Insider Intelligence Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification. Retail banks are making inroads in the Banking-as-a-Service (BaaS) space. Many US execs working at financial services, fintech, and technology companies believe BaaS has the potential to transform payments. Technology geared toward improving retail banks' operational efficiency is positively impacting the market. According to Insider Intelligence, 39% of retail banking executives say that reducing costs is where technology has the greatest impact, compared to only 24% who say it's improving customer experience. Retail banks are also launching platforms in the Banking-as-a-Service (BaaS) space to remain competitive. For example, UK neobank Starling used to exclusively offer business-to-consumer (B2C) retail banking services; but, after launching a BaaS platform, Starling diversified its product and revenue streams, helping it remain relevant in the neobank space.