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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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:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Component, Type, End User, and Region.
Increase in use of digital transformation technology in banks
Streamlining financial services
Improving the fund transaction service
Increase in demand for banking-as-a-service infrastructure to improve the business value
Increase in cyber-attacks
High cost of adoption
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• 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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Validation Cloud Secures $5.8 Million in Inaugural Funding to Propel Web3 Infrastructure
ZUG, Switzerland, Feb. 28, 2024 /PRNewswire/ — In a significant stride towards revolutionizing Web3 infrastructure, Validation Cloud has proudly announced the successful closure of its first external investment round, amassing $5.8 million. Spearheaded by San Francisco-based Cadenza Ventures, this funding round exceeded expectations with contributions from an impressive roster of international investors, including Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures, and AP Capital.
Alex Nwaka, Co-Founder of Validation Cloud, expressed enthusiasm about the funding, “This investment marks a pivotal moment for Validation Cloud as we aim to address the urgent demand for scalable and compliant Web3 infrastructure. We’re honored to collaborate with our investors who are instrumental in propelling the global adoption of our platform among cutting-edge networks, developers, and asset managers.”
Validation Cloud is at the forefront of Web3 technology, having developed an innovative system architecture that paves the way for significant advancements in the sector. Known as the “Cloudflare of Web3,” the company offers a robust, scalable, and intelligent platform providing Staking, Node API, and Data services, drawing inspiration from Cloudflare’s transformative impact on Web2 infrastructure.
Founded by veterans in the Proof-of-Stake domain, Validation Cloud boasts a team of highly experienced professionals from renowned organizations such as Uber, Workday, Deloitte, Citadel, Morgan Stanley, Binance, Crypto.com, Figure, R3, and more, emphasizing a talent-first approach with a worldwide workforce.
Kumar Dandapani, Managing Partner at Cadenza Ventures, highlighted the strategic vision behind their investment, “At Cadenza, we do not invest in just any company; we invest in the future of transformative technologies. Validation Cloud’s pioneering role in Proof-of-Stake and their relentless pursuit of next-generation Web3 infrastructure have set them apart as leaders in the Web3 space.”
Aly Madhavji, Managing Partner at Blockchain Founders Fund, shared his thoughts on the investment, “We believe in the transformative power of Web3 and its ability to redefine how businesses operate. Investing in Validation Cloud aligns perfectly with our vision of supporting innovative platforms that are ready to lead the next wave of digital transformation.”
Validation Cloud has earned a reputation for its close partnerships with networks from their nascent stages, supporting a wide array of ecosystems from established ones like Chainlink, Hedera, and Stellar to emerging networks such as Aptos, Eigenlayer, and Berachain. Their platform lays the groundwork for the enterprise adoption of networks, positioning Validation Cloud as a key player in the Web3 infrastructure landscape.
For further details on Validation Cloud and its offerings, please visit www.validationcloud.io.
Please contact: Kelly Clark, Director of Communications | [email protected]
Klarna says its AI assistant does the work of 700 people after it laid off 700 people
The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.
Klarna is bullish on bots.
One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.
The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.
Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”
The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.
Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”
That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.
Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.
“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”
Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.
Source: Fast Company
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KAPSARC Launches Saudi Arabia’s First School of Public Policy
- Inspired by His Royal Highness, the Minister of Energy, Prince Abdulaziz bin Salman Al Saud’s passion for education, human capital development and innovation, the KAPSARC School of Public Policy (KSPP) was founded as the first institution in Saudi Arabia dedicated to graduate studies and executive education in public policy.
- Through its academic offerings, KSPP empowers individuals to tackle pressing public policy challenges and embrace the promising opportunities shaping the future.
- KSPP’s facilities will run on 100% renewable energy, setting a precedent as one of the first net-zero facilities in the Saudi educational sector.
RIYADH, Saudi Arabia, Feb. 28, 2024 /PRNewswire/ — The King Abdullah Petroleum Studies and Research Center (KAPSARC) has been granted an establishment license for its School of Public Policy (KSPP) after the recent approval by the Council of Ministers, and which was announced during the Human Capability Initiative (HCI) on February 28, 2024, conducted under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee, one of Saudi Arabia’s Vision 2030 Realization Programs.
Aiming to set new standards in policy studies, the school offers a two-year master’s degree and executive education programs designed to enable and empower future policy leaders and professionals within Saudi Arabia and globally to address the most pressing domestic and international public policy challenges in the public, non-profit and private sectors.
This significant achievement was announced by His Royal Highness, Prince Abdulaziz bin Salman Al Saud, the Minister of Energy, Chairman of the Board of Trustees of KAPSARC: “The vision for KAPSARC School of Public Policy is to develop the knowledge and skills that the new generation needs to shape public policy both locally and globally. Our mission is to empower and equip future policy leaders and professionals within Saudi Arabia and internationally to make informed socio-economic decisions.”
In a statement on the sidelines of the school’s launch, Fahad Alajlan, President of KAPSARC, stressed the Center’s mission to impact public policy on national, regional, and global levels. “Our new School of Public Policy will equip future leaders with the right skills to create data-driven and evidence-based public policy in line with Vision 2030 goals.”
Dr. Ghadah Alarifi, Founding Dean of KSPP, stated that, “Public policy serves as the foundation of societal progress. At KSPP, we aim to be a catalyst for collaboration, building a robust ecosystem that bridges academia, industry, and government in the public policy arena.”
By leveraging KAPSARC’s network, KSPP provides a platform for global engagement and career growth opportunities, offering practical application and flexible courses tailored to empower policymakers in different tracks including energy policy.
The school is committed to achieving high sustainability standards in the Saudi educational sector, including the goal of running on 100% renewable energy. This dedication ensures that KSPP meets its annual energy needs through on-site renewable resources, eliminating the use of fossil fuels.
For more information about KSPP, visit https://www.kapsarc.org/about-the-school/.
Follow KSPP on social media:
- X: @KAPSARC_SPP
- LinkedIn: @ KAPSARC School of Public Policy
KAPSARC is a leading think tank dedicated to advancing knowledge on energy, environment, and regional economic issues. Accredited observer of UNFCCC, KAPSARC actively contributes to global climate action. The mission of KAPSARC is to advance Saudi Arabia’s energy sector and inform global policies through evidence-based advice and applied research. For more information about the center please visit: https://www.kapsarc.org/
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