Bridging

Finance &
Retail
The power of Banking-as-a-Service

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 White paper | Bridging Finance & Retail

Table of contents

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03

Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04

Beyond the hype: what is banking-as-a-service (BaaS)

and embedded finance in retail? . . . . . . . . . . . . . . . . . . . . . . . . . . . 05

Ecommerce is driving growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07

Product innovation: BNPL as the poster child for

embedded finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 09

Proven revenue impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Every retailer can become a distributor of financial services. . . . 12

Case study: Transforming the customer experience. . . . . . . . . . . 14

Next steps: Starting the journey. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

About NatWest Boxed and Boston Consulting Group. . . . . . . . . . 18

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 White paper | Bridging Finance & Retail

Executive summary

Banking-as-a-service (BaaS) is reshaping the

retail industry. With developments in cloud-native
technology and product innovation converging,
retailers are increasingly offering financial services
and embedding them into customer journeys.

With a BaaS provider, we believe that any retailer

can provide financial services too- and the results
have already been significant. Retailers have
reported a ~5–12% boost in conversion rates,
~15–30% increase in average order values and
~4–7% incremental revenue growth overall.

But with an increasingly complex landscape of

products, technology, and suppliers to choose
from, retail leaders need to ensure they focus
on the right services and technology partners
to maximise the opportunity.

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Introduction
The distribution of financial services in the retail
industry is well-established. For decades, products
such as closed-loop store cards, co-branded credit
cards and point-of-sale lending have featured
prominently across categories.
In the UK, examples include credit
cards and FX options offered by leading
department stores, interest-free credit
offered by major DIY retailers, and the
fully-fledged banking units of the large
grocers. So why has demand for banking-
as-a-service (BaaS) and embedded finance
soared only in the past few years?
The growth of BaaS has been driven by
several drivers that have converged at
the right time. Cloud native platforms and
open APIs pioneered by fintechs, data-
driven personalisation capabilities in sales
and marketing, and the turbocharging
of ecommerce penetration during the
pandemic (peaked at ~36% of UK retail
sales in early 20211) have enabled a new
generation of BaaS products and services.
At the same time, the rising cost of living
has fuelled consumer demand for flexible
budgeting and credit options.
1 Edge by Ascential, 2022
2 Varies by retail segment and product
3 Oxford Economics, Bank of England
4 Future Market Insights, U.K Banking-as-a-Service (BaaS) Platform Market, 2023
5 BCG BNPL model
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These together have opened the door In just a few years, BaaS has proved
to the next generation of context-specific that it can be a significant performance
and personalised financial services. enhancer for both retailers and technology
They have also enabled attractive providers. Indeed, on its current trajectory,
revenue opportunities for retailers (4–7% it presents an opportunity that may be too
incremental growth2), supported by an good to miss. But with a broad product
expected higher ‘new normal’ interest shelf to choose from and an increasingly
rate environment.3 fragmented technology provider landscape,
retail leaders must carefully hone in on
The retail share of the UK BaaS market the right products and providers based
grew at about 13% annually (CAGR) on their customer needs and ambitions.
over 2018–2023, and in 2022 accounted
for 57% of UK BaaS market revenues.4
Over this period, buy-now-pay-later
(BNPL) became table stakes for many
retailers – and is projected to account for
about 20% of total UK ecommerce sales
by 2030 (up from 10% in 2023)5. Retailers
have also launched customised instalment
loans, white-labelled credit cards and even
savings propositions, all typically integrated
with loyalty and reward programmes to
meet rising customer expectations.
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 White paper | Bridging Finance & Retail

Beyond the hype: what is

banking-as-service (BaaS) and
embedded finance in retail?

BaaS allows retailers to partner with technology

and/or banking providers to offer financial products
and services to end-customers (e.g., BNPL, loans,
cards, deposits).

