BaaS(Banking-as-a-Service) 시장 규모는 2024년에 8,471억 달러로 평가되며, 2024-2031년에 CAGR 32.9%로 성장하며, 2031년에는 6조 8,357억 7,000만 달러에 달할 것으로 예측됩니다.
서비스형 뱅킹(Banking as a Service, BaaS)은 은행 라이선스가 필요 없이 비은행 기업이 애플리케이션 프로그래밍 인터페이스(API)를 통해 은행 상품과 서비스를 제공할 수 있도록 하는 비즈니스 모델입니다.
이 모델을 통해 소매업체와 핀테크 기업은 결제 처리, 대출, 디지털 뱅킹과 같은 금융 서비스를 자사 플랫폼에 직접 통합하여 사용자 참여를 높이고 소비자 여정을 가속화할 수 있습니다.
서비스형 뱅킹(BaaS) 시장을 형성하는 주요 시장 역학은 다음과 같습니다.
디지털 뱅킹 도입 증가: 디지털 뱅킹으로의 빠른 전환은 BaaS 시장의 주요 촉진요인입니다. Verified Market Research에 따르면 전 세계 디지털 뱅킹 이용자 수는 2021년 27억 명에서 2024년 40억 명으로 증가할 것으로 예측됩니다. 이는 불과 3년 만에 44% 증가한 수치입니다. 편리하고 24시간 365일 접근 가능한 뱅킹 서비스에 대한 요구가 증가함에 따라 금융기관 및 비은행 조직은 BaaS 시스템을 통해 디지털 서비스 개선에 힘쓰고 있습니다.
핀테크 투자 증가: 핀테크 투자가 급증하면서 BaaS 시장의 성장을 가속화하고 있습니다. 2021년 전 세계 핀테크 자금 조달액은 915억 달러로 전년도 472억 달러에서 거의 두 배로 증가했습니다. 이러한 자금 조달의 대폭적인 증가는 더 많은 기업이 BaaS 솔루션을 통해 금융 서비스를 자사 상품에 통합할 수 있게 하여 시장 확대와 혁신을 촉진할 수 있습니다.
임베디드 금융 수요 증가: 임베디드 금융의 인기 상승은 BaaS 시장의 큰 촉진제 역할을 하고 있습니다. Lightyear Capital의 보고서에 따르면 미국 임베디드 금융 시장은 2020년 225억 달러에서 2025년 2,300억 달러로 무려 922% 증가할 것으로 예측됩니다. 이러한 급속한 발전은 금융 서비스를 자사 제품에 통합하는 비금융 기업에 의해 주도되고 있으며, BaaS 프로바이더들이 이러한 임베디드 금융 솔루션을 강화할 수 있는 새로운 가능성을 열어주고 있습니다.
주요 과제
BaaS 서비스 프로바이더의 고위험 노출: BaaS 프로바이더는 민감한 금융 정보를 다루기 때문에 사이버 공격의 표적이 되기 쉽습니다. 이러한 공격의 빈도와 교묘함이 증가함에 따라 심각한 보안 침해가 발생하여 금전적 손실과 명예훼손을 초래하고 있습니다. 기업은 새로운 서비스 통합의 이점보다 금융 거래 및 고객 데이터 보안을 우선시하므로 이러한 심각한 위험 노출은 잠재 고객이 BaaS 솔루션을 도입하는 것을 주저하게 만듭니다.
높은 도입 비용: 기업, 특히 자금력이 부족한 중소기업은 BaaS 시스템을 도입할 때 많은 비용에 직면하게 됩니다. 기술 인프라, 통합, 컴플라이언스에 필요한 초기 지출은 상당한 장애물이 될 수 있습니다. 또한 유지보수 및 업데이트에 대한 지속적인 비용이 예산에 부담이 되어 잠재적인 이점에도 불구하고 기업이 BaaS 모델로 전환하는 것을 정당화하기 어렵게 만들고 있습니다.
주요 동향 :
임베디드 금융과 임베디드 뱅킹: BaaS는 금융 서비스를 비금융 플랫폼에 원활하게 통합하는 임베디드 금융의 출현을 촉진하고 있습니다. 이를 통해 기업은 계좌, 대출, 결제 등의 금융 상품을 고객에게 직접 제공할 수 있으며, 사용자 경험을 향상시킬 수 있습니다. 특히 밀레니얼 세대와 Z세대를 중심으로 임베디드 뱅킹에 대한 소비자 수요가 증가함에 따라 BaaS의 사용은 증가할 것으로 보입니다.
