and challenger bank market forecast says that the global market is growing at 45.8% CAGR from 2017 to 2025.

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Better customer convenience to drive the global market

The global neo and challenger bank market trend includes high rate of interest than traditional banks, better customer convenience, and positive banking rules to grant licenses & approvals. Though, profitability may hinder the neo and challenger bank market growth. Moreover, mounting internet penetration as well as increasing demand for smartphones in the under-developed countries would provide an opportunity for players of market.

Market Segmentations

The global neo and challenger bank market is classified into bank type, and country. Bank type segment includes neo bank, and challenger bank. U.S., UK, Germany, China, and Australia are the key countries included in this market.

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Neo bank, by bank type accounted for major market share in 2017

Neo bank held for the highest market share in 2017 and expected to continue its dominance over the forecast period, 2017– 2025, owing to importance of these banks in the U.S. and the easy customer acquisition.

U.S. dominated the global market in 2017

U.S. held for the highest market share in 2017 and expected to continue its dominance over the forecast period, 2017– 2025. Extensive fintech investments, as well as large SME market in the region is the driving factor for the growth of the market in U.S.

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Competitive Landscape

Key players are offering innovative products and services to increase their neo and challenger bank market share. Major players of the market are Atom Bank Plc, Movencorp, Inc.,Simple Finance Technology Corporation (acquired by BBVA), UBank Limited, Pockit Limited, Number26 GmbH, MyBank (Alibaba Group), WeBank, and Monzo Bank Limited, among others.

Scope of the Global Neo and Challenger Bank Market

Bank Type Segments

  • Neo Bank
  • Challenger Bank

Country Segments

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

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise is data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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