NEW YORK—Banking as a service (BaaS) is on track to become a big business very soon, a new report asserts.
BaaS is the provision of banking products to non-bank third parties through APIs.
“To put some dollar signs on it: as estimated by Finastra, BaaS will represent a $7 trillion opportunity by 2030,” Pymnts.com said, adding the forecast should not be surprising.
“The seeds were sown during the pandemic, where despite the gradual emergence nowadays of in-person commerce and banking, consumers have permanently altered their expectations of how to conduct their financial lives,” Pymnts.com explained.
Consumers simply want financial services at their fingertips, Pymnts.com added.
“Living our lives financially, on platforms and through apps means more than just opening accounts and juggling checking and savings activities,” the report observes. “Now, embedded finance can help enterprises leverage customer-level data in real time to offer personalized credit and payment options to individuals and enterprises in context.”
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