Whitepaper

Future of Banking as a Service survey report 2020

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Increasing numbers of non-finance digital brands are embracing Banking as a Service (BaaS), in part due to the COVID-19 pandemic which has accelerated the digital transformation journey. There's also a huge opportunity for banks to gain customers and offer a greater range of services to existing clients. BaaS is increasingly seen as a way to complement banks’ core businesses.

This report presents the findings from a survey, conducted by Open Banking Expo and Equinix, into the behaviors of the financial services market towards BaaS. The survey brought together a broad range of views from 100 incumbent banks, neo banks, fintech, technology providers and consultants.

Highlights

  • Opportunities that BaaS can provide to get new products into the existing and future market
  • Solutions from industry leaders on how they are using BaaS to bring new products into the market
  • The impact of COVID-19 on the investment and revenues of the banking ecosystem
  • Key challenges for the banking ecosystem
BaaS platforms can be deployed quickly and efficiently to execute new business models in order to tailor financial services products to the end consumer that appeal to the industry at large. The ecosystem continues to grow in this space as competition hots up, so the need to nurture fintech partnerships and innovation has never been more important, as the survey results suggest.
-Adam Cox
Co-Founder, Open Banking Expo

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