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Global Neobanking Market and Trends 2023

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Sample reports can only be downloaded by members.
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Description

Countries Covered: Australia, Brazil, Canada, Colombia, Denmark, France, Germany, Hong Kong, Ireland, Italy, Mexico, Poland, Portugal, Romania, Russia, Singapore, South Korea, Spain, UK, United States.

Pages: 106

Publication Date: 02/02/2023

Questions Covered:

  • What are the top three trends in the Neobanking landscape globally in 2022?
  • Who are the key players in neobanking across the globe in 2022?
  • What share of banked consumers had financial relationships with neobanks in 2021?
  • What is the specific consumer type that is the readiest to switch to a Neobank?
  • What is the forecasted share of adults with a digital-only bank account in 2027?

Key Findings:

Despite the growth in the adoption of neobanks among consumers, traditional banking remains dominant: new yStats.com report.

The adoption of neobanks was accelerated by the pandemic

The COVID-19 pandemic had a long-lasting impact on several markets and neobanking is no exception. The pandemic, with social distancing and lockdown measures in place, increased the shift of consumers towards digital payments and fewer in-person activities, as reported in the new yStats.com publication. The share of consumers opting to use fully-remote neobanks for their financial relationships has increased worldwide. The amount of venture capital funding for digital banking also increased significantly throughout the course of the pandemic, more than doubling between early 2020 and mid-2021 and has continued to increase ever since, while many other industries suffered decreases in the same period. Post-pandemic, the neobanking market is projected to grow even further. The global market size of neobanks is estimated to almost double from 2020 to 2022, with the market size of retail and corporate digital banking forecasted to almost triple between 2020 and 2027.

Neobanks appeal to younger consumers in Europe and the U.S.

Europe has been a region with continuous developments and the use of neobanks. Nonetheless, consumers from European countries still have the strongest trust in traditional banks, with a high double-digit percentage of surveyed European consumers trusting a traditional bank as their primary provider mostly or completely. The share of banking service consumers from Europe having financial relationships with neobanks was close to one-third lower than the global average. According to a survey cited in the yStats.com publication, only a single-digit percentage of those surveyed in European key markets listed neobanks as their principal bank. Furthermore, neobanks in Europe currently appeal more to the younger generations, with over three-quarters of banking consumers who switched to digital banks during the pandemic being aged 16-34. The same trend can be observed in the United States, where adults aged 18-24 and 25-34 had the highest shares of digital-only banking users among all age groups in the country. Between October 2020 and January 2022, U.S. Gen Z and Millennials displayed the biggest growth among banking consumers whose primary checking account was with a digital bank.

1. Management Summary

2. Global Market Overview

  • Top 3 Trends in Neobanking, October 2022
  • Neobanking Market Size, in USD billion, 2022 & 2027f
  • Top 20 Independent Neobanks, by Valuation, in USD billion, December 2021
  • Share of Primary Financial Relationships, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Most Used Neobank Products, in % of Neobanking Service Consumers, August 2021
  • Breakdown of Primary Financial Relationships With Neobanks, by Age, in % of Banking Service Consumers, August 2021
  • Share of Consumers Who Rate Importance of Seamless Integration of Financial Providers as Extremely or Very High, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021
  • Share of Banking Service Consumers Who Are Willing to Expand the Use of Products and Services if Neobanks Partnered With Most Trusted Financial And/or Hi-Tech Company, in %, August 2021

 

3. Europe

3.1. Regional

  • Neobanks Current Developments Overview, October 2022
  • Share of Primary Financial Relationships, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Are Willing to Expand Use of Products and Services if Neobanks Partnered With Most Trusted Financial And/or Hi-Tech Company, in %, August 2021

3.2. United Kingdom

  • Top 4 Neobanks, by Market Account Holders, in millions, 2022e
  • Breakdown of Personal Bank Accounts, in % of Account Numbers, 2018 – 2021
  • Breakdown of Micro-Business Bank Accounts, in % of Account Numbers, 2019 – 2021
  • Breakdown of Customers Who Switched to Digital Challenger Banks in The Past 12 Months, by Age, in %, July 2021
  • Share of Adults Who Would Consider Banking With a Provider That Does Not Have Any Branches, in %, February 2022
  • Share of Consumers Who Rate Importance of Seamless Integration of Financial Providers as Extremely or Very High, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021

3.3. France

  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021

3.4. Spain

  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022

3.5. Poland

  • Share of Internet Users Who Used Online Financial Services, by Service Type, in %, Q3 2021

3.6. Italy

  • Share of Internet Users Who Used Online Financial Services, by Service Type, in %, Q3 2021

3.7. Romania

  • Share of Internet Users Who Used Online Financial Services, by Service Type, in %, Q3 2021

3.8. Ireland

  • Share of Adults With a Digital-Only Bank Account, in %, March 2022 & 2027f
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022

