New York, Aug. 08, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on ‘Global Fintech-as-a-Service Platform Market‘ for the forecast period i.e. 2022 – 2031 which includes the following factors:
- Market growth in the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Fintech-as-a-Service Platform Market size:
The global fintech-as-a-service platform market is estimated to gain significant revenue by growing at a significant CAGR over the forecast period. The market’s expansion can be attributed to the bank’s increasing investments in cutting-edge technology and innovations to improve their products and customer experiences. For example, investments in innovation were sky high, in 2019 in a pre-pandemic time; R&D grew at an exceptional rate of 9.0 percent. Fintech investment in 2019 capped at around $214 billion, slowing significantly to roughly $123 billion amid the pandemic. However, fintech investment rebounded by over $211 billion in 2021 and is expected to maintain its growth pattern. Optimistic developments in the sector are expected to contribute to further growth in the global fintech-as-a-service platform market.
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Also, expanding smartphone penetration for financial transactions and increasing consumer desire for easy access to loan services and products is expected to drive market expansion in the subsequent years.
Global Fintech-as-a-Service Platform Market: Important takeaways
- The North America region receives the largest share of revenue
- Payment segment to dominate the revenue graph
- The retail sub-segment remains prominent in the application segment
Increasing use of smartphones and growing digital investments to boost market growth
The increasing adoption of smartphones worldwide and increasing use of smartphone applications, mainly related to finance, such as mobile transactions, are estimated to boost market growth throughout the forecast period. As noticed earlier online transaction limit in India set by Reserve Bank of India was USD 2528.06 per day but looking at the popularity and demand of online transactions the limit has been revised to USD 6320.15 per day. In addition, open banking data is used by fintech services apps to quickly collect borrowers’ financial data, including their utility and bank statement data. As a result, both parties receive fairer approvals and interest rates from lenders to get a more accurate picture of their creditworthiness, and these benefits are in turn predicted to boost market growth over the forecast period.
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For example, in the US in 2019, around 91% of respondents said they used a banking app to check their account balance, and an approx. 80% said they also used it to view recent transactions, and about five percent of people used it for customer service-related tasks. In addition to this, the global fintech-as-a-service platform market is predicted to accelerate over the following years considering the increasing investment in the development of smartphone applications and the availability of easy launch and access to these applications worldwide.
In addition, government agencies from around the world are continuously encouraging businesses that offer digital financial services to improve their offerings. For example, USAID introduced a new financial initiative called “Digital Invest” in April 2022 to use private financing for Internet service providers (ISPs) and digital finance to reach historically marginalized consumer communities globally. As a result, it is predicted that there is a great potential for the global fintech-as-a-service platform market to expand during the forecast period. In addition, fintech startups are increasingly attracting funding from venture capitalists. These investments have been made to support reduced service costs, faster processing times and automating banking systems. This increasing funding to start-ups worldwide is estimated to drive the market growth during the forecast period.
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Global Fintech-as-a-Service Platform Market: Regional overview
The global fintech-as-a-service platform market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing technological development to drive growth in the Asia-Pacific region
The market in the Asia Pacific region is estimated to witness remarkable growth over the forecast period due to the region’s development of financial technology and generation of huge amounts of data. Internet traffic in the Asia-Pacific region has increased from about 25.0 Exabytes per month in 2016 to about 101.0 Exabytes per month in 2021, which is a little more than 24% increase. In addition to this, the increasing investments by the banking sectors in the development of mobile banking apps and the increasing number of smartphone users in the region are predicted to drive market growth during the forecast period.
Increasing use of smart devices to favor growth in the North America region
Moreover, the market in the North America region is estimated to hold the largest market share during the forecast period due to the increasing adoption of smart technology devices, mainly smartphones, computers, and laptops, and increasing usage of the internet in the region. It was found in one of the surveys conducted in the United States in 2018, that around 84% percent of homes had smartphones, while 78% had a desktop or laptop. Furthermore, the presence of key market players in the region and increasing collaboration between key players to bring about more technological advancements is expected to drive market growth for the fintech-as-a-service platform throughout the forecast period.
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The study incorporates YOY growth, demand and supply and forecasts for future opportunities in:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
Global Fintech-as-a-Service Platform Market, Segmentation by Service
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- Payments
- Transfer of funds
- Wealth management
- Personal loans and P2P loans
- Insurance
- Personal economy
- Second
Among these, the payment segment is estimated to have the largest market share over the forecast period. The growth can be attributed to the rise in mobile payments worldwide, which is believed to increase the use of payment apps and gateways. Online and mobile banking transactions are steadily increasing since 2021 and are expected to continue the same until 2024. In the Asia Pacific region, countries such as China and other South East Asian countries together accounted for more than 800 million online banking users. The number is expected to reach over 1.5 billion by 2025. In addition, the creative approach of many technology-based businesses to improve the goods and the increasing integration of AI technology and API in mobile-based payment services for traditional banking are both expected to encourage segment growth during the forecast period.
Global Fintech-as-a-Service Platform Market, Segmentation by application
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- Retail
- Investment Banking
- Hedge fund
- Equity trading fund
- Second
Of these, the retail banking segment is expected to hold the largest market share during the forecast period due to the rapidly increasing necessity of digital banking among users and the growing popularity of managing finances at the fingertips. It was noticed that the Industrial and Commercial Bank of China (ICBC) had an average of around 9 million daily active users on its mobile banking application during the first quarter of 2020. Apart from this, the fast growing e-commerce sector worldwide. is expected to provide lucrative opportunities for segment growth in the forecast period.
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Few of the well-known market leaders in the global fintech-as-a-service platform market profiled by Research Nester are Synctera Inc., Fafnir LLC, Rapyd Financial Network (2016) Ltd., NEO TECHNOLOGIES, FISPAN, Payward, Inc., Monzo Bank Ltd, Robinhood Markets, Inc., Stripe, Inc., Klarna Bank AB and others.
Recent Developments in the Global Fintech-as-a-Service Platform Market
- In July 2022, Rakuten Viber and Rapyd, the top global financial platform, announced a partnership. The historic agreement enables Rakuten Viber to enable safe and secure digital payments across borders directly in the Viber app, powered by Rapyd’s regulated financial services.
- In June 2022, to eliminate the need to carry real cards while shopping in store, Klarna Bank has introduced a new loyalty card feature in the Klarna app that enables customers to store and access all their physical loyalty cards as digital copies .
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