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Global Neo and Challengers Bank Market Size, Share, Growth, Forecast: By Service Type: Loans, Recurrent Charges, Payment and Money Transfer, Credit Cards, Others; By End User: Business, Personal; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Neo and Challengers Bank Market Outlook
The global neo and challengers bank market size reached a value of around USD 21.5 billion in 2022. The market is estimated to grow at a CAGR of 47.80% between 2023 and 2028, reaching a value of around USD 221.9 billion by 2028.
Key Trends in the Market
Neo banks are financial institutions that operate exclusively through digital platforms, eliminating the need for physical branches. They operate under a partnered bank license and offer a wide range of financial services, including digital and mobile-centric payment solutions, money transfers, and remittance services, among others. On the other hand, challenger banks are well-established institutions that hold complete banking licenses within the market.
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- The rapid progression of technology serves as a catalyst in driving the neo and challengers bank market growth. Advancements in artificial intelligence (AI), machine learning, blockchain, the Internet of Things (IoT), and cloud computing have created a more equitable environment for startups.
- Due to the emergence of disruptive technologies and startups, there is an ongoing evolution in the regulatory landscape. Governments and regulatory bodies are acknowledging the potential of innovation and its positive impact on economic growth. As a result, they are enacting policies to create a supportive ecosystem for neo and challenger banks, fostering an environment conducive to their operations and growth.
- With increasing internet penetration, consumers have access to an extraordinary amount of information, connectivity, and empowerment. In addition, the advent of social media, online reviews, and comparison platforms has significantly enhanced transparency and accountability. This has created a key trend for the neo and challengers bank market as banks are recognising the need to be more transparent and educating consumers about the advantages they can gain from utilising their services.
Market Analysis
Based on service type, the market is segmented into loans, recurrent charges, payment and money transfers, and credit cards, among others. On the basis of end user, the market can be bifurcated into business and personal. The major regional markets for neo and challenger banks are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global neo and challenger banks market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Atom Bank Plc
- Monzo Bank Limited
- Movencrop, Inc
- N26 Bank AG
- Tandem Bank Limited
- UBank
- Preta S.A.S
- Starling Bank Limited
- Others
Market Share by Type
The loan segment is expected to hold a major portion of the neo and challengers bank market share. Neo and challenger banks offer competitive loan and credit products. They also provide streamlined loan application processes, flexible loan terms, and personalised interest rates. Moreover, such banks enable customers to access funds for personal loans, student loans, mortgages, or credit lines, often with more favourable terms compared to traditional banks.
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Market Share by End User
The personal segment is expected to register significant growth during the forecast period. The growth of the segment can be attributed to intuitive tools and features offered by neo and challenger banks for personal finance management. These include budgeting tools, spending analysis, expense categorisation, and real-time transaction tracking, among others. Such benefits also enable customers to easily monitor their finances, set financial goals, and make informed financial decisions.
Competitive Landscape
Atom Bank Plc is an online-based bank headquartered in the United Kingdom. Founded in 2014, the bank holds licenses from the Prudential Regulation Authority (PRA) and is regulated by both the Financial Conduct Authority (FCA) and the PRA.
Unlike traditional banks, Atom Bank operates exclusively through digital platforms and does not maintain physical branches. Alongside its retail banking offerings, Atom Bank extends its services to businesses as well, providing lending options and cash management solutions.
Monzo Bank Limited, commonly referred to as Monzo, is a digital bank based in the United Kingdom. It was founded in 2015 and operates primarily through its mobile app, although it also offers a web-based interface. Monzo is authorised and regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Tandem Bank Limited is a UK-based financial institution established in 2013. It is a digital-only bank that prioritises a mobile-centric banking experience for its customers. It provides a range of banking products and services encompassing current accounts, savings accounts, mortgages, and loans. At the core of Tandem Bank's offerings is its mobile application, empowering users to effortlessly oversee their financial matters while on the move.
Other neo and challengers bank market players include Movencrop, Inc, N26 Bank AG, UBank, Preta S.A.S, and Starling Bank Limited, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Service Type |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Neo and Challengers Bank Market Analysis
8.1 Key Industry Highlights
8.2 Global Neo and Challengers Bank Historical Market (2018-2022)
8.3 Global Neo and Challengers Bank Market Forecast (2023-2028)
8.4 Global Neo and Challengers Bank Market by Service Type
8.4.1 Loans
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Recurrent Charges
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Payment and Money Transfer
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Credit Cards
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Others
8.5 Global Neo and Challengers Bank Market by End User
8.5.1 Business
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Personal
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
9 North America Neo and Challengers Bank Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Neo and Challengers Bank Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Neo and Challengers Bank Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Neo and Challengers Bank Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Neo and Challengers Bank Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Atom Bank Plc
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Monzo Bank Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Movencrop, Inc
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 N26 Bank AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Tandem Bank Limited
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 UBank
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Preta S.A.S
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Starling Bank Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Neo and Challengers Bank Market: Key Industry Highlights, 2018 and 2028
2. Global Neo and Challengers Bank Historical Market: Breakup by Service Type (USD Billion), 2018-2022
3. Global Neo and Challengers Bank Market Forecast: Breakup by Service Type (USD Billion), 2023-2028
4. Global Neo and Challengers Bank Historical Market: Breakup by End User (USD Billion), 2018-2022
5. Global Neo and Challengers Bank Market Forecast: Breakup by End User (USD Billion), 2023-2028
6. North America Neo and Challengers Bank Historical Market: Breakup by Country (USD Billion), 2018-2022
7. North America Neo and Challengers Bank Market Forecast: Breakup by Country (USD Billion), 2023-2028
8. Europe Neo and Challengers Bank Historical Market: Breakup by Country (USD Billion), 2018-2022
9. Europe Neo and Challengers Bank Market Forecast: Breakup by Country (USD Billion), 2023-2028
10. Asia Pacific Neo and Challengers Bank Historical Market: Breakup by Country (USD Billion), 2018-2022
11. Asia Pacific Neo and Challengers Bank Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Latin America Neo and Challengers Bank Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Latin America Neo and Challengers Bank Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Middle East and Africa Neo and Challengers Bank Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Middle East and Africa Neo and Challengers Bank Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Global Neo and Challengers Bank Market Structure
Key Questions Answered in the Report
In 2022, the market reached an approximate value of USD 21.5 billion.
The market is projected to grow at a CAGR of 47.80% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach around USD 221.9 billion by 2028.
The market is being driven by technological advancements and the integration of machine learning and artificial intelligence in various financial services.
The key market trends include the implementation of favourable policies aimed at driving the growth of neo and challenger banks and the increasing demand for digital banking services among customers.
The major regional markets for neo and challenger banks are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major service types offered by neo and challenger banks are loans, recurrent charges, payment and money transfers, and credit cards, among others.
The key players in the neo and challengers bank market include Atom Bank Plc, Monzo Bank Limited, Movencrop, Inc, N26 Bank AG, Tandem Bank Limited, UBank, Preta S.A.S, and Starling Bank Limited, among others.
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