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2021
Banking-as-a-service Market

Banking-as-a-Service Market

By Component (Platform and Service), Type (API-based Bank-as-a-service and Cloud-based Bank-as-a-service), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and End User (Banks, FinTech Corporations/NBFC, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
Update Available On-Demand

Report Code: A14258
Pages: 310
Oct 2021 | 5053 Views
Author(s) : Pramod B, Shadaab K , Vineet K
Tables: 166
Charts: 57
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Banking-as-a-Service Market Outlook - 2030

The global banking-as-a-service market size was valued at $2.41 billion in 2020, and is projected to reach $11.34 billion by 2030, growing at a CAGR of 17.1% from 2021 to 2030. Banking-as-a-service is an end-to-end process, which enables the banks to execute all financial service through an API or cloud platform. In addition, banking-as-a-service is specifically responsible for managing, deploying, and delivery of critical financial services to end users. 

Factors such as increase in use of digital transformation technology in banks to streamline financial services, surge in demand for banking-as-a-service infrastructure to improve business values and integration of artificial intelligence in banking-as-a-service platform are expected to offer remunerative opportunities for expansion of the market during the COVID-19 outbreak.

Increase in use of digital transformation technology in banks and streamlining financial services is accelerating the growth of the global banking-as-a-service market. In addition, improvements in fund transaction services across the U.S. and different developing nations positively impact banking-as-a-service market growth.

Global Banking As A Service Market

However, rise in cyber-attack on the personal banking information is hampering the market growth. On the contrary, increase in demand for banking-as-a-service infrastructure to improve business values and integration of artificial intelligence in banking-as-a-service platform are expected to offer remunerative opportunities for expansion of the banking-as-a-service market during the forecast period.

Region wise, the banking-as-a-service market was dominated by Europe in 2020, and is expected to retain its position during the forecast period, owing to expansion of FinTech infrastructure and hefty investments from private & public banks in the region. However, Asia-Pacific is expected to provide lucrative opportunity to boost the growth of the market during the upcoming years, owing to rise in adoption of digital payment system among small- & medium-sized enterprises and availability of huge number payment acceptance banks for merchant.

The report focuses on growth prospects, restraints, and trends of the global banking-as-a-service market analysis. The study provides the Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global banking-as-a-service market share.

Segment Review

The global banking-as-a-service market is segmented on the basis of component, type, enterprise size, end user, and region. Depending on the component, the market is classified into platform and service. On the basis of type, the market is bifurcated into API-based bank-as-a-service and cloud-based bank-as-a-service. By enterprise size, the market is segregated into large enterprise and small & medium sized. As per end user, it is categorized into banks, fintech corporations/NBFC, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Competitive Analysis 

The key players profiled in the banking-as-a-service market analysis are Bankable, BBVA, ClearBank, Green Dot., MatchMove Pay Pte. Ltd, Pi1, SolarisBank, Starling Bank, Square Inc., and Treasury Prime. These players have adopted various strategies to increase their market penetration and strengthen their position in the banking-as-a-service industry.

COVID-19 Impact Analysis

The COVID-19 pandemic is expected to impact the overall economy along with the financial markets including banking service. Significant rise in adoption of e-commerce platform by people has been observed, owing to increase in need for online payment technology to share financial details with consumers during the COVID-19 outbreak. 

In addition, banks and FinTech industries are showing more interest on banking-as-a-service platform for enhancing their business processes and providing secure contactless payments to speed up their payment transaction process.  Moreover, post COVID-19, preference for banking-as-a-service is expected to increase as banks and FinTech industries are more likely to streamline their operations to improve digital experience of the customers. These factors are anticipated to provide potential growth opportunities in the coming years.

Banking-as-a-Service Market
By Component

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Platform is segment is projected as one of the most lucrative segments.

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Top Impacting Factors

Increase in Use of Digital Transformation Technology in Bank 

Digitization is the process of converting data or information into a digital format with the adoption of advance technology. It plays very a critical important role in the banking sector, owing to growing increasing need among the banks for providing enhanced customer services and to improve the security of the customer. Furthermore, banking-as-a-service BaaS also helps banks to offer digital payment service to their customers and saves time on the debt collection process, which thus propels propelling the growth of the market.

