NJ New Jersey, USA -- (SBWIRE) -- 08/17/2023 -- Global Banking-as-a-Service (BaaS) Market Report from AMA Research highlights deep analysis on market characteristics, sizing, estimates and growth by segmentation, regional breakdowns & country along with competitive landscape, player's market shares, and strategies that are key in the market. The exploration provides a 360° view and insights, highlighting major outcomes of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions to improved profitability. In addition, the study helps venture or private players in understanding the companies in more detail to make better informed decisions.
Major Players in This Report Include,
SolarisBank (Germany), PayPal (United States), Fidor Bank (Germany), Moven (United States), Prosper Marketplace (United States), Braintree (United States), Coinbase (United States), GoCardless (United Kingdom), Oanda Corporation (United States), Currency Cloud (United Kingdom), Intuit (United States), Gemalto (The Netherlands), Invoicera (India).
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Banking-as-a-service (BaaS) is a process that is an endwise process where third parties such as (FinTech, developers, non-FinTech, etc.) can easily access and perform the financial services capabilities without any interference and developing them originally. These services also enable third parties to reconnect with the main systems of financial services providers so that they can establish a banking services infrastructure through an application programming interface (API). Moreover, it aims to integrate third parties’ capabilities with financial services providers into a comprehensive process to complete a financial transaction seamlessly and effectively. Furthermore, the service providers in this market third parties can build their own banking offerings with the use of BaaS APIs on top of the banking providers’ regulated infrastructure. For instance, In United Kingdom, API calls have surged over the last year, from roughly one million a month in May 2018 to more than 66.7 million in June this year and also keep on continuing and making the market grow in forecasted periods.
Opportunities
- Digital banking & cards are providing an opportunity in this market. In this type of opportunity, the client can use these cards as a backbone to build retail or SME banking offerings. For example, Penta is one of the offerings from SolarisBank. This has also gained interest from traditional banks to build a new digital subsidiary or retail or online companies, which would like to offer their customers their own bank account or the payment card.
Market Drivers
- Cumulating Demand for Digital Money among People has Increased the Market Potential of the BaaS
- Rising Fame of Internet Banking is making its way to Drive the Industry Parameters
Market Trend
- The rising adoption of retail banking, as well as the third-party registrations in the UK and EU for open banking access, has unlocked capabilities towards baking as a service. For example, the retail lending in India has a growth rate (CAGR) of 16.2% over the FY2013 among emerging markets and thus improving the standard of BaaS from a different genre.
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Recently, the European Commission has found a way to encourage competition and innovation, enabled by technology. Previously, banks were refusing to allow users to export their data to a third party which made innovation based on financial data difficult. PSD2 forces them in part to open up that data and those services to third parties. It is allowing startups in the Fintech industry to play a more important and active role by extending the scope throughout Europe and allowing the use of APIs to "enable payment by directly connecting the merchant and the bank"
In this research study, the prime factors that are impelling the growth of the Global Banking-as-a-Service (BaaS) market report have been studied thoroughly in a bid to estimate the overall value and the size of this market by the end of the forecast period. The impact of the driving forces, limitations, challenges, and opportunities has been examined extensively. The key trends that manage the interest of the customers have also been interpreted accurately for the benefit of the readers.
The Banking-as-a-Service (BaaS) market study is being classified by Type (API-based Bank-as-a-Service, Cloud-based Bank-as-a-Service (Infrastructure as a service (IaaS), Banking as a platform (BaaP), FinTech SaaS, Humans as a service (HuaaS))), Application (Government, Banks, NBFC), Banking Mode (Web Banking, Mobile Banking)
The report concludes with in-depth details on the business operations and financial structure of leading vendors in the Global Banking-as-a-Service (BaaS) market report, Overview of Key trends in the past and present are in reports that are reported to be beneficial for companies looking for venture businesses in this market. Information about the various marketing channels and well-known distributors in this market was also provided here. This study serves as a rich guide for established players and new players in this market.
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Extracts from Table of Contents
Banking-as-a-Service (BaaS) Market Research Report
Chapter 1 Banking-as-a-Service (BaaS) Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global Market Competition by Manufacturers
Chapter 4 Global Revenue (Value, Volume*) by Region
Chapter 5 Global Supplies (Production), Consumption, Export, Import by Regions
Chapter 6 Global Revenue (Value, Volume*), Price* Trend by Type
Chapter 7 Global Market Analysis by Application
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This report also analyzes the regulatory framework of the Global Markets Banking-as-a-Service (BaaS) Market Report to inform stakeholders about the various norms, regulations, this can have an impact. It also collects in-depth information from the detailed primary and secondary research techniques analyzed using the most efficient analysis tools. Based on the statistics gained from this systematic study, market research provides estimates for market participants and readers.