Global Banking-as-a-Service (BaaS) Market: Introduction
Banking-as-a-service (BaaS) can be referred to as an end-to-end process ensuring the overall execution of a financial service provided over the web, which aims to integrate as many service providers as needed into one comprehensive process in order to complete a financial service in an effective and timely manner.
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Global Banking-as-a-Service (BaaS) Market – Dynamics
Increasing preferences for personalized financial services
Preference of customers varies widely in the current market scenario of the BFSI industry. Banking-as-a-Service (BaaS) has helped banks and financial institutions to customize and personalize their service according to the need of the customer. Banking-as-a-Service (BaaS) has helped financial institutions to reduce their long-term costs by deploying BOTs for customer services.
Lack of Awareness and Poor System Infrastructure
Middle East & Africa, South America, and Asia Pacific which are rapidly expanding regions, face strong technological and digital gap within the BFSI industry. The level of awareness among small and medium-sized financial institutions is comparatively very low in countries such as India and others across Asia. The network infrastructure is not very effective to smoothly run a banking-as-a-service (BaaS) in a BFSI at a remote location. Lack of awareness about automated web services in BFSI and poor network infrastructure are hampering the market.
Global Banking-as-a-Service (BaaS) Market – Competition Landscape
- In July 2020, Sterling National Bank, a principal subsidiary of Sterling Bancorp, has introduced a new Banking-as-a-Service (“BaaS”) program that offers a wide range of customized products, payments, and back office capabilities for FinTech and other non-bank institutions
Established in 1888, Sterling Bancorp specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within communities. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.
Global Banking-as-a-Service (BaaS) Market: Segmentation
The global banking-as-a-service (BaaS) market can be segmented based on:
Global Banking-as-a-Service (BaaS) Market, by Enterprise
Based on enterprise, the global banking-as-a-service (BaaS) market can be divided into:
- Small & Medium Enterprise
- Large Enterprise
Global Banking-as-a-Service (BaaS) Market, by End-user
Based on end-user, the global banking-as-a-service (BaaS) market can be classified into:
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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