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.
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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
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.
Get More Press Release by TMR: https://www.prnewswire.com/news-releases/magnifying-use-in-wearables-and-implantable-devices-to-monitor-health-parameters-of-patients-provides-valuable-growth-opportunities-for-chemical-sensors-market—tmr-301269944.html
North America to Dominate Global Banking-as-a-Service (BaaS) Market
In terms of region, the global banking-as-a-service (BaaS) market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the banking-as-a-service (BaaS) market during the forecast period due to its strong dominance in the digitized banking services market across the globe.
COVID-19 Impact on Global Banking-as-a-Service (BaaS) Market
The COVID-19 pandemic is expected to adversely impact the global banking-as-a-service (BaaS) market in the short term. Investment in banking-as-a-service (BaaS) in BFSI has reduced significantly due to the lockdown in almost every region. The COVID19 pandemic is estimated to restrain the market till the end of 2024.
You will get Custom Report at Syndicated Report price, Pre Book Now
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
