📊Market overview
enterapp.io the WEB3 Crypto Neobank
Quick Market Overview
Let us see what's Neobanking & WEB3 DeFi are these days:
Neobanking naturally embraces embedded finance by giving users and companies access to financial services via mobile devices and the internet.
in some numbers:
With a compound annual growth rate (CAGR) of 43.52%, the global neobanking market is anticipated to increase from $54.36 billion in 2021 to $78.02 billion in 2022. At a compound annual growth rate (CAGR) of 43.52%, the neobanking industry is anticipated to reach $359.46 billion in 2026.
Neobanking refers to digital banks without physical facilities that offer a wide range of financial services and primarily target tech-savvy customers. Neobanking market refers to sales of neobanking services by entities (organizations, single traders, and partnerships). Neobanking provides a variety of services, most of which are digital and mobile in nature, including payments, debit cards, money transfers, lending, and more.
Business accounts and savings accounts are the two primary categories of business accounts in the neobanking sector.Business accounts are used by account holders to handle finances, large payouts, credits, in-depth account insights, and international transfers using neobanking services.
Neobanking services include mobile banking, payments and money transfers, checking and savings accounts, loans, and others. These are used by businesses, people, and other entities
Western Europe was the largest region in the neobanking market in 2021
Decentralized Finance (DeFi) demonstrated its potential during the financial crisis of 2022, with assets being traded without interruption, and positions being liquidated smoothly. DeFi’s ability to provide liquidity as an essential element of financial infrastructure was evident.The FTX fraud case, for example, shows why DeFi is becoming increasingly important. In 2023, adoption of DeFi is expected to continue!.
Although the platform's success has not yet been confirmed, it demonstrates many of the major advantages that DeFi and Web3 can provide to the embedded finance industry. These advantages consist of:
Simpler customer authorisation procedures and seamless onboarding processes
Fees for transactions and other platform operations that are minimal to nonexistent
Instant settlements and payments
international transfers made more easily
Therefore, we use a mix of the DeFi space with real payments in everyday life, so-called "off-ramp payments with our Crypto Web3 Mobile Neobank app, which support the entire Blockchain or Crypto world with its services and the user who is still somewhat unfamiliar with cryptocurrencies today looks, want to make familiar for the future! Our goal is to ensure this through our payment providers, such as Visa & Mastercard etc!
enterapp.io will be part of your everyday life - that's our vision!
more then...
Let us see some facts and forward-looking views by the WEB3 Neobank Topic!
Here are some Points, which we like to share with you!
Financial Inclusion: Web3 neobanks can offer necessary services to the unbanked, particularly in areas with little access to traditional banking, like loans and money transfers.
Transactions on the blockchain are more efficient and less expensive. For instance, Ripple for example provides inexpensive real-time international transfers.
Transparency: The decentralization and immutability of the blockchain provide unmatched transparency, fostering confidence in financial transactions.
Decentralized systems offer more security. For instance, some Web3 Neobanks for example employs Ethereum's blockchain as a data breach defense.
Personal Ownership: Users can manage their data with Web3. Neobanks may in the future allow clients to own their financial data.
Financial innovations such as tokenized assets and programmable money may result from the convergence of Web3 and Neobanking. Users can lend and borrow bitcoin, for instance, on the Aave platform, which may also provide high interest rates on deposits.
The following could be a definition of a Web3 Neobank, keeping the aforementioned factors in mind: Web3 Neobanks are financial institutions with a focus on the digital economy that use blockchain technology and decentralized finance (DeFi) protocols to provide cutting-edge, client-focused banking services. They act as a link between the world of traditional finance (TradFi) and the world of Web3, allowing users to access and take part in DeFi in a controlled setting.
You can understand it that way too! Neo banking could serve as a bridge between traditional finance (TradFi) and decentralized finance (DeFi) in the lives of customers all over the world because of its substantially wider reach (the market for neobanks is around 15 times larger than that of Web3). Web3 neobanks would progressively introduce customers to the Web3 website while offering them the ease of having a one-stop solution for all of their financial needs. Web3 neobanks can establish a critical feedback loop for the creation of DeFi services that reflects customer demand by comprehending consumer behavior patterns and establishing a direct interaction with customers.development of DeFi products that respond to user demand. This will be the long-term task of *enterapp.io!
