Banking-as-a-Service to Bring Agility and Flexibility to Financial Services, Forecast to 2023

Banking-as-a-Service to Bring Agility and Flexibility to Financial Services, Forecast to 2023

Open Banking Becomes a Key Influencer of Customer Satisfaction and Retention

RELEASE DATE
11-Jul-2017
REGION
North America
Research Code: MD41-01-00-00-00
SKU: IT03399-NA-MR_20343
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Description

Financial services industry has been remarkably disrupted by innovative technologies and new business models to-date. Customers are demanding more customer centric, digital solutions from banks as they are becoming more digitally aware of solutions that are being offered by companies outside financial services. The pace of innovation is rapid in financial services, and traditional banks and startups are gearing up for taking banking to the next level by making their databases open to third-party service providers that can build applications using a bank’s data. Some fintech startup companies such as SolarisBank and Fidor have launched core banking platforms, enabling plug-and-play model for a bank to operate with. These platforms give opportunities for banks to launch APIs at a quick and a rampant pace. This study aims to put in perspective the existing trends for Banking-as-a-Service (BaaS) in financial services globally. The analysis will include the current challenges for adopting BaaS, drivers for the adoption of BaaS within financial services. This study also provides an insight on all the APIs that are currently being provided in banking and their workflows.

The analysis will include current challenges for adoption, a well-defined API workflow, and impact of BaaS on banking. This report also covers the top drivers and restraints that determine the adoption of BaaS. This report has a pictorial representation of the companies providing APIs and banking platforms.

Key Questions this Study will Answer

•     What is BaaS?
•     What are APIs?
•     What are the current APIs that are available in the market currently?
•     Who provide APIs?
•     What is open banking?
•     What are the challenges that impact the adoption of open banking?
•     What are the drivers for the adoption of APIs?
•     What are the top areas in banking that would get the best benefits from the adoption of APIs?
•     How does BaaS impact the services and products that are provided by the financial organizations?
•     How are APIs being used in payments?
•     How are APIs being used in foreign exchange?
•     How are APIs being used in remittances?
•     How are APIs being used in accounting?
•     How are APIs being used in authentication?
•     How are APIs being used in billing?
•     How are APIs being used in B2B payments?
•     How are APIs being used in cryptocurrencies?
•     What are banking platforms?
•     What are the next steps that banks must ensure to take for a successful BaaS implementation?
•     What are the growth opportunities for banks by adopting BaaS?

RESEARCH: INFOGRAPHIC

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Table of Contents

Key Findings

Research Scope

Definitions

Current Services and Products Offered by the Banks

Banking Industry Snapshot—Key Challenges

What is BaaS?

