Europe Neobanking Market By Account Type (Business Account and Savings Account), By Application (Enterprises, Personal and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
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The Europe Neobanking Market would witness market growth of 45.9% CAGR during the forecast period (2020-2026). Aspects like increasing customer base, innovative generation of revenue and modernization models, and increasing mergers and acquisitions initiatives are anticipated to considerably affect the market growth positively. With the help of neobanks, customers can save money particularly on international transactions, and effectively manage their finances. Neobanks is developing an ecosystem of services around their infrastructure, which is transferring the banking value from the branches to their API layer, hence assisting users to perform a majority of their banking activities on the app.
The less complicated IT systems and efficient operating models of neobanks are some aspects that create massive growth opportunities for the market. Neobanks also have a fewer number of legacy compliance problems in comparison to conventional banks. Moreover, neobanks are deploying open APIs to provide a smooth experience to their customers and exploit the opportunities for increasing their customer and revenue streams.
The neobanking market is boosted by the increasing demand for customer convenience in the banking industry. Neobanking platform is widely different from the conventional banking models by providing automated products. With the help of these products, customers are facilitated to validate the product offerings with the help of online channels and mobile sites. The banking platform abolishes the need for human interference by creating automated products.
Based on Account Type, the market is segmented into Business Account and Savings Account. Based on Application, the market is segmented into Enterprises, Personal and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Atom Bank PLC, Monzo Bank Ltd., Moven Enterprises, N26 GmbH, Revolut Ltd., Ubank Limited, WeBank Co., Ltd., Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology), Deutsche Bank AG, and Sopra Steria Group SA (Fidor Solutions AG).
Scope of the Study
Market Segments Covered in the Report:
By Account Type
- Business Account
- Savings Account
- Rest of Europe
- Atom Bank PLC
- Monzo Bank Ltd.
- Moven Enterprises
- N26 GmbH
- Revolut Ltd.
- Ubank Limited
- WeBank Co., Ltd.
- Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology)
- Deutsche Bank AG
- Sopra Steria Group SA (Fidor Solutions AG)
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