In addition, rise in demand for digital transformation technology in the banking and financial institutions and growing increase in dependency of various banks on banking-as-a-service BaaS solutions drives drive the growth of the market. In addition, market players across the globe are adopting various advanced technology such as blockchain technology, big data, and artificial intelligence to increase the productivity with minimal resource utilized, which drives drive the growth of the market.

Banking-as-a-Service Market
By Enterprise Size

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Small and Medium Sized Enterprises segment will grow at a highest CAGR of 19.8% during 2021 - 2030

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Streamlining the Financial Services 

The banking-as-a-service platform allows financial service access to third third-party organization through API.  In addition, banking-as-a-service the platform helps banks and fintech FinTech to streamline their financial services as well as to improve their services and enhances customer experience, which drives the growth of the market. 

In addition, the banking-as-a-service platform it helps financial institutions to offer customer customer-embedded financial service and improve funding sources to serve their massive customer bases, which drives fosters the growth of the market across the globe. Moreover, growing surge in need among banks to fulfill meet customer requirement and to provide high security to customers critical transactions accelerate the growth of the market. In addition to this, various banks are facing issues in streamlining their money transaction process, owing to which banks are shifting their focus towards toward banking-as-a-service platform, which drives notably contributes toward the growth of the global market. 

Banking-as-a-Service Market
By Region

2030
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 20.2% during 2021-2030.

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the global banking-as-a-service market forecast along with current & future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on global banking-as-a-service market trends is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

Banking-as-a-Service Market Report Highlights

Aspects Details
By Component
  • Platform
  • Service
    • Professional Service
    • Managed Service
By Type
  • API-based Bank-as-a-service
  • Cloud-based Bank-as-a-service
By Enterprise Size
  • Large Enterprise
  • Small & Medium Enterprise
By End User
  • Banks
  • FinTech Corporations/NBFC
  • Others
By Region
  • North America  (U.S, Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe, Netherlands)
  • Asia-Pacific  (China, Japan, India, Australia, Singapore, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Bnkbl Ltd, Banco Bilbao Vizcaya Argentaria, ClearBank Ltd., Green Dot., MatchMove Pay Pte Ltd, Project Imagine Ltd, Solarisbank AG., Starling Bank, Square, Inc., Treasury Prime
 

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Adoption of banking-as-a-service platform has increased over the years, owing to surge in adoption of digital banking solutions among end users due to rising adoption of smart phones and ease of transactions as compared to traditional banks. In addition, banking-as-a-service protects the confidentiality of digital data stored on mobile devices or transmitted over the internet, which is increasing its popularity among end users. Furthermore, technological advancements and increase in awareness among consumers can lead to a rapid growth during the forecast period. It offers individuals an end-to-end approach to facilitate FinTech companies and other third-party organizations. It provides advantages to start-up and SMEs to leverage effective and smooth business banking solution.

Key providers of banking as a services market such as MatchMove Pay Pte. Ltd., Starling bank, and Bankable account for a significant share in the market. Europe is expected to dominate the market during the forecast period. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period.

The global players are focusing toward product development and increasing their geographical presence, owing to growth in competition among local vendors, in terms of features, quality, and price. In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, July 2021, Starling one of the leading banking service providers in the UK have acquired the Fleet Mortgages to provide mortgages to professional and semi-professional banking service to Fleet Mortgages customers. Thus, increase in number of such developments across the globe notably contribute toward the growth of the overall market.

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FREQUENTLY ASKED QUESTIONS?

A. The banking-as-a-service Market is estimated to grow at a CAGR of 17.1% from 2021 to 2030.

A. The banking-as-a-service Market is projected to reach $11.34 billion by 2030.

A. To get the latest version of sample report

A. Factors such as rise in demand for digital transformation technology in the banking and financial institutions and growing increase in dependency of various banks on banking-as-a-service BaaS solutions drives the growth of the banking-as-a-service market.

A. The key players profiled in the report include Bankable, BBVA, ClearBank, Green Dot., MatchMove Pay Pte. Ltd, Pi1, SolarisBank, Starling Bank, Square Inc., and Treasury Prime, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The banking-as-a-service Market is segmented on the basis of component, type, enterprise size, end user, and region.

A. The key growth strategies of banking-as-a-service market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. subsegments of Component are platform and service.

A. Small and Medium Sized Enterprises segment will grow at a highest CAGR of 19.8% during 2021 - 2030.

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