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April 27, 2023According to HTF Market Intelligence, the Global Neo and Challenger Bank market to witness a CAGR of 44.35% during forecast period of 2023-2028. The market is segmented by Global Neo and Challenger Bank Market Breakdown by Application (Personal, Business) by Type (Neo Bank, Challenger Bank {Small Challenger, Large Challenger}) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Neo and Challenger Bank market size is estimated to increase by USD 1320 Million at a CAGR of 44.35% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 6.41 Million.
Neo Banks, also known as digital-only banks or online banks, are fully digital banks that operate without any physical branches. They provide financial services to customers through mobile apps or web platforms, offering features such as account opening, deposits, payments, budgeting, and more. Neo Banks are often backed by traditional banks or financial institutions and offer competitive interest rates and low fees.
Challenger Banks, on the other hand, are newer banks that offer traditional banking services but with a focus on innovation and customer experience. They aim to challenge the established banks by offering innovative products, faster and more convenient digital services, and more personalized customer experiences. Challenger Banks often target specific customer segments or niches, such as small business owners, freelancers, or millennials.
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