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Australia Neobanking Market Size, Share, Analysis, Forecast: By Account Type: Saving Account, Business Account; By Service Type: Checking/Savings Account, Mobile Banking, Loans, Payments and Money Transfer, Others; By Application: Enterprise, Personal, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Australia Neobanking Market Outlook
The Australia neobanking market size was valued at USD 25.40 billion in 2023. The market is further projected to grow at a CAGR of 7.9% between 2024 and 2032, reaching a value of USD 50.62 billion by 2032.
Key Takeaways
- Neobanks continue to grow globally due to increased adoption of digital banking solutions, including mobile banking and online account opening.
- The number of users in the neobanking market is expected to amount to 1.73 million users by 2028.
- Key players in the market are Judo Bank Pty Ltd., National Australia Bank Limited, Alex IP Pty Ltd., and Tyro Payments Limited.
The growth of the neobanking market is primarily driven by several key factors. Firstly, rising investments in fintech in Australia have significantly contributed to the market's expansion, with the country experiencing a steady comeback in fintech investment, exceeding USD 1.5 billion in 2021. Additionally, the growing penetration of smartphones and increasing digitalisation has boosted the Australia neobanking market growth, with consumers transitioning towards cashless transactions and digital payment systems.
Moreover, the adoption of innovative digital payment mechanisms like e-wallets and mobile payments, alongside the encouragement of non-contact payment methods during the pandemic, have reshaped the payment landscape and influenced the market positively.
The emphasis on mobile banking and payments has been a prominent factor in increasing the Australia neobanking market share. With the increasing integration of mobile payment solutions within social media platforms and the rise of mobile point-of-sale payments for transaction, neobanks are catering to the evolving preferences of tech-savvy consumers, driving market growth. For instance, in the neobanking market, the average transaction value per user amounts to USD 28.13 thousand as of 2024.
Neobanks in Australia offer innovative checking and savings account services, providing customers with convenient and user-friendly digital banking solutions that cater to their everyday banking needs. Neobanks in Australia also offer loan products with streamlined processes, competitive rates, and digital accessibility, providing customers with efficient and transparent lending solutions that meet their financial needs. Neobanks in Australia provide advanced payment and money transfer services, enabling customers to make secure and fast transactions, both domestically and internationally, through digital channels, enhancing the overall banking experience for users.
Market Segmentation
Australia Neobanking Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Account Type
- Saving Account
- Business Account
Market Breakup by Service Type
- Checking/Savings Account
- Mobile Banking
- Loans
- Payments and Money Transfer
- Others
Market Breakup by Application
- Enterprise
- Personal
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Western Australia
- Australian Capital Territory
- Others
Competitive Landscape
Market players are offering user-friendly interfaces, personalised financial solutions, and leveraging artificial intelligence and blockchain to revolutionise the banking sector in Australia.
- Judo Bank Pty Ltd.
- AMP Limited
- National Australia Bank Limited
- Alex IP Pty Ltd.
- Tyro Payments Limited
- Macquarie Group Limited
- Bank of Queensland Limited
- Wise Australia Pty Ltd.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Account Type |
|
| Breakup by Service Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Australia Neobanking Market Overview
8.1 Key Industry Highlights
8.2 Australia Neobanking Historical Market (2018-2023)
8.3 Australia Neobanking Market Forecast (2024-2032)
9 Australia Neobanking Market by Account Type
9.1 Saving Account
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Business Account
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Australia Neobanking Market by Service Type
10.1 Checking/Savings Account
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Mobile Banking
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Loans
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Payments and Money Transfer
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Australia Neobanking Market by Application
11.1 Enterprise
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Personal
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Others
12 Australia Neobanking Market by Region
12.1 New South Wales
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Victoria
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Queensland
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Australian Capital Territory
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Western Australia
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Judo Bank Pty Ltd.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 AMP Limited
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 National Australia Bank Limited
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Alex IP Pty Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Tyro Payments Limited
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Macquarie Group Limited
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Bank of Queensland Limited
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Wise Australia Pty Ltd.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Australia Neobanking Market: Key Industry Highlights, 2018 and 2032
2. Australia Neobanking Historical Market: Breakup by Account Type (USD Billion), 2018-2023
3. Australia Neobanking Market Forecast: Breakup by Account Type (USD Billion), 2024-2032
4. Australia Neobanking Historical Market: Breakup by Service Type (USD Billion), 2018-2023
5. Australia Neobanking Market Forecast: Breakup by Service Type (USD Billion), 2024-2032
6. Australia Neobanking Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Australia Neobanking Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Australia Neobanking Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Australia Neobanking Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. Australia Neobanking Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 25.40 billion.
The market is expected to grow at a CAGR of 7.9% between 2024 and 2032.
The neobanking market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 50.62 billion by 2032.
The market is being driven due to the rise of digital banking solutions, demand for no-contact payments, and growth in mobile banking usage.
Key trends include the increasing focus on ersonalized customer services and the integration of advanced technologies like AI and blockchain to enhance services.
Regions considered in the market are New South Wales, Victoria, Queensland, Western Australia, and Australian Capital Territory, among others.
Based on account type, the market segmentations include saving account and business account.
Checking/savings account, mobile banking, loans, payments and money transfer services are considered in the report.
Key players in the market are Judo Bank Pty Ltd., AMP Limited, National Australia Bank Limited, Alex IP Pty Ltd., Tyro Payments Limited, Macquarie Group Limited, Bank of Queensland Limited, and Wise Australia Pty Ltd, among others.
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