WiseGuyRerports.com Presents “Global Neobanking Market Size, Status and Forecast 2019-2025” New Document to its Studies Database
Neobanking is devised into a banking technology, which provides complete online banking solutions to its customers. The difference between the traditional banking system and neobanking system is that the neobanks do not have any physical existence. It caters to every banking needs, without the urgency to go to a bank. It is emerging as strong competitors to the Traditional Banking setup. Advanced technologies like machine learning, neural network, artificial intelligence (AI) have helped to Neobanking system to improve the user interfaces in a more friendly manner. Account opening, transactions, and others are now much easier. Development in Smartphone technology has also helped Neobanking market to grow due to its easy accessibility. The entire process being virtual is reducing the establishment costs for the banking sector and enabling them to provide various benefits to their customers in return. Advent of e-commerce system is also a key developing factor as people tend to buy online products using these platforms.—
However, concern of data security is acting as an obstacle, which is driving banking companies to invest more into this market to provide a secure environment for monetary transactions. Platforms being designed to withstand cyber-attacks and to manage the online ecosystem in a better way.
Key players in this market are Bank of America, Guta, SKB, Toscana, Deutsche, Citigroup, HSBC Holdings, ICBC and CBC.
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Neobanking is relatively new subject in the Banking sectors and it is continuously evolving due to technological advancements. Potential for growth is huge, which is why, in depth knowledge is essential. The Global Neobanking Market can be segmented into Product and Application analysis.
Product based analysis covers the STK, BREW and WAP, and their study helps in developing strategies and policies for the Neobanking market in the coming years. Based on the Application type the global neobanking market can be segmented into Personal application, Enterprise Application and others. Rising use of smartphones have ensured growth for the neobanking sector in the Personal application segments, whereas various new startups and ventures are adopting this mode to reduce their banking cost.
The Global Neobanking Market can be segmented into different areas to understand the market depending on its geographical features. The regions are North America, South America, Europe, Middle East & Africa (MEA) and Asia Pacific (APAC).
Arrival of several fintech groups and advanced technologies to build and secure the Neobanking System is driving the growth in North America and Europe. Inclination among the people towards adopting new technologies have boosted this market since its beginning years. Large Banking companies are also developing their own products by teaming up with several fintech groups. APAC is also observing a growth as Neobanking is increasingly becoming popular among its younger generation. Also, ease in regulation is fostering its growth in several countries. Numerous e-commerce sites are also investing in developing the Neobanking sector.
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