{"id":17926,"date":"2022-01-28T10:19:36","date_gmt":"2022-01-28T09:19:36","guid":{"rendered":"https:\/\/www.intellias.com\/?p=17926"},"modified":"2024-07-22T13:13:31","modified_gmt":"2024-07-22T11:13:31","slug":"getting-started-with-marketplace-banking-a-roadmap-for-fintechs","status":"publish","type":"blog","link":"https:\/\/intellias.com\/getting-started-with-marketplace-banking-a-roadmap-for-fintechs\/","title":{"rendered":"Getting Started With Marketplace Banking: a Roadmap for Digital Banks"},"content":{"rendered":"<p>Innovation in the financial services sector is not hard to find these days: predictive analytics for fraud, an AI-driven back-office, and biometrics authentication are among <a href=\"https:\/\/intellias.com\/fintech-in-the-year-of-the-connected-customer\/\"><span style=\"font-weight: 400;\">FinTech trends for 2021<\/span><\/a>. Now, a newer trend is coming to town. It does not have as much to do with the core banking technologies, but rather with how banks can change their business models through tech integrations.<\/p>\n<p>So yes, rumor has it that the future of banking is a marketplace as one of <a href=\"https:\/\/intellias.com\/how-to-sustainably-pursue-digital-banking-innovations-front-end-office-transformations\/\"><span style=\"font-weight: 400;\">new banking technology innovations<\/span><\/a>. Is it true? We very much believe so and have some data to back this up.<\/p>\n<p><b>In this blog post, you\u2019ll learn:<\/b><\/p>\n<ul>\n<li>What is marketplace banking and how it&#8217;s related to supper apps<\/li>\n<li>What goes into building a digital banking marketplace<\/li>\n<li>A huge comparison table showing where digital banks excel (and where they don\u2019t)<\/li>\n<li>A multi-trillion dollar \u201cmissing link\u201d within the current digital banking ecosystem<\/li>\n<\/ul>\n<div><a href=\"\/new-age-in-banking-whitepaper\/\" class=\"whitepaper-banner wow fadeInUp\">\n\t\t\t<div class=\"whitepaper-banner__icon\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/09\/cover-79x81.png\" alt=\"cover-79&#215;81\" width=\"79\" height=\"81\" ><\/div>\n\t\t\t<div class=\"whitepaper-banner__info\">\n\t\t\t\t<div class=\"whitepaper-banner__info-text\">\n\t\t\t\t\t<div class=\"whitepaper-title\">NEW AGE IN BANKING WHITEPAPER<\/div>\n\t\t\t\t\t<div class=\"whitepaper-description\">How banks can switch to more profitable operating models<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<span class=\"whitepaper-btn btn-filled\"> Download now <\/span>\n\t\t\t<\/div>\n\t\t<\/a><\/div>\n<h2>What is marketplace banking?<\/h2>\n<p>The marketplace banking model is an \u201cecosystem\u201d of aggregated products and services sharing similar characteristics presented to the customer as a set of offers. It could be a set of various savings account options or custom insurance quotes.<\/p>\n<p>Some banking marketplaces go one step further and fully integrate a host of services from another provider. For instance, a wealth management platform, an accounting app, or perhaps even a taxi-hailing functionality.<\/p>\n<p>And this trend is growing stronger every day with banks like <b>Monzo<\/b>, <b>Straling<\/b>, <b>Revolut<\/b>, and others actively seeking partnership deals with other FinTechs and incumbent banks.