Artificial Intelligence
At 46.5 % CAGR, Neo and Challenger Bank Market Share Value Estimated to be USD 578,143 Million By 2027: Facts & Factors
New York, NY, March 23, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Neo and Challenger Bank Market By Type (Neo Bank and Challenger Bank) and By Applications (Personal and Business): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
“According to the research report, the global Neo and Challenger Bank Market was estimated at USD 18,604 Million in 2018 and is expected to reach USD 578,143 Million by 2027. The global Neo and Challenger Bank Market is expected to grow at a compound annual growth rate (CAGR) of 46.5% from 2019 to 2027”.
Neobank is a kind of direct bank providing online banking services as well as telephone. It can provide services through mobile applications as well as personal computers. Moreover, Neobank adopts technologies like artificial intelligence and machine learning. Apparently, a challenger bank is the kind of small retail bank in the UK competing directly with the established financial institutions in the country. Precisely, Neo and challenger bank are the online banking tools that can be accessed through the website and online applications. These banks are replacing the conventional banking systems through a reduction in the tedious, monotonous, and cumbersome banking process activities like account opening manually and loan processing.
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- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
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- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Neo and Challenger Bank Market?
2) What is the market size, share of the Neo and Challenger Bank Market?
3) Who are the top market players in Neo and Challenger Bank Market?
4) What will be the future market of the Neo and Challenger Bank Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
We at Facts and Factors (http://www.fnfresearch.com) understand how difficult it is for you to plan, strategize, or make business decisions, and as such, we have your back to support you in these uncertain times with our research insights. Our team of consultants, analysts, and experts has developed an analytical model tool for markets that helps us to assess the impact of the virus more effectively on the industrial markets. We are further implementing these insights into our reports for a better understanding of our clients.
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Higher interest rates & reduced transaction charges to drive the market growth by 2027
The rates of interest provided by the neo & challenger banks are more as compared to traditional banks. Apart from this, the rate of money transfer is reasonable due to the use of neo & challenger bank tools. Even the transaction charges of the neo & challenger bank are less in comparison to the transaction charges levied by traditional banks.
Furthermore, neo & challenger bank provides speed, easy accessibility, functionality, and simplicity. Additionally, flexible government laws for neo and challenger investors will impel the expansion of the neo and challenger bank industry during the forecast timeline. Apparently, the massive demographic shift towards digitization along with escalating demand for digital apps across the finance industry will boost the growth of the market during the forecast timeline. Nonetheless, the growing use of smartphones in developed as well as emerging economies will boost the demand for digital & app-based banking services, thereby driving market growth.
Industry Major Market Players
- DBS (digibank),
- Simple,
- Starling Bank,
- Kakao Bank,
- Koho Financial Inc.,
- Atom Bank plc,
- WeBank,
- Hello bank (BNP Paribas),
- Fidor Solutions AG,
- MYbank,
- Pockit Limited,
- Monzo Bank Limited,
- Moven,
- Jibun Bank Corporation,
- N26 GmbH,
- Holvi Payment Services Ltd.,
- Timo,
- Tandem Bank Limited,
- Fidor Bank.
To know an additional revised 2020 list of market players, request a sample report: https://www.fnfresearch.com/sample/neo-and-challenger-bank-market-by-type-neo-146
Neo bank type segment to register the highest CAGR during the forecast period
The growth of the segment is due to the low cost of transactions, no monthly fees, no withdrawal expenses, and reduced reloading fees. Apart from this, huge ATM networks with no charges along with reloadable debit cards are expected to prompt segmental growth during the period from 2019 to 2027.
Business segment to dominate the application landscape in terms of revenue by 2027
Rise in the adoption of mobile and digital banking as the modes of payment by large firms as well as small & medium-sized enterprises is anticipated to boost the growth of the business segment over the forecast period.
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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
The study provides a decisive view of the Neo and Challenger Bank market by segmenting the market based on type, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027.
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Neo & challenger bank provides speed, easy accessibility, functionality, and simplicity. In addition to this, flexible government rules for neo and challenger investors will propel the expansion of the neo and challenger bank industry over the forecast timeframe. Apparently, the massive shift of the people towards digitization coupled with escalating demand for digital apps across the finance industry will enhance the expansion of the market during the forecast timeline. Nonetheless, the mammoth use of smartphones in developed as well as emerging economies will perpetuate the demand for digital & app-based banking services, thereby driving the market surge over the forecast timeline.