BaaS suppliers provision banking services • A

to retail clients typically through an API-
based platform, for onward distribution
to customers. This is known as a B2B2C
business model. When financial products
and services are directly integrated by
retailers into the customer journey, it is
referred to as ‘embedded finance’.
(See Exhibit 1).
BaaS providers are typically:
• A fintech or neo-bank either:
- partnering with an agency bank that
provides key enablers such as a banking
licence, underwriting, BIN sponsorship,
operations as well as strategic partners
for other key products or capabilities
like payments; or
 traditional bank with specialised
fintech units and core enablers in‑house,
but also partnering with strategic
partners for best-in-class capabilities
such as open banking.
Market leaders typically deploy modular, BaaS embeds
API-enabled platforms that provide a menu financial services
of products and capabilities for retailers
to choose from, and easy integration seamlessly into
for onward distribution to customers. customer journeys
Embedded finance may be bundled with to make them more
personalisation capabilities in sales and
marketing to seamlessly place relevant convenient and
products and offers (e.g., credit card, accessible
personal loans) at the right point in the
customer journey (e.g., on landing pages,
at the checkout).

-o
 perating independently with its own
banking licence and underwriting, but
typically still working with strategic
partners for key products or capabilities
such as operations.

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Exhibit 1: BaaS and embedded finance

How it works

BaaS provider Retailer Customers

Platform Online, mobile, in-store (B2C, B2B)

Workflow Tech platform Products BNPL Seamlessly

Lending access
Balance sheet & services financial
Cards
Operations API services

‘Banking-as-a-Service’ ‘Embedded Finance’

Business model BaaS provider receives Retailer receives incremen- Incremental

Revenue Share and tal spend and Revenue customer spend
licensing fees Share (interest, fees) at retailer

• Higher order value

• Higher conversion
• Increased repeat spend

BaaS embeds financial services seamlessly into customer journeys to make them more
convenient and accessible

“Fintech is now tagged into every single part of

the customer journey. Marketplaces are looking
at financial technology as something to enhance
their core services and proposition.”
Commercial Growth Leader
Online travel agency

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Ecommerce is
driving growth

Ecommerce has been a key enabler and driver of

BaaS growth, providing a widely adopted channel
to reach customers.

~45–50%
The relationship is illustrated by the corre­
lation between ecommerce penetration
and BaaS revenues across core retail
segments. (See Exhibit 2). This effect was year-on-year spike in
amplified by the pandemic, with a ~45–50% UK ecommerce sales
year-on-year spike in UK ecommerce growth in 2020
sales growth in 2020, and ecommerce
penetration of overall retail sales peaking
at ~36% in early 2021.6

Segments leading on ecommerce

(in addition to ecommerce-native
marketplaces) include electronics
specialists, luxury fashion, mid-market
~36%
overall retail sales peak in
fashion and home improvement stores –
all with penetration rates of higher than ecommerce penetration in
50%. Conversely, the automotive and early 2021
health & beauty segments still have a
stronger in-store channel focus and earn
lower revenues from BaaS. An outlier
to this narrative is grocery retail, which
delivers higher BaaS revenues through
bank business units, despite trailing
on ecommerce.

6 R
 ange of data sources triangulated across: ‘Internet Retail Sales’ data series, Office for National Statistics,
Edge by Ascential, Euromonitor and eMarketer 7
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In the UK, ecommerce sales growth has
been normalising, with a ~5–10% year-
on-year decline in 2022, having grown
~16–18% CAGR over the previous four
years (2019–2022).7
Exhibit 2: Ecommerce penetration drives BaaS revenue growth
Segments with higher BaaS
eCommerce revenue typically see high level
penetration of ecommerce penetration

UK ecommerce penetration of overall 100 Marketplace

retail sales was forecasted to finish at
around ~30% by the end of 2023.8 Looking
ahead, ecommerce sales growth is 80
projected to grow at a slower but steady
Travel
Travel has small BaaS market despite high
ecommerce penetration due to overall
small market size (removed from trendline)
Electronics

clip, with estimates ranging from ~4–7% 60

CAGR for 2023–2028.9 This continued Luxury Mid fashion &
fashion department stores
headroom across most retail segments Home improvement
40
remains a supportive macro trend.
Mean
Health & beauty
20
Automotive
Jewellery
Grocery

