By : Basel Khaled
How consumers interact with financial services is undergoing a revolution. The emergence of Banking as a Service (BaaS) is driving endless possibilities, opening the path toward truly embedded finance and blurring the lines between consumers’ favorite retailers and financial institutions.
The BaaS market is expected to reach $7 trillion by 2030. But to capitalize on this expanding industry, distributors, enablers, and providers must overcome challenges. Streamlining customer experiences and building sleek, engaging products take time.
Finastra’s new research, Banking as a Service: Outlook 2022 | Paving the way for Embedded Finance, interviews 1,600 senior executives.
We define the industry and its players, calculate the hottest value pools, benchmark sectors and industries for market maturity, and lay out best practice steps on playing to win.
- 85% of senior executives surveyed are already implementing BaaS solutions or planning to in the next 12-18 months
- 30% of regulated financial services providers expect the BaaS market to grow by more than 50% per year over the next five years
60-70% of distributors – including retailers, e-commerce firms, and other consumer brands – want to increase their spending on financial partnerships (including BaaS)
