Banking as a service will be ‘mainstream’ in 2024

Along with chatbots, social messaging payment apps and the public cloud, this is one of the technologies with the potential to transform the banking sector.

banking as a service makes its way around the world. According to Gartner forecasts, its adoption will reach a widespread level in just two years. In other words, the phenomenon of BaaS (acronym for Banking-as-a-Service) will be mainstream in 2024.

It is a set of functions that allow the implementation of new business models through fintechsneobanks or traditional banks, a whole series of participants in the banking market that are moving towards collaborative models to expand their products and improve the customer experience.

Gartner believes that 3 out of 10 banks with more than 1 billion dollars in assets they will have launched BaaS in about twenty-four months to get new incomealthough half will not meet expectations.

BaaS is, together with the chatbotsocial messaging payment applications and the public cloud, one of the four technologies what analysts see with the potential to drive transformation in the sector banking.

“Technological innovations like these”, Explain Gartner’s Jeff Casey “are driving banks and non-bank competitor activity, influencing customer demand for products and services, and shaping the actions of regulators globally.”

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