Global Banking-as-a-Service (BaaS) platform revenue is forecast to exceed $38 billion in the next five years.
By 2027, BaaS platform income will be up by 240 per cent from $11 billion in 2022, according to figures published by Juniper Research.
The research firm said growth will be driven by the technology’s ability to “deepen relationships” between brands and their customers by providing a "user-friendly banking and payments experience".
BaaS lets non-banking companies offer their customers financial services without owning a banking licence or infrastructure.
“As digital banking is becoming increasingly advanced, pressure is on fintechs to innovate their BaaS capabilities to exceed user expectations," said research author Dominique Tetnowski. "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."
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