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 (BaaSin 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

Sterling Bancorp

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:

  • Enterprise
  • End-user
  • Region

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:

  • Government
  • Banks
  • NBFC

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

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The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

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