<\/p>\n<section class=\"testimonial-wrap testimonial-wrap--simple\">\n\t\t\t<blockquote class=\"testimonial-block\">\n\t\t\t\t<div class=\"testimonial-block__content\">\n\t\t\t\t<svg class=\"quote-icon\" width=\"75\" height=\"65\" viewBox=\"0 0 75 65\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path opacity=\".3\" fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 29.7h10c2.4 0 4.4.8 6.1 2.5a8.5 8.5 0 0 1 2.5 6.2v17.4c0 2.5-.8 4.5-2.5 6.2a8.2 8.2 0 0 1-6 2.6H8.7c-2.4 0-4.4-.9-6-2.6a8.5 8.5 0 0 1-2.6-6.2v-32A23 23 0 0 1 7 7.4 23.1 23.1 0 0 1 23.2.6H26a2.8 2.8 0 0 1 2.9 3v5.7c0 .8-.3 1.5-.9 2-.5.6-1.2 1-2 1h-2.8a11 11 0 0 0-8.2 3.3c-2.2 2.3-3.3 5-3.3 8.2v1.5c0 1.2.4 2.2 1.2 3 .9 1 1.9 1.4 3 1.4Zm49.9 0c2.4 0 4.4.8 6 2.5a8.5 8.5 0 0 1 2.6 6.2v17.4c0 2.5-.9 4.5-2.5 6.2a8.2 8.2 0 0 1-6.1 2.6H48.7c-2.4 0-4.5-.9-6.1-2.6a8.5 8.5 0 0 1-2.5-6.2v-32a23 23 0 0 1 6.7-16.4A23.1 23.1 0 0 1 63 .6h2.9c.7 0 1.4.3 2 .8.6.6.8 1.3.8 2v5.9c0 .8-.2 1.5-.8 2-.6.6-1.3 1-2 1H63a11 11 0 0 0-8.1 3.3c-2.2 2.3-3.4 5-3.4 8.2v1.5c0 1.2.4 2.2 1.3 3 .8 1 1.8 1.4 3 1.4h10Z\" fill=\"url(#a)\"\/><defs><linearGradient id=\"a\" x1=\".2\" y1=\"32.6\" x2=\"74.5\" y2=\"32.6\" gradientUnits=\"userSpaceOnUse\"><stop stop-color=\"#45D6AD\"\/><stop offset=\".5\" stop-color=\"#5DB6E1\"\/><stop offset=\"1\" stop-color=\"#BC84CA\"\/><\/linearGradient><\/defs><\/svg>\n\t\t\t\t\t<p>We are building a banking experience fit for the 21st Century, where the best financial products are available securely in one place.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t<small class=\"testimonial-block__footer\">\n\t\t\t\t\n\t\t\t\t\t<span class=\"testimonial-block__author\"><span class=\"author\">Megan Caywood, <\/span> <span class=\"testimonial-block__position\">Chief Platform Officer at Starling Bank<\/span><\/span>\n\t\t\t\t<\/small>\n\t\t\t<\/blockquote>\n\t\t<\/section>\n<p>But the idea of platform-based banking on a mobile device originally arrived from the East, where the \u201cso-called\u201d BAT (Baidu, Alibaba, and Tencent) triumvirate took over the retail banking sector in one quick swipe.<\/p>\n<p><b>WeChat<\/b> is the local \u201cposter child\u201d super app, showing how a tightly-knit ecosystem of financial, social, and lifestyle services can be neatly packed into one platform.<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17948\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/app_screen.jpg\" alt=\"Getting Started With Marketplace Banking: a Roadmap for Digital Banks\" width=\"770\" height=\"450\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/app_screen.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/app_screen-300x175.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/app_screen-768x450.jpg 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/p>\n<p>Using WeChat wallet, users can pay for a range of goods and services \u2014 both online and in real life. One quick QR code swipe and you are done with the checkout. Spending money online is even easier. WeChat payments are accepted by all major e-tailers. What\u2019s even better, you often do not need to leave the app to get the thing you need.<\/p>\n<section class=\"testimonial-wrap testimonial-wrap--simple\">\n\t\t\t<blockquote class=\"testimonial-block\">\n\t\t\t\t<div class=\"testimonial-block__content\">\n\t\t\t\t<svg class=\"quote-icon\" width=\"75\" height=\"65\" viewBox=\"0 0 75 65\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path opacity=\".3\" fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 29.7h10c2.4 0 4.4.8 6.1 2.5a8.5 8.5 0 0 1 2.5 6.2v17.4c0 2.5-.8 4.5-2.5 6.2a8.2 8.2 0 0 1-6 2.6H8.7c-2.4 0-4.4-.9-6-2.6a8.5 8.5 0 0 1-2.6-6.2v-32A23 23 0 0 1 7 7.4 23.1 23.1 0 0 1 23.2.6H26a2.8 2.8 0 0 1 2.9 3v5.7c0 .8-.3 1.5-.9 2-.5.6-1.2 1-2 1h-2.8a11 11 0 0 0-8.2 3.3c-2.2 2.3-3.3 5-3.3 8.2v1.5c0 1.2.4 2.2 1.2 3 .9 1 1.9 1.4 3 1.4Zm49.9 0c2.4 0 4.4.8 6 2.5a8.5 8.5 0 0 1 2.6 6.2v17.4c0 2.5-.9 4.5-2.5 6.2a8.2 8.2 0 0 1-6.1 2.6H48.7c-2.4 0-4.5-.9-6.1-2.6a8.5 8.5 0 0 1-2.5-6.2v-32a23 23 0 0 1 6.7-16.4A23.1 23.1 0 0 1 63 .6h2.9c.7 0 1.4.3 2 .8.6.6.8 1.3.8 2v5.9c0 .8-.2 1.5-.8 2-.6.6-1.3 1-2 1H63a11 11 0 0 0-8.1 3.3c-2.2 2.3-3.4 5-3.4 8.2v1.5c0 1.2.4 2.2 1.3 3 .8 1 1.8 1.4 3 1.4h10Z\" fill=\"url(#a)\"\/><defs><linearGradient id=\"a\" x1=\".2\" y1=\"32.6\" x2=\"74.5\" y2=\"32.6\" gradientUnits=\"userSpaceOnUse\"><stop stop-color=\"#45D6AD\"\/><stop offset=\".5\" stop-color=\"#5DB6E1\"\/><stop offset=\"1\" stop-color=\"#BC84CA\"\/><\/linearGradient><\/defs><\/svg>\n\t\t\t\t\t<p>In 2018, the mobile transaction volume in China reached $41.51 trillion. That is up by more than 28 times from 5 years ago.