Home World News Developed Economies Banking-as-a-Service revenue to exceed $38 billion globally

Banking-as-a-Service revenue to exceed $38 billion globally

0
Banking As A Service An Overview Feature Image
Banking As A Service An Overview Feature Image

A new study from Juniper Research has found that the total BaaS (Banking-as-a-Service) platform revenue will exceed $38 billion by 2027, rising from $11 billion in 2022.

The rapid growth of 240% will be driven by BaaS’ ability to deepen relationships between brands and their customers by providing a user-friendly banking and payments experience.

BaaS enables non-banking companies to offer their customers financial services without owning a banking licence or infrastructure. This allows brands to generate new revenue without using time and resources to generate new capabilities in house.

Sector Leaders

The research assessed the top 15 BaaS vendors within the global market and ranked the top 3 vendors as follows:

1.  Green Dot
2.  Marqeta
3.  Solaris
Juniper Research evaluated each vendor based on the same criteria, which included distribution and partnerships, breadth of offering and future business prospects in BaaS.

The research found that Green Dot leads the BaaS market largely due to its strong partnerships; specifically with large retailers such as Apple and Walmart. Additionally, it highlights Green Dot’s impressive array of banking and payments solutions, including card issuance, custom rewards and payroll services.

Marqeta also ranks well due to its impressive international presence; being able to leverage a competitive position when onboarding multinational customers. Similarly to Green Dot, Solaris’ success stems from its large volume of partnerships that have been achieved through its established brand, coupled with the ease of integration and technological support offered with all its services.

Research author Dominique Tetnowski explained: “As digital banking is becoming increasingly advanced, pressure is on fintechs to innovate their BaaS capabilities to exceed user expectations. Offering a solutions portfolio in BaaS that has all the capabilities needed to offer banking services means that enterprises can focus on delivering a superior user experience, which is critical in an increasingly competitive banking environment.”

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News

NO COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP Radio
WP Radio
OFFLINE LIVE
Exit mobile version