Banking-as-a-Service Market Overview:
Banking-as-a-service (BaaS) market players provides end-to-end procedure that ensures the full execution of a web-based financial service. This type of digital banking service is accessible on-demand and works on a defined schedule. BaaS integrates as many service providers as are required into a single comprehensive procedure to perform a financial service in an efficient and hassle-free approach. In addition to providing a financial service, it is assumed that a BaaS would offer specific functionalities. The environment for the services must be managed, deployed, and delivered. Of course, the services must comply with local banking rules in the locations where they are offered, with (at least) one firm in the process holding a banking license.
For the Banking-as-a-Service market analysis, a research team conducted a significant amount of primary and secondary research. In order to supplement the available data, segment the market, determine the total market size, and forecast market size and growth rate, secondary research was conducted.
The banking and finance industry has historically been the most hesitant to accept new technology and developments quickly. Banking institutions have been hesitant to provide online services for a long time due to concerns about sensitive data and security, as well as the performance of complicated processes. However, as the world became more digital, banks went a step further and began offering Banking as a Service (BaaS). Banking-as-a-Service (BaaS) Market players are becoming more common these days. Many countries are now considering the implementation of banking legislation that will establish the norms of digital contact between clients and banks.
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Banking-as-a-Service Market Dynamics:
Banking-as-a-service allows non-financial enterprises to integrate payment capability to their platforms or applications. Non-financial businesses can cut their operational expenses by not having to build and manage their banking infrastructure. For Example, Alternative payment methods (APMs), such as e-wallets and instant-payment-based solutions, are still important in emerging cash alternatives, especially in developing regions .i.e. India. APMs have gained popularity in China, where they earned $40 billion in revenue in 2020, much surpassing the $25 billion generated by the rest of the globe combined.
Banking-as-a-Service Market Segmentation:
In 2020, the Cloud-based BaaS segment outperformed the API-based BaaS segment in terms of market share. During the forecast period, it is anticipated to grow at the highest CAGR of 11.2%. (2021-27). This is due to players in the payments-as-a-service (PaaS) market offering specialised services like debit and credit card distribution and payments, dues clearing, international payments, as well as e-commerce services, using cutting-edge cloud-based platforms.
Leading public cloud providers offer a variety of new application-as-a-service, which banks can use to increase revenue generation, improve customer insights, cut costs, quickly and effectively deliver products that are relevant to the market, and monetize corporate data assets.
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Banking-as-a-Service Market Key players:
- Green Dot.
- MatchMove Pay Pte. Ltd
- Pi1
- SolarisBank AG
- Starling Bank
- Square inc.
- Treasury Prime
- PayPal
- Paytm Payments Bank
COVID-19 Impact on Banking-as-a-Service market:
The COVID-19 outbreak has had a significant impact on the Banking-as-a-Service market. Due to the global economic downturn and a labour shortage, the development of Banking-as-a-Service production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Banking-as-a-Service market in 2020. However, given the high demand for Banking-as-a-Service, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.
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