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t<small class=\"testimonial-block__footer\">\n\t\t\t\t\n\t\t\t\t\t<span class=\"testimonial-block__author\"><span class=\"author\">The People's Bank of China (PBOC)<\/span> <\/span>\n\t\t\t\t<\/small>\n\t\t\t<\/blockquote>\n\t\t<\/section>\n<p>WeChat gives users access to <a href=\"https:\/\/techcrunch.com\/2018\/11\/07\/wechat-mini-apps-200-million-users\/\" target=\"_blank\" rel=\"noopener noreferrer\">over 1 million<\/a> of carefully curated \u201cmini-programs\u201d \u2013 merchant accounts that you can transact with such as government services providers, celebrities, travel agencies, and more. While WeChat is not a traditional financial services provider per se, it does show how a \u201cBank as a Marketplace\u201d model can thrive. So much so, that Facebook seems to be taking a very similar approach with their cryptocurrency-backed foray into the financial sector.<\/p>\n<h2>Product lessons FinTech banks should borrow from TechFins<\/h2>\n<p>After the initial phase of rapid customer growth, fostered by no-account fees, attractive mobile\/online banking UX, and a seamless onboarding experience, challenger banks are now pressured to innovate to secure more users even further.<\/p>\n<p>Their maturing customer segment is demanding additional services on-par with what traditional high street banks offer. Yet, packed into a better mobile \u201cwrapper\u201d and at a lower cost.<\/p>\n<p>New product features and services can be \u201ccooked\u201d in-house. But should they when it\u2019s becoming easier to integrate partners into your ecosystem instead of developing additional proprietary products?<\/p>\n<p>Not really. Most customers will choose the \u201clowest-priced, most-trusted\u201d option when it comes to commodity products such as credit cards, savings accounts, and general insurance. They do not care about the \u201cbrand\u201d as much.<\/p>\n<p>And that\u2019s exactly the type of offers you can add to your digital banking ecosystem through partnership deals and third-party APIs. And with the arrival of Open Banking and PSD2, doing so would be even easier in terms of technology and compliance.<\/p>\n<div><a href=\"https:\/\/intellias.com\/payments\/\" class=\"cta-wrap \">\n                    <div class=\"left-col\">\n                        <p class=\"cta-title\">Learn how the PSD2 directive is shaping the future of banking<\/p>\n                        <div class=\"cta-block__content\">\n                            <div class=\"description\"><\/div>\n                        <\/div>\n                    <\/div>\n                     <span class=\"btn-filled\">Read more<\/span>\n\t\t        <\/a><\/div>\n<h2>How to develop marketplace banking<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17927\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/scheme.jpg\" alt=\"Getting Started With Marketplace Banking: a Roadmap for Digital Banks\" width=\"770\" height=\"450\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/scheme.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/scheme-300x175.