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Global Neo and Challenger Bank Market was valued at USD 6.41 billion in 2021 and is expected to reach USD 1326.41 billion by 2029, registering a CAGR of 47.80% during the forecast period of 2022-2029. “Mobile Banking” is expected to witness high growth owing to the rapid digitization and adoption of smartphones globally. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Drivers
The emergence of neo and challenger banks the banking industry incorporating advance features, client-centric products and services, and real-time services acts as one of the major factors driving the neo and challenger bank market.
The increase in the popularity of challenger banks owing to its services such as investments and savings accounts, mobile banking, lending, checking and merchant accounts, among others accelerate the market growth. These banks are also considered beneficial for buying and selling of cryptocurrency, insurance products and retirement savings.
The increase in adoption of these banks due to their higher interest rates over traditional banks further influence the market. Also, the increase in government and regulatory supports toward banking operations has a positive impact on the market growth.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the neo and challenger bank market.
How Data Bridge Market Research Assists in Making Strategic Moves for Neo and Challenger Bank Market Players?
The data provided in the Neo and Challenger Bank market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.
Key Players Operating at both regional and global levels:
Key Questions Answered
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Opportunities
Furthermore, online offerings to unbanked population in the emerging economies extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, the introduction of both Artificial Intelligence (AI) and Machine Learning (ML) will further expand the market.
Market Segmentation of Neo and Challenger Bank Market:
Type
Small Challenger
Large Challenger
Services Provided
Application
Global Neo and Challenger Bank Market: Regional Analysis
The countries covered in the Global neo and challenger bank market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the neo and challenger bank market due to the prevalence of the major financial institutions and increased consumer awareness within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the growth of the banking sector in the region.
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