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.

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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.

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 2020.

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

Regional Analysis of Global Banking-as-a-Service (BaaS) Market:

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

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.

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.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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