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The global Neo and Challenger Bank market size is expected to reach $ 37220 million by 2030, rising at a market growth of 26.8% CAGR during the forecast period (2024-2030).

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According to our (Global Info Research) latest study, the global Neo and Challenger Bank market size was valued at USD 7063.7 million in 2023 and is forecast to a readjusted size of USD 37220 million by 2030 with a CAGR of 26.8% during review period.

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Neo and Challenger Bank are fintech based financial providers that provided services digitally, includes companies that applied for their own banking license (categorized as Challenger Banks). and companies that partnered with a traditional bank to provide those financial services (categorized as Neo banks). Specifically, a neo bank is a type of direct bank that is 100% digital and reaches customers on mobile apps and personal computer platforms only. In general, a neo-bank don’t have their own bank license – they are an institution that provides checking, a prepaid debit card and some form of savings account without the traditional brick-and-mortar building. This usually includes features like mobile deposits, P2P payments, mobile budgeting tools and real-time digital receipts. Challenger banks are defined as fintech companies leveraging technology and software to digitize and streamline retail banking. Challengers use digital distribution channels, typically mobile, to offer competitive retail banking services such as current accounts, savings accounts, loans, insurance, and credit cards. While neo-banks offer a mobile-first banking experience in partnership with a traditional bank, challenger banks aim at becoming fully-licensed banks, creating new data-driven banking experiences and pricing models.

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