FINANCIAL SERVICES

Neobanking adoption to hit 34% in 2023

19% of adults in the UAE have a neobanking account, up from 17% last year

Press Release

August 9, 2022

Neobanking adoption could hit 34% next year and 41% in 2027
Commentary from Finder’s global fintech editor Elizabeth Barry

Neobanking adoption is set to boom in the UAE, according to Finder.com’s Neobanking Adoption Report.

The number of adults in the UAE with a neobank account grew to 19% this year, up from 17% in 2021, according to an online survey of 1,015 internet users.

The report reveals an additional 15% plan to open a neobank account within 12 months taking adoption to a forecasted 34% in 2023.

Finder’s global fintech editor Elizabeth Barry adds that two in five adults could have a neobank account by 2027.

“In addition to the 15% who plan to open an account within a year, a further 7% of adults in the UAE said they were planning to open an account by 2027. This means 41% could have a neobank account within five years.

“Men are currently driving neobank adoption in the UAE and we expect that trend to continue. 21% of men said they currently have a neobank account compared to 12% of women.

“Neobanks are also most popular with younger adults. Nearly a third (31%) of those aged 18-24 said they have a neobank account - the most of any age group.”

Finder’s report reveals the UAE has similar neobank adoption levels to Hong Kong (20%), Singapore (21%), Spain and Mexico (17% each).

Of the 14 countries included in the study Brazil has the most neobankers (43%), followed by India (26%) and Ireland (22%).

To see the full report visit: https://www.finder.com/ae/digital-banks

Digital bank adoption by country, ranked

Brazil - 43%
India - 26%
Ireland - 22%
Singapore - 21%
Hong Kong - 20%
The United Arab Emirates - 19%
Mexico - 17%
Spain - 17%
South Africa - 15%
Germany - 14%
Portugal - 14%
Malaysia - 13%
The Philippines - 13%
The United States - 8%

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