3.9. Portugal

  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f

3.10. Germany

  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f
  • Share of Adults With a Digital-Only Bank Account, by Gender, in %, March 2022
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022
  • Share of Consumers Who Rate Importance of Seamless Integration of Financial Providers as Extremely or Very High, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021

3.11. Denmark

  • Share of Internet Users Who Used Online Financial Services, by Service Type, in %, Q3 2021

3.12. Russia

  • Revenue of Tinkoff Neobank, in RUB billion, and Year-on-Year Change, in %, Q3 2019 – Q2 2021 & Q4 2021
  • Number of Customers of Tinkoff, in millions, and Quarter-on-Quarter Change, in %, Q1 2020 – Q2 2021 & Q4 2021 – Q1 2022

 

4. North America

4.1. United States

  • Number of Neobank Account Holders, in millions, and Share of Population, in %, 2021 – 2025f
  • Top Challenger Banks, by Number of Consumers With a Checking or Spending Account, in millions, Q1 2022
  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f
  • Share of Adults With a Digital-Only Bank Account, by Gender, in %, March 2022
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022
  • Share of Consumers Whose Primary Checking Account is With a Digital Bank, by Generation, in % of Consumers, October 2020, July 2021 and January 2022
  • Share of Primary Financial Relationships, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Consumers Who Rate Importance of Seamless Integration of Financial Providers as Extremely or Very High, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021
  • Share of Banking Service Consumers Who Are Willing to Expand Use of Products and Services if Neobanks Partnered With Most Trusted Financial And/or Hi-Tech Company, in %, August 2021

4.2. Canada

  • Share of Adults Who Used In-Branch Banking, in %, 2018 & 2021

 

5. Asia-Pacific

5.1. Regional

  • Neobanks Current Developments Overview, October 2022
  • Share of Primary Financial Relationships, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Are Willing to Expand Use of Products and Services if Neobanks Partnered With Most Trusted Financial And/or Hi-Tech Company, in %, August 2021

5.2. Hong Kong

  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022
  • Breakdown of Fintech Segment Distribution, in %, 2021
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021

5.3. Singapore

  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021

5.4. Australia

  • Share of Consumers Who Rate Importance of Seamless Integration of Financial Providers as Extremely or Very High, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021

5.5. South Korea

  • Kakao Bank Operating Revenue, in KRW billion, Q2 2021 – Q2 2022
  • Number of Kakao Bank Users, in millions, Q2 2021 – Q2 2022
  • Breakdown of Kakao Bank Users, by Age, in %, Q2 2022

 

6. Latin America

6.1. Regional

  • Neobanks Current Developments Overview, October 2022
  • Share of Primary Financial Relationships, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Breakdown of Distribution of Fintech Companies, by Segment, in %, 2021
  • Average Annual Growth Rate of Fintech Segment, by Fintech Segment, in %, 2017-2021
  • Share of Banking Service Consumers Who Are Willing to Expand Use of Products and Services if Neobanks Partnered With Most Trusted Financial And/or Hi-Tech Company, in %, August 2021

6.2. Brazil

  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f
  • Share of Adults With a Digital-Only Bank Account, by Gender, in %, March 2022
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022
  • Share of Consumers Who Rate Importance of Seamless Integration of Financial Providers as Extremely or Very High, by Type of Bank, in % of Banking Service Consumers, August 2021
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021
  • Number of Annual Fintech Startups, incl. “Digital Banking”, 2017-2021

6.3. Mexico

  • Share of Adults With a Digital-Only Bank Account, in %, 2022* & 2027f
  • Share of Adults With a Digital-Only Bank Account, by Gender, in %, March 2022
  • Share of Digital-Only Banking Users, by Age, in % of Adults, March 2022
  • Share of Banking Service Consumers Who Completely or Mostly Trust Their Bank, incl. “Neobanks”, in %, August 2021

6.4. Colombia

  • Use of Online Financial Services, in % of Internet Users, Q3 2021
  • Number of Annual Fintech Startups, incl. “Digital Banking”, 2017-2021

 

7. Middle East and Africa

7.1. Middle East

  • Neobanks Current Developments Overview, October 2022
  • Share of Respondents Who Prefer to Do Their Banking Online in Some Form, in %, March 2021– March 2022

7.2. Africa

  • Number of Neobanks, 2012-2021
  • Top 10 Neobanks, by Number of Customers, in thousands, 2021
  • Opay
  • Chipper
  • Tyme Bank
  • Nubank
  • WeBank
  • Kakao-Bank
  • K-Bank
  • NU Bank
  • Revolut
  • Chime
  • Tinkoff
  • Starling
  • Current
  • N26
  • SoFi
  • Monzo
  • Varo Money
  • Ally
  • Judo-Bank
  • TymeBank
  • Anext
  • Opay
  • Kuda

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