은행과 핀테크의 협업: 전통적인 은행은 핀테크 기업과 협업하여 BaaS 시스템 및 API를 활용하고 있습니다. 이 관계를 통해 은행은 인프라를 업그레이드하고, 디지털 서비스를 신속하게 출시하고, 새로운 소비자층에 도달할 가능성이 있습니다. 반면 핀테크 기업은 인프라를 구축하지 않고도 규제된 뱅킹 서비스를 받을 수 있습니다. 이러한 전략적 관계는 금융 서비스 부문을 변화시키고 BaaS 시장을 발전시키고 있습니다.
규제 변화와 오픈 뱅킹 유럽의 PSD2 및 다른 국가의 유사한 노력과 같은 진화하는 규정으로 인해 은행은 API를 사용하여 시스템을 개방하도록 요구받고 있습니다. 이 개방형 뱅킹 플랫폼은 제3자 프로바이더가 소비자 데이터에 접근하여 새로운 서비스를 창출할 수 있도록 하는 BaaS의 중요한 원동력입니다. 오픈뱅킹법을 도입하는 국가가 늘어남에 따라 BaaS 시장은 계속 성장할 것이며, 아시아태평양이 가장 빠르게 성장할 가능성이 높습니다.
Banking-as-a-Service (BaaS) Market size was valued at USD 847.1 Billion in 2024 and is projected to reach USD 6835.77 Billion by 2031, growing at a CAGR of 32.9% from 2024 to 2031.
Banking-as-a-Service (BaaS) is a business model that allows non-banking companies to provide banking goods and services using application programming interfaces (APIs) without requiring a banking license.
This model enables businesses, such as retailers or fintech firms, to incorporate financial services like payment processing, loans, and digital banking directly into their platforms, thereby increasing user involvement and expediting the consumer journey.
The key market dynamics that are shaping the banking-as-a-service (BaaS) market include:
Increasing Adoption of Digital Banking: The rapid shift towards digital banking is a major driver of the BaaS market. According to Verified Market Research, the global number of digital banking users is predicted to increase to 4 billion by 2024, up from 2.7 billion in 2021. This represents a 44 percent increase in just three years. The increased need for convenient, 24/7 accessible banking services is prompting financial institutions and non-banking organizations to use BaaS systems to improve their digital offerings.
Rising Fintech Investments: The spike in fintech investments is accelerating the growth of the BaaS market. Global fintech funding increased to $91.5 billion in 2021, nearly double the previous year's record of $47.2 billion. This significant rise in funding enables more companies to integrate financial services into their goods via BaaS solutions, driving market expansion and innovation.
Growing Demand for Embedded Finance: The growing popularity of embedded finance is a major driver in the BaaS market. According to a report by Lightyear Capital, the embedded finance market in the United States is expected to rise from $22.5 billion in 2020 to $230 billion by 2025, a whopping 922% increase. This rapid development is being driven by non-financial enterprises incorporating financial services into their products, opening up new potential for BaaS providers to power these embedded finance solutions.
Key Challenges:
High-Risk Exposure for BaaS Service Providers: BaaS providers handle sensitive financial information, making them attractive targets for cyberattacks. The increasing frequency and sophistication of these assaults result in serious security breaches, causing financial losses and reputational damage. This significant risk exposure discourages potential clients from implementing BaaS solutions, as businesses prioritize the security of their financial transactions and customer data over the benefits of integrating new services.
High Cost of Adoption: Businesses, particularly small and medium-sized organizations with limited financial resources, face significant costs when implementing BaaS systems. The initial expenditure necessary for technology infrastructure, integration, and compliance presents a considerable hurdle. Furthermore, continuous costs for maintenance and updates put a burden on budgets, making it difficult for businesses to justify the switch to a BaaS model despite the potential benefits.
Key Trends:
Embedded Finance and Embedded Banking: BaaS is facilitating the emergence of embedded finance, which involves smoothly integrating financial services into non-financial platforms. This enables businesses to provide financial products such as accounts, loans, and payments directly to their clients, hence improving the user experience. As consumer demand for embedded banking rises, particularly among millennials and Generation Z, BaaS usage will increase.
Collaboration Between Banks and Fintechs: Traditional banks are working with fintech companies to exploit BaaS systems and APIs. This relationship enables banks to upgrade their infrastructure, quickly launch digital offerings, and reach new consumer segments. Fintechs, on the other hand, can obtain regulated banking services without having to construct their infrastructure. These strategic relationships are altering the financial services sector and propelling the BaaS market forward.
Regulatory Changes and Open Banking: Evolving rules, like as PSD2 in Europe and similar initiatives in other countries, require banks to open up their systems using APIs. This open banking platform is a critical enabler for BaaS since it allows third-party providers to access consumer data and create new services. As more nations implement open banking legislation, the BaaS market will continue to grow, with Asia-Pacific likely to be the fastest expanding.
