The Latin America, Middle East and Africa Neobanking Market would witness market growth of 47.6% CAGR during the forecast period (2020-2026). The neobanks display considerable growth potential which is boosted by their low-cost model for end consumers with no or very monthly costs on banking services like minimum balance maintenance, deposits, and withdrawals. Acceptance by micro, small and medium enterprises (MSMEs), millennials, and those having periodic incomes and earnings, adoption of innovative technologies, and increasing consumerism are some of the factors boosting the success for neobanks. The massive adoption rates and effective business models of neobanks have roused the interest of investors, venture capitalists, and corporates.
The banking business is evolving quickly. Products and services developed on the basis of disruptive technologies are increasingly being placed in the hands of end customers, and the behaviors of banks are changing regarding customer convenience, transparency, pricing, and customer service. With the change in customers’ behaviors and expectations, business and operational models also change.
Each aspect of the banking value chain - from what consumers can make use of and expect with respect to banking services - can now be used by a non-banking service provide through its technological expertise and active and lean business models. With the help of these models, retail and small and medium enterprises (SME) banking services are mainly provided via the internet or other forms of electronic channels rather than physical branches. These non-banking services providers are known as neobanks and they are challenging the current status of conventional banks, by providing lower-cost models and hyper-distinctive customer-centric service and experiences. Unlike their conventional counterparts, neobanks are not limited by legacy systems, closely incorporated value chains, complicated administrative structures, and tall regulatory needs. However, neobanks do not have their own bank licenses in India yet; they use partners to provide bank-licensed services.
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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Neobanking Market in LAMEA is expected to register a CAGR of 47.6% during the forecast period (2020-2026)
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).
By Account Type
By Application
By Country
Companies Profiled
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