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/scheme-768x450.jpg 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/p>\n<p>The majority of FinTech startups already have a solid base \u2013 the core financial app \u2013 that is doing its job and fulfills all the basic financial customers\u2019 needs.<\/p>\n<p>The most progressive players are now shifting their attention towards delivering even more value to customers with <a href=\"https:\/\/intellias.com\/how-to-sustainably-pursue-digital-banking-innovations-front-end-office-transformations\/\"><span style=\"font-weight: 400;\">digital banking innovations<\/span><\/a>. And they are choosing to \u201coutsource\u201d more resource-heavy aspects of service delivery such as KYC, identity management, or regulatory compliance for new types of financial products to third parties.<\/p>\n<p>Indeed, it makes perfect sense to build a marketplace bank if your goal is to deliver a more diverse product portfolio to customers for an affordable price and fast enough. By choosing the route of integrations, your team does not need to create a new infrastructure to support a certain offering. Instead, they can focus on devising additional value from the influx of customer data.<\/p>\n<p>For customers, the appeal of platform banking is enormous too. Instead of being limited to a few selected products, they will be able to shop around in the digital banking \u201capp store\u201d and personalize their banking experience up to their needs \u2014 something the majority of consumers desperately lack.<\/p>\n<section class=\"testimonial-wrap testimonial-wrap--simple\">\n\t\t\t<blockquote class=\"testimonial-block\">\n\t\t\t\t<div class=\"testimonial-block__content\">\n\t\t\t\t<svg class=\"quote-icon\" width=\"75\" height=\"65\" viewBox=\"0 0 75 65\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path opacity=\".3\" fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 29.7h10c2.4 0 4.4.8 6.1 2.5a8.5 8.5 0 0 1 2.5 6.2v17.4c0 2.5-.8 4.5-2.5 6.2a8.2 8.2 0 0 1-6 2.6H8.7c-2.4 0-4.4-.9-6-2.6a8.5 8.5 0 0 1-2.6-6.2v-32A23 23 0 0 1 7 7.4 23.1 23.1 0 0 1 23.2.6H26a2.8 2.8 0 0 1 2.9 3v5.7c0 .8-.3 1.5-.9 2-.5.6-1.2 1-2 1h-2.8a11 11 0 0 0-8.2 3.3c-2.2 2.3-3.3 5-3.3 8.2v1.5c0 1.2.4 2.2 1.2 3 .9 1 1.9 1.4 3 1.4Zm49.9 0c2.4 0 4.4.8 6 2.5a8.5 8.5 0 0 1 2.6 6.2v17.4c0 2.5-.9 4.5-2.5 6.2a8.2 8.2 0 0 1-6.1 2.6H48.7c-2.4 0-4.5-.9-6.1-2.6a8.5 8.5 0 0 1-2.5-6.2v-32a23 23 0 0 1 6.7-16.4A23.1 23.1 0 0 1 63 .6h2.9c.7 0 1.4.3 2 .8.6.6.8 1.3.8 2v5.9c0 .8-.2 1.5-.8 2-.6.6-1.3 1-2 1H63a11 11 0 0 0-8.1 3.3c-2.2 2.3-3.4 5-3.4 8.2v1.5c0 1.2.4 2.2 1.3 3 .8 1 1.8 1.4 3 1.4h10Z\" fill=\"url(#a)\"\/><defs><linearGradient id=\"a\" x1=\".2\" y1=\"32.6\" x2=\"74.5\" y2=\"32.6\" gradientUnits=\"userSpaceOnUse\"><stop stop-color=\"#45D6AD\"\/><stop offset=\".5\" stop-color=\"#5DB6E1\"\/><stop offset=\"1\" stop-color=\"#BC84CA\"\/><\/linearGradient><\/defs><\/svg>\n\t\t\t\t\t<p>85% of consumers name personalization as an important prerequisite for deepening their relationships with a bank.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t<small class=\"testimonial-block__footer\">\n\t\t\t\t\n\t\t\t\t\t<span class=\"testimonial-block__author\"><span class=\"author\">The Financial Brand<\/span> <\/span>\n\t\t\t\t<\/small>\n\t\t\t<\/blockquote>\n\t\t<\/section>\n<p>The best part? Your digital bank can expand beyond offering just financial services and become more of a one-stop-shop lifestyle product, covering all the users\u2019 at the moment and long-term needs ranging from ordering a quick bite to saving up for a house and securing the best mortgage rate possible.<\/p>\n<p>To get to this point, however, digital banks will need to do several things:<\/p>\n<ul>\n<li><b>Increase the level of process automation:<\/b> Digitizing low-value manual operations and processes is the first condition for delivering bank capabilities through APIs.