Although neobanks have continued to achieve market share over the previous years, shoppers are nonetheless reluctant to work with these as their principal accounts, in response to an Accenture analysis.
The 2020 Accenture Global Banking Consumer Survey, which polled greater than 47,000 shoppers in 28 markets, discovered that regardless of an uptake in neobank adoption – 23% of surveyed shoppers in 2020 having a neobank account, in comparison with 17% in 2019 –, the proportion of consumers that really use their neobank account as their major account stays very low at 12%.
The analysis discovered that customers’ enthusiasm for neobanks is now considerably average, with neobank clients citing comfort, simplicity and worth level as the weather they had been probably the most happy with, reasonably than neobanks’ novel options, personalised choices or their manufacturers normally.

Causes for opening an account with a neobank, Supply: 2020 Accenture World Banking Shopper Survey
Of those that have a neobank account however who don’t use it for almost all of their transactions, the overwhelming majority mentioned the first purpose for that was that they had been proud of their present banks.
With conventional banks persevering with to make enhancements and introduce digital choices, Accenture believes that the competitors will solely get fiercer within the digital banking area.
Particularly, UK shoppers had been discovered to be particularly skeptical of neobanks, with solely 10% putting “so much” of belief in them to take care of their information, in comparison with 41% for conventional banks, and simply 45% believing that neobanks will survive the subsequent 12 months.
A fifth of UK shoppers responded “by no means” when requested in the event that they trusted neobanks to take care of their monetary wellbeing.
The variety of neobanks worldwide has tripled since 2017, surging from about 100 to almost 300 in November 2020, according to consultancy agency Exton Consulting. Dozens of latest gamers are planning to go stay in 2021, together with Greece’s Woli and First Boulevard from the US.

Neobanks worldwide launches from 2010, Supply: Information from the Exton NeoBanking Database, Exton Consulting, Nov 2020
Continental Europe at the moment leads the world with 74 stay neobanks, whereas the UK has single-handedly produced a minimum of 37 neobanks already – the largest particular person innovation capability within the sector.
Latin America counts 46 neobanks, North America, 44, Asia-Pacific 34, and Africa and the Center East 21.

Dwell neobanks overview worldwide, Supply: Information from the Exton NeoBanking Database, Exton Consulting, Nov 2020
At the moment, 43 neobanks (about 17%) function multi-geographically, with these from the European Union (EU) specifically leveraging passporting mechanisms to develop throughout the area.
Revolut and Transferwise, for instance, are each headquartered within the UK however now function in additional than 30 markets with plans to develop additional within the close to future. Revolut at the moment has 13 million clients and a valuation of US$5.5 billion. The startup has recently applied for a UK banking license.
Transferwise, which began off as a low-cost worldwide cash switch app again in 2011, has expanded its providing to now present a multi-currency account, an accompanying debit card, and shortly, investment products. Transferwise claims eight million clients worldwide, and says it has been worthwhile since 2017. A secondary share sale in July 2020 valued the corporate at US$5 billion.