Neo and Challenger Bank Market is growing at a CAGR of 50.6% during the period 2017 - 2020. Neo and challenger bank market trends are expected to be progressive in coming years.
The growth of theneo and challenger bank market is driven by factors such as favorable government regulations, convenience offered to consumers, and higher interest rates than traditional banks. However, acquisition of customers and profitability pose challenges to the market growth.
Furthermore, increase in penetration of smartphones and internet in the emerging economies is expected to offer immense opportunities for the market growth in the near future.
Digital challenger banks are simplifying the financial world, creating a customer centric approach to services, and transforming the way banking is viewed by the public and the market. In return, they endeavor to deliver larger returns on equity as compared to those offered by prominent traditional banks.
They strive to offer greater flexibility when it comes to lending through streamlined operations and costs." states Sheetanshu Upadhyay, BFSI Research at Allied Market Research.
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