DUBLIN–(BUSINESS WIRE)–“North America Fintech-as-a-Service Market Size, Share & Industry Trends Analysis Report By Technology (Blockchain, API, Artificial Intelligence, RPA), By End Use, By Type, By Application, By Country & Growth Forecast, 2022 – 2028” report has been added ResearchAndMarkets.com’s Offering.
The North America Fintech-as-a-Service market is expected to witness a market growth of 16.3% CAGR during the forecast period (2022-2028).
Bank visits, standing in queues and dealing with bureaucracy are things of the past. Cloud computing is used to establish intelligent relationships between customers and organizations through artificial intelligence, APIs connected to voice assistants and Invisible Banks. It provides easy online transactions, which lowers expenses for all parties. Right now, this is the biggest effort in the fintech industry.
With open banking, customers give banks and other financial service providers secure access to their banks and financial information. These companies may then be able to provide them with specialized goods and services that satisfy their customers’ needs while improving data security. Companies that adopt Open Banking see the expansion of the database as positive. After all, they get information that is previously known to their competitors.
Paying with a QR code is one of the fintech industry’s big promises. A real banking device today is any mobile smartphone with a camera. The future of the banking sector is undoubtedly expected to change as a result of the trend of instant payments. Huge amounts of data can be processed using machine learning applications, and these programs can draw insightful conclusions that can increase productivity and reduce processing time.
In addition, it performs real-time trend analysis, enabling quick decision-making. Today, AI/ML is used in many financial services, from risk management and investment forecasting to fraud detection, loan approvals and AML screening. Fintech is expected to continue to be one of the defining industries due to advances in machine learning.
North America, as a result of increasing investment in blockchain technology. Numerous blockchain development projects have been started in the United States in recent years, accelerating the market’s expansion. Also, this area is home to a large number of small, medium and technology-based businesses. In addition, there has been significant progress in the integration of critical public services with BaaS solutions, which is predicted to open up new growth opportunities for the local BaaS market in the coming years.
The US market dominated the North America Fintech-as-a-Service market by country in 2021 and is expected to continue to be a dominant market until 2028; thereby achieving a market value of $165,790.7 million by 2028. Canada market is poised to grow at a CAGR of 19% during (2022 – 2028). Additionally, the Mexico market is expected to witness a CAGR of 17.9% during (2022 – 2028).
Scope of the StudyMarket Segments Covered in the Report: By Technology
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Blockchain
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API
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Artificial intelligence
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RPA
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Second
At end use
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Insurance
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Bank
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Financial loan companies
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Second
By type
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payment
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Transfer of funds
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Borrow
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Second
Upon application
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Compliance and regulatory support
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KYC verification
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Fraud monitoring
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Second
By country
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US
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Canada
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Mexico
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The rest of North America
Important market players
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PayPal Holdings, Inc.
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Mastercard, Inc.
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Upstart Network, Inc.
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Block, Inc.
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Envestnet, Inc.
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SoFi Technologies, Inc.
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Rapyd Financial Network Ltd.
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Solid Financial Technologies, Inc.
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Synctera Inc.
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Railsbank Technology Ltd. (Railsr)
Key topics covered:
Chapter 1. Market scope and methodology
Chapter 2. Market overview
Chapter 3. Competitive analysis – Global
Chapter 4. North America Fintech-as-a-Service Market by Technology
Chapter 5. North America Fintech-as-a-Service Market by End-Use
Chapter 6. North America Fintech-as-a-Service Market by Type
Chapter 7. North America Fintech-as-a-Service Market by Application
Chapter 8. North America Fintech-as-a-Service Market by Country
Chapter 9. Company profiles
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