Europe to contribute majorly towards the overall regional market revenue share by 2027
The growth of the regional market is due to countries like the UK being the early adopters of neo and challenger banking services.
Browse the full “Neo and Challenger Bank Market By Type (Neo Bank and Challenger Bank) and By Applications (Personal and Business): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” report at https://www.fnfresearch.com/neo-and-challenger-bank-market-by-type-neo-146
Key Features of Neo and Challenger Bank Market Report:
- Neo and Challenger Bank Market structure: Overview, industry life cycle analysis, supply chain analysis
- Neo and Challenger Bank Market: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Neo and Challenger Bank Market size, trend, and forecast analysis
- Neo and Challenger Bank Market segments’ trend and forecast
- Neo and Challenger Bank Market’s competitive landscapes: Market share, Product portfolio, new product launches, etc.
- Neo and Challenger Bank Market attractiveness and associated growth opportunities
- Emerging Trends in the Neo and Challenger Bank Market.
- Strategic growth opportunities for the existing and new players
- Key success factors
This report segments the neo and challenger bank market as follows:
Global Neo and Challenger Bank Market: By Type Segment Analysis
- Neo Bank
- Challenger Bank
Global Neo and Challenger Bank Market: By Applications Segment Analysis
- Personal
- Business
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DALIAN, China, July 1, 2024 /PRNewswire/ — “AI in healthcare is extremely challenging. For companies, it requires not only solving scientific problems but also understanding AI technology and respecting the complexity of the healthcare industry.” At the 15th Annual Meeting of the New Champions, also known as Summer Davos, Ms. Gong Rujing (Yingying), Chairwoman and Founder of Yidu Tech, was invited as a distinguished representative of the healthcare technology sector. She shared her unique insights into the future of AI in healthcare during the thematic dialogue on “Healthcare Analytics, Not Moving Fast Enough.”
This year marks the 10th anniversary of Yidu Tech and Ms. Gong Rujing’s decade-long dedication to the healthcare industry. From the inception of her entrepreneurial journey 10 years ago, she has been driven by the mission to leverage the power of technology to deliver precise healthcare to every individual.
Ms. Gong described the past decade as a journey filled with miracles and achievements. During this period, Yidu Tech has progressively established close collaborations with key stakeholders in the healthcare industry, including government agencies, hospitals, pharmaceutical companies, insurance firms, experts, and clinicians. As of March 31, 2024, Yidu Tech’s “AI Medical Brain” YiduCore has been authorized to process and analyze over 5 billion medical records, covering more than 2,500 hospitals.
In AI-powered clinical research, Yidu Tech has supported researchers and clinicians in producing over 240 high-level papers, accelerating the application of research outcomes. Additionally, Yidu Tech provides clinical trial services to globally renowned pharmaceutical companies, helping them optimize trial processes, reduce costs, and bring new drugs to market more swiftly, ultimately benefiting patients. In healthcare management, Yidu Tech’s AI technology plays a crucial role by analyzing vast amounts of medical data to provide comprehensive decision support to healthcare administrators, helping them optimize resource allocation and improve service efficiency.
“We are now entering a new era of AI technology.” The development of large language model technologies has opened up new possibilities across various industries. Yidu Tech has independently developed a large language model specific to the medical field and is advancing its application across the entire healthcare industry chain. The goal is to promote further progress and innovation through new AI technologies. However, Ms. Gong also emphasized that the healthcare industry is professional, complex, and sensitive, and the application of new technologies must address challenges such as data security, privacy protection, and ethics.
“Data security and privacy protection are fundamental to the development of AI technology and medical big data technology. We must ensure that all stakeholders are satisfied with compliance, security, accessibility, and privacy protection.”
“AI technology still has a long way to go.” She called on policymakers, healthcare institutions, and technology companies to work together to realize the immense potential of healthcare data. Ms. Gong highlighted that building trust is key, and enhancing data operability is essential to fully unleash the power of data. “It’s not just about better data quality; it’s about a better future for health.”
