The North America Neobanking Market would witness market growth of 46.2% CAGR during the forecast period (2020-2026). The neobanking model provides a low-cost structure, easy availability, and modern services. Its cost-effectiveness is mainly boosted by the low real estate and distribution cost, less complicated IT systems, and efficient operating models. Neobanking provides various real-time services for payments, account opening, and balance checking, among others. It also provides high-security functions like freezing and locking of the app.
In addition to the primary banking services, neobanks also provide real-time accounting and reconciliation services for balance sheets, bookkeeping, profit & loss statements, and taxation services like tax payment record-keeping and GST-compliant invoicing. They adopt a transparent model and provide a comprehensive preview of their savings, spending, transactions, and other operations through real-time notifications and alerts. On the other hand, neobanks provide a small range of product offerings in comparison to conventional banks, which is anticipated to hamper the growth of the market. Another problem faced by neobanks is profitability as they provide services below cost in order to appeal new customers.
The financial industry aims to integrate technology with financial operations and developing customer-centric services. Due to this, new participants such as neobanks are having a massive influence on the financial industry. Neobanking helps businesses in reducing operational costs and expanding their gross profit.
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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Neobanking Market in North America is expected to register a CAGR of 46.2% 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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