Growth of Players: The Neo banking industry in India is undergoing changes, with entry of players in the industry targeting particular segments of the country catering to specific needs of their users. Traditionally, Neo Banks such as RazorPay and InstantPay has dominated the segment. The Indian payments industry has witnessed a dramatic shift in recent years in terms of the adoption of digitized technologies and innovations that process transactions within a matter of seconds. As we transition toward a more digital world, the role of Neo bankings is becoming even more important to provide online banking services. The demand for online banking is ever growing and service providers are constantly innovating themselves to offer rewarding services to their users.
Adoption of Contactless Banking: The need for contactless Banking has seen a spike, especially due to the pandemic, giving rise to increased demand for contactless services. This in turn has led to increase of Neo banking account in the country. Moreover, the increasing transactions with different merchants such as Swiggy, Amazon, Zomato and more is also driving the Neo banking industry.
Rewarding experience: Several consumers switch to using Neo bankings to avail the benefits that these companies offer in terms of unique product offering or rewards. Smart saving features has been launched by various Neo Banks such as investing loose spare money when the total accumulated to a certain amount, investing or setting aside a proportion of money paid through online merchants such as investing a certain amount on every food order and more. Higher interest rate than traditional saving accounts and zero balance accounts features are offered by Neo Banks. This has led to increase in Neo banking customers and called for increased partnerships between banks and Neo Banks in order to meet the growing demands of their customers.
Industry disruption: In the last few years, the online banking has seen some of the most popular offerings globally by Neo banks. New players are entering in India and have started providing Neo banking and credit lending services as well. They are also focusing increasing participation of different section of the society such as teenagers, female, gig economy and more and increasing financial inclusion and literacy in the country. Banks are also exploring partnerships with Neo Banks to acquire new customers to their platforms as it is mandatory for a Neo Bank to associate themselves with a traditional bank without offering operations in the country.
The publication titled “Indian Neo Banking Industry Outlook to 2027: Driven by adoption of Driven by adoption of contactless payments, Shifting Consumer Preferences towards Fin-Tech, Rising Market Players and digitalization” provides a comprehensive analysis of the Neo Banking industry in India. The report covers various aspects including Neo Banking industry market size on the basis of revenue, market overview, genesis of the market, Neo Banking industry Cycle, overview of Neo Banking services/ Products, ecosystem of entities in the Indian Neo Banking industry, consumption expenditure and borrowing trends, value chain analysis of Neo Bankings, growth drivers, role of Government and challenges, major trends and developments, SWOT Analysis, Porter analysis, Investment analysis and segmentation in the industry, timeline of Neo Banking industry growth, Risk Involved and COVID impact to the industry. Total addressable market, serviceable addressable market and serviceable obtainable market has been covered in the report. Insights on competitive landscape of Neo Banking industry including company profile of major Neo Banking players operating in the ecosystem has been covered. Further the report also focuses on the Indian Neo Banking Market Segmentation by type of users, by region, by type of application, by age group of users. The report concludes with projections for the future of the industry including forecasted industry size by revenue by 2027, and analysts’ take on the future highlighting the major opportunities.
Key Segments Covered in Indian Neo banking Industry:-
Indian Neo banking Market
By Type of Accounts
Saving
Business
By Region of Operation
North
West
South
East
By Type of Application
Personal
Enterprise
Other
By Age of Users
Less than 20
Between 20-40
More than 40
Overview of India Neo banking Industry
Cross Comparison of Indian Neo banking Industry Players
Value Chain Analysis of Neo Banks
Investment Analysis in Neo Banking companies
Neo Banking Industry Analysis
Key Target Audience
Neo Banking Players
Credit Based Neo Banks
Payment Gateway Banks
Banking Institutions Payment System Operators
Associated or affiliated Banks with Neo Banks
Regulatory Bodies for Neo banking Players
FinTechs
Various Card holder providers
New Entrants in Neo banking Space
Potential Neo banking Users
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Time Period Captured in the Report:-
Historical Period: FY’2017-FY’2021
Forecast Period: FY’2022-FY’2027F
Indian Neo banking Industry Players/Ecosystem
Neo Banks
InstantPay
NiYO
Freo
EscrowPay Neobank
Open
Avail Finance
RazorPayX
Fi Money
Jupiter
FamPay
Karbon Card
OneBanc
FloBiz
ZikZuk
Akudo
Mahila Money
Payment Gateways
PayU Money
CC Avenue
Paytm
Paypal
Instamojo
EBS
Cashfree
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Key Topics Covered in the Report:-
Overview and Genesis of Indian Neo Banking Market
India Neo Banking Industry Cycle
Overview of Neo Banking Services/ Products
Consumption Expenditure and Borrowing Trends
Socio-Demographic Outlook of India
India Neo Banking Industry Introduction
Ecosystem of Entities in the Indian Neo Banking Industry
Value Chain Analysis of Neo Banking
India Neo Banking Market Sizing on the basis of Revenue and Number of players in the Neo Banking Industry
India Neo Banking Market Segmentation (By Type of Accounts, By Region of Operation, By Type Application and By Age Group of Users).
Cross Comparison of Major Players in Neo Banking Industry
Trends and Developments
Growth Drivers of the Indian Neo Banking Industry
Issues and Challenges in the Indian Neo-Banking Industry
Role of Government and Regulations in the Indian Neo-Banking Industry
Risk Involved and COVID Impact in Business Operations
Porter’s five forces Analysis of the Indian Neo-Banking Industry
SWOT Analysis of the Indian Neo-Banking Industry
Investment Analysis of the Indian Neo Banking Industry
Investment Timeline of the Indian Neo Banking Industry
Investment Segmentation basis of type of Investment, Type of Investor
Increase in number of Neo Banking start-ups
Future Outlook and Projection for Market Sizing
Future Outlook and Projection for Market Segmentation
Computation of Addressable Market
Growth of Digital Lending
Company profile of major Neo Banks’s players operating in the ecosystem (Company Overview, About the Company, Revenue Model, Funding and Investors, Key Features, Fee Structure, Product Offered, Strengths, Recent Developments, Key Takeaways and Financials)
Industry Speaks
Research Methodology
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