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.
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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.
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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 2022.
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Global Banking-as-a-Service (BaaS) Market: Segmentation
The global banking-as-a-service (BaaS) market can be segmented based on: