The advancement in technology has not spared any industry including healthcare, fintech, etc. However, the mobile banking boom in Europe has been overlooked with incumbents from outside the EU enjoying a notable market share. Thanks to the existing regulatory entry barriers, these companies are being held back. With banking-as-a-service gaining traction, this issue will soon be a problem of the past.
‘Banking as a Service’ startups in Europe
Banking requirements of modern customers range from shopping, entertainment, and transport. These customers expect fintech services to be available on-demand. This has given rise to the first digital solutions that let people manage their own finances. And, this is an opportunity for European incumbents who intend to meet the expectations of modern customers.