The global fintech-as-a-service platform market is anticipated to be valued USD 232.17 billion in 2021 and USD 949 billion by 2028, with a CAGR of almost 17% between 2022 and 2028.
For the forecast period, the study explores the drivers, restraints/challenges, and impact on demand in the global fintech-as-a-service platform market. Furthermore, the paper investigates emerging potential in the fintech-as-a-service platform sector.
Overview of the Fintech-as-a-Service Platform Market
Fintech is a term used to describe the technology-driven part of the finance-related industry. It improves the customer experience by automating financial transaction processes, which results in easier end-user operations. Fintech is more commonly used than we realise since it has transformed the way financial transactions are handled. Fintech-as-a-service refers to the provision of financial technology as a service with the ultimate goal of resolving client difficulties as quickly and efficiently as feasible. Akurateco, a white-label payment gateway, for example, provides a “Cashier platform” that enables merchants from many industries to access several payment options via a single connection.
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There are numerous benefits to using fintech-as-a-service platforms. These platforms do not require any maintenance. Because this is a service platform, there is no need for the user to pay for these services. It is the vendor’s responsibility to ensure that the process runs smoothly. The services have been shown to reduce processing costs by at least 50% because users can route transactions through multiple payment service providers and choose the lowest rates from a stack of providers. Because of the increased demand for data and transactional security, many fintech-as-a-service platforms offer excellent fraud and chargeback prevention. This is one of the most important aspects of these services, which are constantly attracting customers and building a larger user database in such a short period of time.
Fintech-as-a-Service Platform Market: Growth Drivers
Growing investments in the banking sector to improve customer experience will fuel market growth.
Increased investment in the banking and finance industries to modernise and improve customer experience will fuel growth in the global fintech-as-a-service platform market. Almost all sectors have seen tremendous technological developments in today’s digital age as a result of harnessing technology’s benefits in easing operations while also giving superior company output results. Banks and other financial institutions have been operating for decades, but they have only lately undergone a technology revolution as a result of rising client demand for user-friendly service techniques.
Fintech-as-a-Service Platform Market: Segmentation
The global fintech-as-a-service platform market is segmented by technology, end-use, type, application, and geography.
In terms of technology, artificial intelligence and blockchain are the two most important worldwide market segments. Major players are rapidly utilising blockchain technology. Due to its rising adoption by large-scale organisations, blockchain technology will account for more than 28% of the global market in 2021. The benefits of blockchain are likely to fuel segmental growth during the projection period.
Examples include investment banking, retail banking, insurance, stock trading firms, hedge funds, and other end-use global market segments. Because of the large number of applications for insurance companies to handle claim processing and risk assessment, insurance accounted for more than 30% of global market revenue in 2015.
The global market segments are compliance and regulatory, KYC verification, and fraud monitoring. In 2021, compliance and regulatory support will account for 31.9% of global market revenue, driven by an increase in online customer support provided by financial institutions to improve customer service and streamline operations.
Fintech-as-a-Service Platform Market: Competitive Analysis
The global fintech-as-a-service platform market is dominated by players like Mastercard Incorporated, Rapyd Financial Network, PayPal Holdings, Inc., Solid Financial Technologies, Inc., Railsbank Technology Ltd., Block, Inc., Synctera Inc., Upstart Holdings, Inc., Envestnet, Inc., and Braintree
The global fintech-as-a-service platform market is segmented as follows:
By Technology
Artificial Intelligence
Blockchain
By End-Use
Investment Banking
Retail Banking
Insurance
Stock Trading Firms
Hedge Funds
Others
By Type
Fund Transfer
Payments
Personal Loans
Personal Finance
Others
By Application
Compliance and Regulatory Support
KYC Verification
Fraud Monitoring
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East Africa
GCC
South Africa
Rest of Middle East Africa
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