The financial sector is evolving towards a future where Banking-as-a-Service (BaaS) holds significant importance. Total BaaS revenue is set to rise from US$11 billion in 2022 to over US$38 billion in 2027, with a projected global growth rate of 70 percent for BaaS migration in the next three years. It becomes increasingly imperative for banks to not merely adopt but lead in this transformative journey.

This paper is tailored for banks and FIs seeking to adapt and implement a BaaS strategy within their organisations. This would help banks and FIs secure market leadership and relevance in an evolving financial landscape. Outlining the pivotal role of BaaS in the financial services sector, this paper highlights the benefits of BaaS implementation which includes returns on equity, enriched cross-selling opportunities, and access to untapped revenue streams.

In navigating this dynamic landscape, strategic partnerships play a pivotal role. FIs embarking on their BaaS expedition often find value in collaborating with fintechs, such as audax, for innovation and speed to market. By harnessing the innovative technologies and approaches of partners, FIs gain a roadmap to enable them to bring new financial products and services to market faster. This approach allows FIs to seize emerging opportunities with agility and capitalise on market trends more effectively.

For more insights on unlocking the full potential of BaaS, download the full report.

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