The banking-as-a-service (BaaS) platform market revenue totaled ~US$ 2.5 Bn in 2020, according to Future Market Insights (FMI). The overall market is expected to reach ~US$ 12.2 Bn by 2031.
According to the banking-as-a-service (BaaS) platform industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 15.7% from 2021-2031.
The report also forecasts that the market will surpass a valuation of ~US$ 2.8 Bn by the end of 2021. As per FMI, rapid technological advancements and the presence of application programming interfaces (APIs) have created prospects for banking-as-a-service (BaaS) platforms. These technologies have become essential in improving economic competitiveness, thereby propelling market growth.
Over the past few years, BaaS has emerged as a new and innovative way for banks and third parties to collaborate in order to provide customers with digital-only banking products and services and enhanced customer experiences. BaaS has caused a shift in the way that banks and third parties work together and has huge advantages for both the incumbent players and those starting out in the financial services industry.
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Increased competition has led to increased innovation in the banking space which in turn has led to improved digital experiences for customers. Customers have greater choice than ever before when it comes to what financial products and services they use.
Key Takeaways: Banking-as-a-Service (BaaS) Platform Market
COVID-19 Impact Analysis on Banking-as-a-Service (BaaS) Platform Market
The outbreak of COVID-19 has led to more usage of banking components because remote working and social distancing have helped digital banking gain a huge customer base. COVID-19 has been a defining moment for digital transformation, as financial institutions that invested strategically & financially in the digitalization process over the past decade, have been better prepared to navigate these shifts and respond to the crisis.
The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the rising demand for seamless banking transactions. This growth will be majorly driven by changing customer behavior, increasing focus of the people from visiting bank branches to online access of bank services.
Hence, implementation of banking-as-a-service (BaaS) platform would be highly valuable during the COVID-19 period due to several factors such as rising use of electronic transactions amid pandemic crises, and to enable stress-free banking activities.
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Rapid Shift towards Embedded Finance
More and more nonbank companies are offering financial services, such as bank accounts or wallets, payments, and lending. Today, companies of all types and levels of maturity—including retailers, telcos, big techs and software companies, car manufacturers, insurance providers, and logistics firms—are considering and preparing to launch embedded financial services to serve business and consumer segments.
To meet the rising demand for embedded finance, financial institutions are increasingly offering banking as a service (BaaS)—bundled offerings, often white-labeled or cobranded services that nonbanks can use to serve their customers. With the acceleration of digitization, including automation and APIs, banks can scale BaaS faster, putting embedded finance within reach for more companies considering it. This is further estimated to fuel up the banking-as-a-service (BaaS) platform market growth prospects in the near future.
Banking-as-a-Service (BaaS) Platform Outlook by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 16, 2022