Report Overview

Juniper Research’s first Banking-as-a-Platform (BaaP) report provides in-depth analysis and evaluation of how financial institutions are reimagining their business operating model by creating a BaaP ecosystem alongside third-party providers.  The research delivers critical insights on how BaaP will grow over the forecast period, by conducting three in-depth case studies that reflect the perspective of different stakeholders in BaaP such as incumbent banks, digital banks and API distributors alongside their future prospects. It provides an evaluation of the development of BaaP across 60 different key countries of interest. The study also contains a segment analysis which identifies the current status and influence of various verticals within the BaaP market, such as SMEs, large enterprises, traditional banks, neobanks and consumers.

This research delivers incisive analysis of the BaaP market landscape; looking at evolving Open Banking regulations for 5 Key regions; key challenges faced by the current market status alongside strategic recommendations highlighted by Juniper Research. This is followed by an in-depth analysis of what makes BaaP such a high performing and successful model and how it can increase transparency and longevity for incumbent banks. Furthermore, the research includes an assessment on the breadth of offerings from various segments which have demonstrated to be successful.  This includes payments, wealth management and trading, embedded insurance, lifestyle, cryptocurrency, foreign exchange and more. Finally, this research also features a comprehensive forecast suite; encompassing the growth of BaaP services and the projected revenue for each segment. We have split BaaP revenue streams by business account and current account offerings; looking at interlinked areas such as:
  • Accounting services
  • HR & Legal services
  • Insurance
  • Loyalty schemes
  • Mortgage services
  • Payments services
  • Pension services
  • Wealth Management & Savings
The research suite comprises:
  • Market Trends, Forecasts & Strategies (PDF & Excel)
  • 12 Months' Access to harvest Online Data Platform
Key Market Statistics
Market Size in 2023: $4bn
Market Size in 2028: $49bn
2023 to 2028 Market Growth: 1125%
Buy Full Research Suite - Immediate access to all the above only £2990.


Key Features

  • Market Dynamics: Insights into key trends and market expansion challenges within the development of the Banking-as-a-Platform model; how third-party partnerships that offer services such as payments and embedded insurance are being offered to BaaP solutions that help banks provide a personalised financial services tailored to each customer. Insights on the different offerings provided by banking platforms and how these are deployed.
  • Key Takeaways & Strategic Recommendations: Key opportunities for those found in digital banking market landscape; making for an important read for key stakeholders.
  • Segment Analysis: The study also contains a segment analysis which identifies the current status and influence of various verticals within the BaaP market, such as SMEs, large enterprises, traditional banks, neobanks and consumers.
  • Benchmark Industry Forecasts: 5-year forecasts for the total revenue of BaaP, revenue for current account services and business account services.  These are segmented across 10 different segments such as payments, embedded insurance, loyalty schemes, accounting services, pensions and more. The data is also split by our 8 key forecast regions and 60 countries:
    • North America:
      • Canada, US
    • Latin America:
      • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
    • West Europe:
      • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
    • Central & East Europe:
      • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
    • Far East & China:
      • China, Hong Kong, Japan, South Korea
    • Indian Subcontinent:
      • Bangladesh, India, Nepal, Pakistan
    • Rest of Asia Pacific:
      • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
    • Africa & Middle East:
      • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

Key Questions Answered

  1. What will the Global BaaP Revenue be by 2028?
  2. What is banking-as-a-platform?
  3. What is the difference between banking-as-a-service and platform-as-a-service?
  4. What are the benefits of banking-as-a-platform?
  5. What is a banking marketplace and what do they offer?

Companies Referenced

Case Studied: Apiture, Starling, Wells Fargo
Mentioned: Anorak, Bionic, BrightHR, CreditLadder, CyberSmart, Deliveroo, Envestnet Yodlee, Equipsme, Eurostar, Fidor, FreeAgent, Google, Habito, Hello Fresh, ILGA-Europe, Kate Spade, Live Oak Bank, Macmillan Cancer Support, Monese, Monzo, N26, Nike, Nimbla, North Face, Octopus Energy, OVO Energy, Penfold, PensionBee, Qover, QuickBooks, Revolut, Save the Children, Slack, Sparqa Legal, SumUp, Tail, Tandem, Uber, Wealthify, XBOX, Xero, Zettle.

Data & Interactive Forecast

Juniper Research’s forecast suite provides industry benchmark forecasts for the BaaP market includes:
  • Forecasts split by consumer vs business services, as well as transactions volume for payments and third party offerings from financial services including:
    • Accounting services
    • HR & Legal services
    • Insurance
    • Loyalty schemes
    • Mortgage services
    • Payments services
    • Pension services
    • Wealth Management & Savings
  • Interactive scenario tool allowing users to manipulate Juniper Research’s data for 5 different metrics.
  • Access to the full set of forecast data of 113 tables and more than 46,890 datapoints.
Geographical splits: 60 countries

harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart – using the comparison tool. Empower your business with our market intelligence centre, and receive alerts whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a client’s ability to both understand a particular market and to integrate their own views into the model.


Forecast Summary

Global revenue from BaaP (Banking-as-a-Platform) services will increase to $49 billion globally in 2028, from $4 billion in 2023.
  • BaaP can help traditional banks regain their competitive edge against neobanks. Through collaboration with innovative vendors, banks can offer new services from partners, including embedded insurance, lifestyle offers with leading brands, or access to HR services for small businesses.
  • Banks can utilise partnerships with industry leaders to build upon their core banking model; helping them compete with fintechs by offering more user-friendly services. Compared with traditional acquisitions, BaaP partnerships are highly flexible and can be easier to integrate, as banks transition to API-focused models. By offering a wide range of services via BaaP, banks can gain a competitive edge without having to stray from their core business.
  • Banking marketplaces are the most effective way for banks to adapt to the digital age; helping them create financial services ecosystems that offer personalised customer experiences, without developing services themselves. For example, Revolut has extensively expanded its lifestyle offerings in-app; creating its own ecosystem of services, without taking on the costs traditional banks have faced in expanding services. In turn, customers benefit from innovative solutions that are tailored to their needs; increasing satisfaction and improving the stickiness of their banking relationships.
  • Banks must evaluate which services are core, and which services can be replaced by working with innovative third parties; enabling banks to improve services being offered, while reducing costs in a difficult economic climate.



Full Research Suite

  • Market trends, strategies and forecasts report (pdf)
  • Market data & forecasts - All topic data and interactivity (xls)
  • harvest market data platform (12 months’ online access) - find out more

Click here for more information and purchase options

Aug 2023




Research Details

Juniper Research
Daniel Bedford
Fintech & Payments
8 Key Regions - includes North America, Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific and Africa & Middle East
Algeria, Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Croatia, Czech Republic, Denmark, Ecuador, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Kenya, South Korea, Kuwait, Malaysia, Mexico, Nepal, Netherlands, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, UK, Uruguay, USA, Vietnam