Here is a more detailed regional analysis of the banking-as-a-service (BaaS) market:
Europe:
According to Verified Market Research, Europe is estimated to dominate the banking-as-a-service (BaaS) market over the forecast period. Europe's forward-thinking legislative structure, particularly the updated Payment Services Directive (PSD2), is a major driver of the regional BaaS market. According to the European Banking Authority (EBA), as of December 2020, there were 403 registered Account Information Service Providers (AISPs) and 170 Payment Initiation Service Providers (PISPs) in the European Economic Area. This legal framework has promoted open banking and financial innovation, accelerating the deployment of BaaS solutions across the continent.
Furthermore, Europe's booming fintech ecosystem is a key driver of the region's BaaS market. According to Innovate Finance, European fintech investment totaled USD 49.4 Billion in 2021, a 144% increase over 2020. The UK alone accounted for USD 11.6 Billion of this investment or a 217% yearly growth. This vibrant fintech sector has several potential for BaaS providers to collaborate with startups and major financial institutions, hence fostering innovation and market growth in the region.
North America:
North America is estimated to exhibit substantial growth within the market during the forecast period. The growing popularity of embedded finance is a major driver of the BaaS market in North America. According to a Lightyear Capital analysis, the embedded finance market in the United States alone is predicted to rise from USD 22.5 Billion in 2020 to USD 230 Billion in 2025, an astounding 922% increase. This rapid development is being driven by non-financial enterprises incorporating banking services into their products, opening up new potential for BaaS providers to power these embedded finance solutions and extend their market position in North America.
Furthermore, North America is experiencing a spike in digital banking use, which is boosting the BaaS market. According to a survey, the number of digital banking users in the United States is expected to increase to 216.8 million by 2025, from 196.8 million in 2021. This marks a 10.2% growth in only four years. The growing demand for seamless digital financial services is motivating traditional banks and fintech companies to use BaaS platforms, which is driving market growth in the region.
Asia Pacific:
The Asia Pacific region is estimated to exhibit the highest growth within the market during the forecast period. The Asia Pacific region is experiencing a spike in digital banking usage, which is fueling the growth of the BaaS market. According to McKinsey's Personal Financial Services Survey, the number of digitally active banking customers in Asia Pacific climbed from 54.5% in 2017 to 88% in 2021. In growing nations such as Indonesia, digital banking adoption increased from 58% in 2017 to 95% by 2021. This huge surge in digital banking usage provides an ideal opportunity for BaaS providers to offer novel financial solutions to a fast-rising user base.
Furthermore, the Asia Pacific region has a large unbanked and underbanked population, creating a huge opportunity for BaaS industry growth. According to the World Bank's Global Findex Database 2021, around 1 billion adults in East Asia and the Pacific lack access to banking services. In Southeast Asia alone, 70% of adults are unbanked or underbanked. This massive untapped market is prompting fintech startups and traditional banks to use BaaS platforms to access and serve these people with novel financial products and services.
The Banking-as-a-Service (BaaS) Market is segmented based on Type, Enterprise Size, End-User, and Geography.
Cloud-based
API-based
Based on Type, the market is segmented into Cloud-based and API-based. The cloud-based segment is estimated to dominate the banking-as-a-service (BaaS) market during the forecast period. The growing use of cloud technology and the benefits it provides, such as scalability, flexibility, and cost-effectiveness, are driving the expansion of the Cloud-based BaaS segment in the overall Banking-as-a-Service market.
Large Enterprises
Small and Medium Enterprises (SMEs)
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). The large enterprise segment is estimated to dominate the banking-as-a-service (BaaS) market. Large enterprises, with over a thousand people, have a broader range of company locations, a huge and devoted client base, a strong brand reputation, and the ability to fund their operations at a cheap cost of capital. Their big client base generates massive amounts of customer data, which may be processed to provide new financial services at a reduced cost and in greater volume.
Banks
Fintech Corporations
Others
Based on End-User, the market is segmented into Banks, Fintech Corporations, and Others. The bank segment is estimated to dominate the banking-as-a-service (BaaS) market due to traditional banks' increasing embrace of BaaS technologies to improve client experience, decrease operating costs, and remain competitive in the quickly changing financial services industry. Banks are using BaaS platforms to modernize their infrastructure, offer digital goods faster, and reach new consumer segments, hence driving the segment's growth.
North America
Europe
Asia Pacific
Rest of the World
Based on Geography, the Banking-as-a-Service (BaaS) Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. Europe region is estimated to dominate the market during the forecasted period due to the region's robust regulatory environment and the growing acceptance of digital banking products by both individuals and businesses. European banks are focusing on improving cost efficiency and risk management, which has resulted in increased technological expenditures and the adoption of BaaS models. As a result, many traditional banks are collaborating with fintech firms to update their offerings and enhance client experiences, strengthening Europe's position in the BaaS market.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.