Future market analysis and forecast:
By 2030, there may be a sizable market for Web3 Neobanks.
We must estimate the potential market size of Web3 Neobanks by some assumptions because there is no direct report that does so:
Market dimensions and forecasts for growth:
Neobanks Market Size: According to Statista, the market for neobanks was valued at $47 billion in 2021, increased to $66.8 billion in 2022, and is projected to rise at a CAGR of 53.4% through 2030, when it is predicted to reach $2.05 trillion.
Web3 Blockchain Market Size: According to Grand View Research, the global Web3 blockchain market was worth $1.73 billion in 2022, and from 2023 to 2030, it is anticipated to grow at a CAGR of 47.1%.
Assumptions:
Overlap Factor: We've predicted that 10% of the Web3 blockchain market and 20% of the Neobanking market will both be overlapping. This overlap shows that a sizable portion of each market is implementing the other's technologies.
Web3 and Neo Banking Adoption Rates: In 2023, the adoption rate of Web3 was 5%; it then grew by 5% annually after that. The adoption rate for neobanking starts at 10% in 2023 and increases by 5% year.
Emerging Factor: We used a factor of 1.05, which denotes somewhat quicker development in emerging nations as a result of lower regulatory hurdles and a larger unbanked population that Web3 Neobanks can target.
Emerging Markets Factor: We used a factor of 1.05, which denotes somewhat quicker development in emerging nations as a result of lower regulatory hurdles and a larger unbanked population that Web3 Neobanks may target.
Formula:
Market Size for Web3 Neobanks is equal to [(Market Size for Neobanks * Neobank-Web3 Overlap Factor * Web3 Adoption Rate * Emerging Markets Factor) + (Market Size for Web3 Neobanks * Web3-Neobank Overlap Factor * Neo Banking Adoption Rate * Emerging Markets Factor)]
The following table presents the estimated Web3 Neobanks market size for each year between 2023 and 2030:
| YEAR | Neobanks MS ($ Billion) | WEB3 Neobanks MS ($ Billion) |
|---|---|---|
2023 | 94 | 1.15 |
2024 | 132 | 3.39 |
2025 | 185 | 7.28 |
2026 | 259 | 12.77 |
2027 | 363 | 20.69 |
2028 | 508 | 31.66 |
2029 | 711 | 46.46 |
2030 | 995 | 66.10 |
*NOTE: This data is based only on forecasts and assumptions, the market size of Web3 neobanks could be a significant $66 billion by 2030, highlighting the significant potential of this emerging sector! Keep in mind that these estimates are based on assumptions, and the actual result might fluctuate greatly depending on a variety of circumstances. Nevertheless, they provide a glimpse of the promise that exists at the nexus of Web3 and Neobanking.
According to Grand View Research, the size of the worldwide neobanking imarket was estimated to be USD 66.82 billion in 2022 and is projected to increase by an astounding USD 2.18 trillion between 2023 and 2030 at a CAGR of 54.8%.
Conclusion:
A significant advancement in the financial industry may be seen in the confluence of Web3 and Neo Banking. With this convergence, neobanks' customer-focused, digital-first strategy and Web3's decentralized, open, and innovative features are combined. Web3 Neobanks so offer a fusion of conventional and decentralized financial services that are more inclusive, open, economical, and creative. By 2030, our study predicts that this growing industry will have a stunning market size of $66 billion.
However, there are still possible issues and uncertainties, just as with any newly developed technology. The success of this industry will primarily depend on ongoing innovation, regulatory adaption, and an unbroken emphasis on customer demands. The aforementioned firms are leading in this convergence and are building cutting-edge solutions that illustrate the promise of Web3 Neobanks. The shift to this new paradigm is only getting started, and the junction of traditional and decentralized financial systems is where finance will go in the future.
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