Youtap /
/
/
/
2022 – The year of Banking as a Service

2022 – The year of Banking as a Service

Youtap

Youtap

Categories

Tags

Digital banking will become the norm in 2022, with more than 200m bank customers in the US utilizing it, representing over 70% of the current eligible market.

Digital banking is the digitization of every aspect of the customers’ banking experience, from the apps they use to how they interact with the bank through self-onboarding and account creation.

Digital banking represents a massive digital disruption to the banking industry. The banking app becomes the centre of the universe for all aspects of banking, from lending, deposits, and everyday business and consumer banking to digital account creation, bill payment, and advanced banking services.

More than 25% of digital banking users in the US will have their account at a Challenger or Neobank. According to Insider Intelligence, that number will increase to more than 40% of users by 2025. These digital-only banks are powered by sophisticated digital banking platforms and apps that appeal to industry-specific sectors, e.g., millennials, Gen Z, and minority groups.

Youtap expects that 2022 will be the Banking as a Service platform year. Banks will deploy these platforms and utilize their rich APIs and third-party apps to develop applications that appeal to various industry verticals, including Agri-culture, Millennials, and those requiring diversity and specialization.

Modern banks are taking advantage of this innovative technology to remain relevant.

Leave a Reply

Recently Viewed

No data was found

Latest Articles

Youtap
7 July 2022

Open Banking Not Just A Bunch Of APIs

Traditionally, it has been difficult for consumers to share consistently and securely [sensitive] information with…

Youtap
20 June 2022

Customer-Centric Banking

As digitization changes the nature of products and services offered by the banking and financial…

Youtap
6 June 2022

Neobanks driving recovery

During the pandemic, the number of neobank entrants exploded, targeting retail and small-business with their…

Youtap
28 April 2022

BaaS and Neobanks

The rise of FinTech has not been an overnight occurrence. Instead, the banking and financial…

Youtap
10 April 2022

INNOVATIVE AGRI-TECH.

Innovation in today’s globalized economy is integral to survival. Innovation and development in key economic…

Youtap
5 April 2022

Neobanks are changing the financial landscape of Latin America

Africa's transformation to digital wallet technology and mobile money began more than a decade ago.…

Youtab Search