Press release
Fintech as a Service Market Booming: $745.53 Billion by 2033 Fueled by Tech Innovation
Fintech as a Service (FaaS) Market
As per the report, the fintech as a service (faas) market size has grown rapidly in recent years. It will grow from $327.51 billion in 2023 to $386.39 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The fintech as a service (faas) market size is expected to see rapid growth in the next few years. It will grow to $745.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.
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The Surge Of Digital Banking And Fintech Synergy
The increase in the shift towards digital banking and payments is expected to propel the growth of fintech as a service market going forward. Digital banking refers to banking done using a digital platform, eliminating all paper-based transactions, including demand drafts, pay-in slips, and checks. Fintech as a Service (FaaS) plays a significant role in digital banking by providing mobile applications, web-based platforms, APIs, and more sophisticated applications that use artificial intelligence and machine learning to provide financial advice. FaaS also offers digital banking solutions, which enable companies to provide their customers with online banking services. For instance, in July 2023, according to a report shared by Finder.com, an Australia-based independent comparison website, an estimated 93% of Brits were using online banking in 2022. Around another 5.3 million Brits (10%) intend to get a digital-only bank account in 2023. By 2028, the number of digital-only bank account holders is predicted to be 22.6 million (43%). Therefore, the increase in the shift towards digital banking and payments is driving the growth of fintech as a service market.
Rising Popularity Of Technological Innovations In Fintech
Technological innovations are a key trend gaining popularity in the fintech as a service market. Major companies operating in the fintech as a service market are focused on innovating technologically advanced solutions to strengthen their position in the market. For instance, in April 2023, Valley National Bank, a US-based regional bank holding company, launched a new fintech innovation platform powered by NayaOne. Through a straightforward and user-friendly onboarding process, the platform is already integrated with the goods and services of numerous financial businesses. It offers a set of tools for producing and using synthetic data, enabling Valley and its fintech partners to quickly test-drive novel solutions in a controlled, secure environment.
The fintech as a service (faas) market covered in this report is segmented -
1) By Type: Banking, Payment, Insurance, Investment, Lending, Other Types
2) By Technology: Artificial Intelligence (AI), Blockchain, Robotic Process Automation (RPA), Application Programming Interfaces (API), Other Technologies
3) By Application: Fraud Monitoring, KYC Verification, Compliance And Regulatory Support, Other Applications
4) By End-User: Banks, Financial Institutions, Insurance Companies, Other End-Users
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Major companies operating in the fintech as a service (faas) market report are Stripe Inc., Rapyd Financial Network Ltd., Visa Inc., Mastercard Incorporated, Fiserv Inc., Block Inc., Fidelity National Information Services Inc., Global Payments Inc., NCR Corporation, Broadridge Financial Solutions, Worldline SA, Diebold Nixdorf Incorporated, Coinbase Global Inc, WEX Inc., Jack Henry and Associates Inc., Chime Financial Inc., Finastra, Green Dot Corporation, Envestnet Inc., Adyen NV, Temenos AG, Revolut Ltd., Marqeta Inc., Airwallex Pty Ltd., Plaid Inc., Finix Payments Inc., Square Capital LLC, Dwolla Inc., Synctera Inc., Solid Financial Technologies Inc.
Contents of the report:
1. Executive Summary
2. Fintech as a Service (FaaS) Market Report Structure
3. Fintech as a Service (FaaS) Market Trends And Strategies
4. Fintech as a Service (FaaS) Market - Macro Economic Scenario
5. Fintech as a Service (FaaS) Market Size And Growth
…..
27. Fintech as a Service (FaaS) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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