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Banking-as-a-service Market to Reach $22.6 billion, Globally, by 2032 at 19.3% CAGR: Allied Market Research
The banking-as-a-service market is quickly expanding as a result of increasing global wealth, growing retirement savings, a shift toward professional management, and the need for investment diversification in a complex financial landscape.
PORTLAND, Ore., Dec. 7, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Banking-as-a-service Market by Component (Platform and Service), Type (API-based Bank-as-a-service and Cloud-based Bank-as-a-service), and End User (Banks, Fintech, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032. According to the report, the global banking-as-a-service industry generated $4 billion in 2022, and is anticipated to generate $22.6 billion by 2032, witnessing a CAGR of 19.3 % from 2023 to 2032.
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- 124 – Tables
- 47 – Charts
- 357 – Pages
Prime Determinants of Growth
Banking-as-a-service makes it possible for financial services to be unbundled, which permits the development and provision of specialized services. This encourages innovation and competition in the financial sector by meeting the needs of specialized markets and customers. Furthermore, banks expand their offers internationally without having to have a physical presence due to banking-as-a-service, which helps to facilitate the globalization of financial services. Customers who need foreign financial services would especially benefit from this. Moreover, the creation of customer-centric solutions is made possible by banking-as-a-service. Banks can improve the overall client experience by providing individualized and customized financial goods and services through the use of APIs and open banking platforms. In addition, one important factor is the cooperation between fintech businesses and traditional banks. Banking-as-a-service makes it easier for fintech companies to collaborate with banks so they can offer cutting-edge financial services and solutions by using their infrastructure and regulatory compliance.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$4 billion |
|
Market Size in 2032 |
$22.6 billion |
|
CAGR |
19.3 % |
|
No. of Pages in Report |
357 |
|
Segments covered |
Component, Type, End User, and Region. |
|
Drivers |
Increase in use of digital transformation technology in banks |
|
Streamlining financial services Improving the fund transaction service |
|
|
Opportunities |
Increase in demand for banking-as-a-service infrastructure to improve the business value |
|
Restraints |
Increase in cyber-attacks High cost of adoption |
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COVID-19 Scenario
• The pandemic highlighted the financial services industry’s need for flexibility and creativity. In order to quickly integrate digital solutions and improve their service offerings, several traditional banks resorted to BaaS providers and fintech partners.
• In addition, the move to remote work brought cloud-based and API-driven solutions to the forefront of prominence. With their flexible and API-focused platforms, banking-as-a-service providers were in a good position to help banks adjust to the demands of remote work.
The platform segment to maintain its leadership status throughout the forecast period
By component, the platform segment held the highest market share in 2022, accounting for more than two-thirds of the global banking-as-a-service market revenue. This is attributed to the fact that a variety of banking services are provided by banking-as-a-service (BaaS) service providers, enabling enterprises and financial institutions to contract out non-core banking tasks. Services including account administration, payments, compliance, and risk management are included in this. Businesses are able to concentrate on their core capabilities by outsourcing such functions. driving their high share in the banking-as-a-service market. However, the service segment is projected to manifest the fastest CAGR of 21.4% from 2023 to 2032, This is attributed to the fact that the scalability of BaaS platforms, enterprises, and financial institutions modify their banking offerings in response to changing market demands. BaaS solutions are appealing to a variety of companies due to their scalability and flexibility, particularly those that are growing or have fluctuating transaction volumes.
The API-based bank-as-a-service segment to maintain its leadership status throughout the forecast period
By type, API-based bank-as-a-service segment held the highest market share in 2022, accounting for more than three-fourths of the global banking-as-a-service market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attribute to fact that its ability to facilitate seamless integration, foster innovation, and enable efficient collaboration between financial institutions and third-party developers, leading to enhanced customer experiences and a broader range of financial services. However, the Cloud-based Bank-as-a-service segment is projected to manifest the fastest CAGR of 22.0% from 2023 to 2032, this is attribute to its scalability, cost efficiency, and ability to provide agile and customizable banking solutions, allowing financial institutions to quickly adapt to changing market demands and deliver innovative services.
The banks segment to maintain its leadership status throughout the forecast period
By end user, the banks segment held the highest market share in 2022, accounting for around half of the global banking-as-a-service market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that in the financial sector, traditional banks enjoy a long history of trust and credibility. Owing to the trust created during years of operation, customers, particularly businesses, frequently choose to do business with established banks. Banks looking to enter the BaaS area take advantage of this confidence to get a sizeable portion of the market. However, the fintech corporation/NBFC segment is projected to manifest the fastest CAGR of 21.5% from 2023 to 2032, this is attribute to their agile, technology-driven approaches, offering innovative and user-friendly financial solutions that cater to evolving consumer needs more quickly than traditional financial institutions.
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Europe to maintain its dominance by 2032
By region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global banking-as-a-service market revenue. This attributed to the fact that the consumers in Europe have typically been among the first to use financial innovations such as digital banking. BaaS providers who serve both new, digitally native businesses and established financial institutions have grown as a result of this need. However, the Asia-Pacific region is expected to witness the fastest CAGR of 22.6% from 2023 to 2032, and is likely to dominate the market during the forecast period, owing to the a considerable proportion of people in Asia-Pacific primarily use smartphones to access financial services, making them a mobile-first society. Consumer tastes in this region are well aligned with BaaS, which places a strong premium on digital and mobile capabilities.
Leading Market Players: –
- Banco Bilbao Vizcaya Argentaria
- Block, Inc.
- Bnkbl Ltd
- ClearBank Ltd
- Green Dot
- MatchMove Pay Pte Ltd
- Solaris SE
- Starling Bank
- Stripe, Inc.
- Treasury Prime
The report provides a detailed analysis of these key players of the global corss-border payments market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
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Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
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