View original content:https://www.prnewswire.co.uk/news-releases/transforming-healthcare-with-ai-yidu-techs-gong-rujing-at-summer-davos-302186561.html
Artificial Intelligence
Yidu Tech’s FY2024 results: existing business achieves first full-year profit on adjusted EBITDA
HONG KONG, July 1, 2024 /PRNewswire/ — On June 27, 2024, Yidu Tech Inc. (the ”Company” or ”Yidu Tech”) (2158.HK), a leader in China’s AI medical industry, announced its results for the 2024 fiscal year. During the reporting period, the Company recorded revenue of RMB 807.1 million. Gross profit margin in FY2024 increased to 42.1% from 34.1% in FY2023, representing an increase of 8 percentage points, hitting a record high. Adjusted net loss narrowed from RMB 448.7 million in FY2023 to RMB158.1 million, down 64.8% year-on-year. The management of Yidu Tech said at the annual results conference the next day that excluding strategic investments in proprietary large language model, non-cash items, and non-operating items, the adjusted EBITDA for our current business has achieved profit, moving from a RMB 327 million loss to a profit of RMB 31.1 million for the first time this fiscal year.
Management added that as of market close on June 27, the Company’s P/B ratio has decreased to 1.06. Not including the valuation of its domestic and international businesses, its market value is still lower than its fund reserves on hand. As such, management believes that the Company’s share price is still severely undervalued. Notably, renowned sovereign fund BIA has continually increased its shareholding of Yidu Tech by 21.50% over the past two months. The management is confident in the Company’s long-term growth potential and hopes to continually create innovative technologies and increase returns to its shareholders.
In FY2024, Yidu Tech focused on its core business, improving internal operating efficiency and earning quality. Among its earnings, revenue from its big data platform and solutions segment reached RMB 313.6 million, an increase of 41.4% year-on-year. Revenue from its life science solutions segment reached RMB 324.0 million, up 28.1% year-on-year and the gross margin increased by 14.6 percentage points to a historical high of 32.1%. Revenue from its health management platform and solutions segment reached RMB 169.5 million, and the gross profit margin of this segment was 58.1%, representing a year-on-year increase of 17.4 percentage points.
During the reporting period, the Company has continued the development and training of large language model in the medical vertical field based on 500 billion fine-trained Tokens, with model training for 6B, 13B, and 70B parameters completed.
View original content:https://www.prnewswire.co.uk/news-releases/yidu-techs-fy2024-results-existing-business-achieves-first-full-year-profit-on-adjusted-ebitda-302185986.html
Artificial Intelligence
Lucinity’s AI Innovation Recognized at Microsoft’s Prestigious Global Partner Awards 2024
REYKJAVIK, Iceland, June 28, 2024 /PRNewswire/ — Lucinity has been recognized as a finalist in the AI Innovation category at the prestigious Microsoft Global Partner Awards 2024, recognizing its breakthrough AI solution and contribution to financial security through its collaboration with Microsoft.
Lucinity beat more than 4,700 companies to be named a finalist at the annual Microsoft Global Partner Awards, which highlights Lucinity’s achievements as a Microsoft partner in optimizing business processes, improving customer experiences, and opening new pathways for digital transformation.
This achievement comes in addition to winning two prestigious awards at Microsoft Partner Awards 2024 last month, including Partner of the Year – Iceland, and the Sustainability and Social Impact award.
The accolade recognizes Lucinity’s significant advancements in AI for financial crime operations, particularly through their AI-powered copilot, Luci. This innovative solution utilizes Microsoft Azure OpenAI technology to integrate advanced generative AI into financial crime investigations and regulatory compliance, optimizing processes and saving significant time and resources for financial institutions.
The Lucinity platform streamlines compliance, provides instant insights, and reduces typical investigation times from three hours to just 30 minutes. The technology can also save financial institutions an estimated $100 million in productivity savings, as well as savings in training and recruitment.
Microsoft comments on Lucinity’s award recognition, saying “Financial crime profoundly impacts our global community, with far-reaching economic, security, and social implications. It can harm a country’s reputation and increase exposure to criminal activities, emphasizing the critical need for robust anti-money laundering initiatives and persistent vigilance. Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
“Being recognized as a finalist at the Microsoft Global Partner Awards is validation of our impactful collaboration with Microsoft in financial crime operations. Our partnership has been pivotal for our innovations, enabling us to use Azure OpenAI to bring tools like Luci to life and deliver impactful results for our clients,” says Guðmundur Kristjánsson, Founder & CEO of Lucinity.
Contact:Name: Celina PabloEmail: [email protected]: +354 792 4321
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lucinitys-ai-innovation-recognized-at-microsofts-prestigious-global-partner-awards-2024-302186091.html
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