API (Application Programming Interfaces)—Enabler of BaaS

APIs in Banking

APIs in Banking Landscape

Payment Processing API Case Study—Dwolla

Trading API Case Study—Zerodha

Remittance API Case Study—PayCommerce

Accounting API Case Study—Xero

Authentication API Case Study—Authy

Billing API Case Study—GoCardless

Lending API Case Study—Kiva

Payment Acceptance API Case Study—iZettle

B2B Payments API Case Study—Gini

Bitcoin Payments API Case Study—BlockCypher

Banking Platforms—Enabler of BaaS

Banking Platforms—The Bancorp

Banking Platform—fidorOS

Banking Platform—solarisBank

BaaS—Open Banking Trends are Strategic Investments

BaaS—Technology Trends are Strategic Investments

TI Matrix—BaaS Global

Challenger Bank API Case Study—Monzo

Key API Partnerships among Fintech Companies

Regional Trends for Open Banking

Payment Services Directive 2 in the European Union

BaaS API Forecasting

Drivers

Restraints

Braintree

OANDA

Currency Cloud

Intuit

Gemalto

Finexra

BOKU

Invoicera

Coinbase

Growth Opportunity 1—Fintech Partnerships

Growth Opportunity 2—New Age Digital Bank Partnerships

Growth Opportunity 3—eCommerce Partnership

Baas Adoption Stages—Strategic Imperatives for Success and Growth

The Last Word—3 Big Predictions

Legal Disclaimer

List of Figures
  • BaaS: Research Scope, Global, 2017–2023
  • BaaS: Services & Products being Offered by the Banks, Global, 2017
  • BaaS: Key Challenges in Banking, Global, 2017
  • BaaS: What is Baas, Global, 2017
  • BaaS: API-Enabler of BaaS, Global, 2017
  • BaaS: APIs in Banking, Global, 2017
  • BaaS: APIs in Banking Landscape, Global, 2017
  • BaaS: Payment Processing API Case Study—Dwolla, Global, 2017
  • BaaS: Trading API Case Study—Zerodha, Global, 2017
  • BaaS: Remittance API Case Study—PayCommerce, Global, 2017
  • BaaS: Accounting API Case Study—Xero, Global, 2017
  • BaaS: Authentication API Case Study—Authy, Global, 2017
  • BaaS: Authentication API Case Study—GoCardless, Global, 2017
  • BaaS: Authentication API Case Study—Kiva, Global, 2017
  • BaaS: Payment Acceptance API Case Study—iZettle, Global, 2017
  • BaaS: B2B Payments API Case Study—Gini, Global, 2017
  • BaaS: Bitcoin Payments API Case Study—BlockCypher, Global, 2017
  • BaaS: Banking Platforms, Global, 2017
  • BaaS: Banking Platforms—The Bancorp, Global, 2017
  • BaaS: Banking Platforms—fidorOS, Global, 2017
  • BaaS: Banking Platforms—solarisBank, Global, 2017
  • BaaS: Banks* Open Banking Initiatives and Investments, Global, 2015–2017
  • BaaS: Banks* Open Banking Initiatives and Investments, Global, 2015–2017
  • BaaS: Banks* Open Banking Initiatives and Investments, Global, 2015–2017
  • BaaS : Challenger Bank API Case Study—Monzo, Global, 2015–2017
  • BaaS: Key API Partnerships among Fintech Companies, Global, 2015–2017
  • BaaS: Regional Trends for Open Banking, Global, 2015–2017
  • BaaS: PSD2 in the European Union, Global, 2017
  • BaaS: Drivers, Global, 2017–2023
  • BaaS: Restraints, Global, 2017–2023
  • BaaS: Braintree, Global, 2017
  • BaaS: OANDA, Global, 2017
  • BaaS: Currency Cloud, Global, 2017
  • BaaS: Intuit, Global, 2017
  • BaaS: Gemalto, Global, 2017
  • BaaS: Finexra, Global, 2017
  • BaaS: BOKU, Global, 2017
  • BaaS: Invoicera, Global, 2017
  • BaaS: Coinbase, Global, 2017
  • BaaS: BaaS Adoption Stages Strategic Imperatives for Growth, Global, 2017
List of Charts
  • BaaS: Banks* TI Matrix, Global, 2017
  • BaaS: API Forecasting, Global, 2017
Related Research
Financial services industry has been remarkably disrupted by innovative technologies and new business models to-date. Customers are demanding more customer centric, digital solutions from banks as they are becoming more digitally aware of solutions that are being offered by companies outside financial services. The pace of innovation is rapid in financial services, and traditional banks and startups are gearing up for taking banking to the next level by making their databases open to third-party service providers that can build applications using a bank’s data. Some fintech startup companies such as SolarisBank and Fidor have launched core banking platforms, enabling plug-and-play model for a bank to operate with. These platforms give opportunities for banks to launch APIs at a quick and a rampant pace. This study aims to put in perspective the existing trends for Banking-as-a-Service (BaaS) in financial services globally. The analysis will include the current challenges for adopting BaaS, drivers for the adoption of BaaS within financial services. This study also provides an insight on all the APIs that are currently being provided in banking and their workflows. The analysis will include current challenges for adoption, a well-defined API workflow, and impact of BaaS on banking. This report also covers the top drivers and restraints that determine the adoption of BaaS. This report has a pictorial representation of the companies providing APIs and banking platforms. Key Questions this Study will Answer • What is BaaS? • What are APIs? • What are the current APIs that are available in the market currently? • Who provide APIs? • What is open banking? • What are the challenges that impact the adoption of open banking? • What are the drivers for the adoption of APIs? • What are the top areas in banking that would get the best benefits from the adoption of APIs? • How does BaaS impact the services and products that are provided by the financial organizatio
