Neobanking Market Size, Share, Growth Analysis, By Account type(Business Account, Saving Account.), By Application(Enterprise, Personal, Others), By Region - Industry Forecast 2024-2031

Neobanking Market Driver

• Neobanks don’t offer novel banking services. Their services are similar to those of traditional banks, but with a hyper-enhanced and personalised customer experience. Neobanks have significantly leaner business models and superior technology at their disposal compare to traditional banks, providing ease and efficacy in services such as seamless account creation, round-the-click customer services. Apart from providing primary banking services, neobanks offer automated and near real-time accounting and reconciliation services for bookkeeping, balance sheet. Neobanks are transparent and strive to provide real-time notifications and explanations of any charges and penalties incurred by the custom. Most neobanks provide easy-to deploy and operate APIs to integrate banking into the accounting and payment infrastructure.
• Most neobanks provide dashboard solutions with highly enhanced interface and easy to understand and valuable insights for services such as payments, payables and receivables, and bank statements. Its beneficial for businesses with significant expenditure and appropriate number of employees, to be provided with such insights, reduce expenditure and boost productivity and revenue.

Neobanking Market Restraint

• Authenticity and financial security are major restraints which expected to hinder the growth of global neobanking market throughout the period. As neobanks primarily offer basic banking services, it would not be recommended to engage a neobank for any complex financial transactions or assistance, as the lack of face-to-face contact or support may be frustrating.