<\/li>\n<li><b><a href=\"https:\/\/intellias.com\/the-decisive-role-of-microservices-in-modern-software-development\/\">Switch to microservices architecture<\/a><\/b> (unless already established) to enable seamless API communication between different application layers as well as with external vendors.<\/li>\n<li><b>Deploy Open APIs<\/b> to enable integration with third parties.<\/li>\n<li><b>Build a continuous customer feedback loop with rapid prototyping and MVPs<\/b> to rapidly test new ideas and understand which offers are working, which ones aren\u2019t.<\/li>\n<li><b>Explore different integrations and partnership offers<\/b> to keep in line with consumer demands and build up an ecosystem of value-added services.<\/li>\n<\/ul>\n<p>The challenge for FinTech banks now is to decide which \u201cgoods\u201d to curate at their marketplace.<\/p>\n<p>Below is a comparison chart showing which integrations the top banks are pursuing, along with some under-the-radar product development opportunities.<\/p>\n<h2>Banking marketplace comparison: what other digital banks are up to<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17929\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table1.jpg\" alt=\"Getting Started With Marketplace Banking: a Roadmap for Digital Banks\" width=\"770\" height=\"721\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table1.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table1-300x281.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table1-768x719.jpg 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17931\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2.jpg\" alt=\"Getting Started With Marketplace Banking: a Roadmap for Digital Banks\" width=\"770\" height=\"774\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2-150x150.jpg 150w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2-298x300.jpg 298w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2-768x772.jpg 768w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2-60x60.jpg 60w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2-70x70.jpg 70w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2-90x90.jpg 90w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table2-148x148.jpg 148w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17933\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table3.jpg\" alt=\"Getting Started With Marketplace Banking: a Roadmap for Digital Banks\" width=\"770\" height=\"446\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table3.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table3-300x174.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table3-768x446.jpg 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17935\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table4.jpg\" alt=\"Getting Started With Marketplace Banking: a Roadmap for Digital Banks\" width=\"770\" height=\"515\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table4.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table4-300x201.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table4-768x515.jpg 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17937\" src=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table5.jpg\" alt=\"Getting Started With Marketplace Banking: a Roadmap for Digital Banks\" width=\"770\" height=\"495\" srcset=\"https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table5.jpg 770w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table5-300x193.jpg 300w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table5-768x495.jpg 768w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table5-140x90.jpg 140w, https:\/\/intellias.com\/wp-content\/uploads\/2019\/07\/compare-table5-310x200.jpg 310w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/p>\n<h2>The missing links in the digital banking marketplaces<\/h2>\n<p>As the chart indicates, most banks chose to concentrate their efforts on expanding their portfolio of financial services. Some are also venturing into the utility, insurance, and travel sectors. Yet, very few players are expanding beyond those areas \u2013 into the general lifestyle field.