The Worldwide Banking-as-a-Service Industry is Expected to Reach $73.5 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Banking-as-a-Service Market Research Report by Component, by Product Type by Enterprise Size, by End-use, by Region - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The global Banking-as-a-Service market was valued at USD 22.49 billion in 2021 which expected to reach USD 73.55 billion by 2027 at a CAGR 8.53%from 2021-2027.

Companies Mentioned

• Green Dot Bank
• Solarisbank AG
• PayPal Holdings Inc.
• Fidor Solutions AG
• Moven Enterprise
• The Currency Cloud Ltd.
• Bnkbl Ltd.
• MatchMove Pay Pte Ltd.
• Block Inc

Banking-as-a-Service (BaaS) is the end-to-end process by which third parties such as FinTech, developers, non-FinTech, and so on grant them access to and use financial services capabilities. The usage of a BaaS platform allows these companies to utilise its services without having to develop them themselves.

The key players who use BaaS include incumbent financial organisations and service providers who grant non-banking finance organisations, such as Fintech companies, clear access to customer data, core systems, licencing, and functionality with the goal of integrating digital banking and payment services into their own products.

Market Drivers

Increased Use of Digital Transformation Technology in Financial Institutions

The process of transforming data or information into a digital representation using advanced technology is known as digitization. It plays an extremely essential role in the banking sector, owing to the growing requirement among banks to provide increased client services and improve customer security. Additionally, banking-as-a-service BaaS also enables banks to provide digital payment services to their consumers while saving time on the debt collection process, accelerating industry growth.

Impact of COVID-19

The COVID-19 pandemic has expedited the transition to digital banking. Prior to the pandemic, digital banking was a critical component of retail banking, but clients have been transferring online in considerably greater numbers throughout the outbreak. Nonbank financial institutions are increasingly offering financial services such as bank accounts or digital wallets, lending, and payments. Accepting embedded finance from nonbanks aims to retain clients, producing a positive picture for the business that bodes well for its expansion.

Market Segmentation

By Component

• Platform
• Services

By Product Type

• API-Based Banking-as-a-Service
• Cloud-Based Banking-as-a-Service

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

By End-use

• Banks
• NBFC
• Government
• Others

By Region

• North America
• Latin America
• Europe
• China
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Banking-as-a-Service Market?
• What will be the growth rate from 2020 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?

For more information about this report visit https://www.researchandmarkets.com/r/uoosya