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Table of Contents | Executive Summary~ || Key Findings~ | Scope and Definition~ || Research Scope~ || Definitions~ | Banking Industry Overview~ || Current Services and Products Offered by the Banks~ || Banking Industry Snapshot—Key Challenges~ | Introduction to BaaS~ || What is BaaS?~ || API (Application Programming Interfaces)—Enabler of BaaS~ || APIs in Banking~ || APIs in Banking Landscape~ || Payment Processing API Case Study—Dwolla~ || Trading API Case Study—Zerodha~ || Remittance API Case Study—PayCommerce~ || Accounting API Case Study—Xero~ || Authentication API Case Study—Authy~ || Billing API Case Study—GoCardless~ || Lending API Case Study—Kiva~ || Payment Acceptance API Case Study—iZettle~ || B2B Payments API Case Study—Gini~ || Bitcoin Payments API Case Study—BlockCypher~ || Banking Platforms—Enabler of BaaS~ || Banking Platforms—The Bancorp~ || Banking Platform—fidorOS~ || Banking Platform—solarisBank~ | BaaS Trends~ || BaaS—Open Banking Trends are Strategic Investments~ || BaaS—Technology Trends are Strategic Investments~ || TI Matrix—BaaS Global~ || Challenger Bank API Case Study—Monzo~ || Key API Partnerships among Fintech Companies~ || Regional Trends for Open Banking~ || Payment Services Directive 2 in the European Union~ || BaaS API Forecasting~ | Drivers & Restraints~ || Drivers~ || Restraints~ | Key API Companies—Global~ || Braintree~ || OANDA~ || Currency Cloud~ || Intuit~ || Gemalto~ || Finexra~ || BOKU~ || Invoicera~ || Coinbase~ | Growth Opportunities and Companies to Action~ || Growth Opportunity 1—Fintech Partnerships~ || Growth Opportunity 2—New Age Digital Bank Partnerships~ || Growth Opportunity 3—eCommerce Partnership~ || Baas Adoption Stages—Strategic Imperatives for Success and Growth~ | The Last Word~ || The Last Word—3 Big Predictions~ || Legal Disclaimer~ | The Frost & Sullivan Story~
List of Charts and Figures BaaS: Research Scope, Global, 2017–2023~ BaaS: Services & Products being Offered by the Banks, Global, 2017~ BaaS: Key Challenges in Banking, Global, 2017~ BaaS: What is Baas, Global, 2017~ BaaS: API-Enabler of BaaS, Global, 2017~ BaaS: APIs in Banking, Global, 2017~ BaaS: APIs in Banking Landscape, Global, 2017~ BaaS: Payment Processing API Case Study—Dwolla, Global, 2017~ BaaS: Trading API Case Study—Zerodha, Global, 2017~ BaaS: Remittance API Case Study—PayCommerce, Global, 2017~ BaaS: Accounting API Case Study—Xero, Global, 2017~ BaaS: Authentication API Case Study—Authy, Global, 2017~ BaaS: Authentication API Case Study—GoCardless, Global, 2017~ BaaS: Authentication API Case Study—Kiva, Global, 2017~ BaaS: Payment Acceptance API Case Study—iZettle, Global, 2017~ BaaS: B2B Payments API Case Study—Gini, Global, 2017~ BaaS: Bitcoin Payments API Case Study—BlockCypher, Global, 2017~ BaaS: Banking Platforms, Global, 2017~ BaaS: Banking Platforms—The Bancorp, Global, 2017~ BaaS: Banking Platforms—fidorOS, Global, 2017~ BaaS: Banking Platforms—solarisBank, Global, 2017~ BaaS: Banks* Open Banking Initiatives and Investments, Global, 2015–2017~ BaaS: Banks* Open Banking Initiatives and Investments, Global, 2015–2017~ BaaS: Banks* Open Banking Initiatives and Investments, Global, 2015–2017~ BaaS : Challenger Bank API Case Study—Monzo, Global, 2015–2017~ BaaS: Key API Partnerships among Fintech Companies, Global, 2015–2017~ BaaS: Regional Trends for Open Banking, Global, 2015–2017~ BaaS: PSD2 in the European Union, Global, 2017~ BaaS: Drivers, Global, 2017–2023~ BaaS: Restraints, Global, 2017–2023~ BaaS: Braintree, Global, 2017~ BaaS: OANDA, Global, 2017~ BaaS: Currency Cloud, Global, 2017~ BaaS: Intuit, Global, 2017~ BaaS: Gemalto, Global, 2017~ BaaS: Finexra, Global, 2017~ BaaS: BOKU, Global, 2017~ BaaS: Invoicera, Global, 2017~ BaaS: Coinbase, Global, 2017~ BaaS: BaaS Adoption Stages Strategic Imperatives for Growth, Global, 2017~| BaaS: Banks* TI Matrix, Global, 2017~ BaaS: API Forecasting, Global, 2017~
Author Dhanvin Sudarsan
Industries Information Technology
WIP Number MD41-01-00-00-00
Is Prebook No