<\/p>\n<p>And it&#8217;s a shame because this domain actually promises some massive rewards. Customers can definitely benefit from an added-value offered by their all-inclusive bank \u2013 grocery delivery organized regularly, travel insurance available, or a seamless in-app sign-in for a new gym.<\/p>\n<p>Just consider the following data:<\/p>\n<ul>\n<li>Globally, the market for food delivery stands at <a href=\"https:\/\/www.mckinsey.com\/industries\/high-tech\/our-insights\/the-changing-market-for-food-delivery\" target=\"_blank\" rel=\"noopener noreferrer\">\u20ac83 billion<\/a>.<\/li>\n<li>The global travel booking market is expected to <a href=\"https:\/\/www.globenewswire.com\/news-release\/2018\/12\/26\/1678253\/0\/en\/Global-Online-Travel-Booking-Market-Will-Reach-USD-1-955-Billion-By-2026-Zion-Market-Research.html\" target=\"_blank\" rel=\"noopener noreferrer\">reach $1,955 billion<\/a> by 2024.<\/li>\n<li>Wellness is now a <a href=\"https:\/\/globalwellnessinstitute.org\/press-room\/press-releases\/wellness-now-a-4-2-trillion-global-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\">$4.2 trillion<\/a> global industry.<\/li>\n<\/ul>\n<p>Your customers are already spending money on all those types of services. Enabling them to do so via your banking app means extra convenience for them, and an extra revenue stream for your business.<\/p>\n<p>When you think of the current unicorn companies, you\u2019ll find plenty of digital marketplaces on the list such as Airbnb, Uber, Coursera, and others. These companies did not revolutionize the industry with a brand new product per se. They capitalized on the \u201cadded value\u201d obtained from offering a better way of connecting consumers with services providers.<\/p>\n<p>As a digital bank, you can pursue a similar route \u2014 drive more value from offering your clients a better way to pick and choose the services they need.<\/p>\n<hr \/>\n<p><em>Intellias has been a trusted software development partner for several FinTech players, pursuing the route of platformization. <a href=\"https:\/\/intellias.com\/contact\/\">Contact us<\/a> to learn more about how we can help you transform your digital bank into a marketplace.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FinTech banks, learn what exactly goes into adopting Banking as a Marketplace business model, and why it\u2019s the best route for product development.  <\/p>\n","protected":false},"author":15,"featured_media":58937,"template":"","class_list":["post-17926","blog","type-blog","status-publish","has-post-thumbnail","hentry","blog-category-financial-services-and-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v23.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Getting Started With Marketplace Banking: a Roadmap<\/title>\n<meta name=\"description\" content=\"Learn why \u201cBanking as a Marketplace\u201d is the best route for product development.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/intellias.com\/getting-started-with-marketplace-banking-a-roadmap-for-fintechs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Getting Started With 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