Top 5 Banking-as-a-Services (BaaS) Trends in 2023
Does Banking-as-a-Service (BaaS) sound like a buzzword? Gartner disagrees. According to the Gartner Hype Cycle for Digital Banking Transformation report published in September 2022, it’s poised for mainstream adoption by 2024.
The size of the total addressable market (TAM) for BaaS providers in the EU and UK is expected to reach €105 billion by 2030. Technological advancements and consumer preference have led to a foray of fintech firms entering the financial ecosystem. Apart from this, the retail sector is projected to contribute the most to the growth of this TAM, up to about 60%. While BaaS is set to be a cornerstone of the future of the global financial ecosystem, some trends will define this space and steer it ahead.
Here’s a look at the top five trends that will shape BaaS in 2023:
1. Continued Growth of Digital Banking
2. Embedded Finance Goes Mainstream
3. Personalisation Is Owning the Customer Journey
4. Greater Emphasis on Security
5. Payments Through Social Media Apps
Discover the latest trends in depth by reading the entire article.