0
£0M £100M £200M £300M £400M £500M

BaaS revenue
Grocery has high BaaS revenue (from their Bank
units), despite low ecommerce pentration due to
significant market size (-30% of retail market)

Correlation between higher UK ecommerce penetration and higher UK BaaS

revenue – suggesting important of ecommerce-focused sub-segments

Source: UK Office for National Statistics (ONS) (2022); Edge by Ascential, 2022; Statista (2022); CarGurus (2022), Bloomberg
(FMI) BaaS market study; BCG experience

7, 8, 9 Ibid. 8
 White paper | Bridging Finance & Retail

Product innovation: BNPL as the

poster child for embedded finance

Buy-now-pay-later (BNPL) has dominated the

embedded finance universe, with an interest-free
instalment model that enables users to budget and
gain control of their payments.

27 %
Popularised initially in the fashion segment repayments estimated to be via credit
but now spreading across the retail card12). However, we expect there to be
industry, about 27% of UK adults used a 15–20% negative impact on revenues
BNPL at least once in the six months to from revolving balances by 2026.
January 2023, according to the Financial
Conduct Authority. The majority of users The ‘pay-in-x’ and ‘deferred payment’ of UK adults used BNPL at
were in younger age groups, particularly BNPL models form part of a broader least once in the six months to
25–34-year-olds, 39% of whom had continuum of new credit models in January 2023, according to the
used it.10 retail, enabled by BaaS and embedded Financial Conduct Authority
finance, which also include credit lines
As a competing, interest-free checkout and consumer-funded instalment lending.
payment method alternative to credit BaaS additionally enables retailers to issue
cards, there is clear potential for a private label credit cards. (See Exhibit 3).
cannibalisation effect on credit cards.
Based on survey results and BCG analysis,
we estimate that about 30–35% of BNPL
spend is cannibalising spend that would
have otherwise occurred on a credit
card, with the remainder of volumes
representing incremental spend.11 For
credit card issuers, we expect this
to have a flat impact on interchange
revenue (BNPL repayments have an
offsetting impact to payment volume
lost to BNPL purchases, with 25% of

10 Financial Conduct Authority, Deferred Payment Credit: findings from the Financial Lives Survey, October 2023
11 Multiple survey results triangulated across C+Rreport, Opinium Survey 2022, NerdWallet 2023 Consumer Credit Report, Savanta2023 Poll
12 Guttman-Kenney, Benedict and Firth, Chris and Gathergood, John, Buy Now, Pay Later (BNPL)...On Your Credit Card (January 6, 2023). Journal of Behavioral & Experimental Finance, 2023. 9
 White paper | Bridging Finance & Retail

Exhibit 3: BaaS enables an evolving credit value chain

Lending continuum

Credit card Deferred Pay in X Credit line Installment

payments lending

How long is it? 4 weeks if paid in full Within 30 days 3–12 months ~12–48 months 12–60 months

What is the ticket size? Depends on the individual Depends on the individual ~£50–500 £2k to 6k £300–6k
limit and spend limit and spend

What is the APR? ~20% Zero APR Zero APR ~12%–14% ~10%–12%
(None if repaid in time) + late payments fees + late payments fees

How much are Merchant fee Merchant fee ~2–6% N/A N/A
merchants charged? (~87bps in UK) (~1.5–2%) (Consumer-funded) (Consumer-funded)

Cannibalisation risk Hook for segment penetration Growth potential

Volumes cannibalised by Showing increase in Showing increase in

alternative products, but volumes and high ecom volumes and revenue due
still majority of volume penetration to high margins
• Showing historic decline • Focused on small ticket • Focused on larger
in ticket size size, short duration ticket size
• Accessible to affluent • Driven by affordability • Targets affluent segment
segment and requires and targets younger and above but requires
credit checks population (Gen Z&Y) credit & income checks
Market shifts • Key features include requiring soft credit • Higher cost of risk relative
security and balance checks to Pay in X
transfers

Different lending models across lending continuum to avoid high

cannibalisation and capture customer spend

“The technical capabilities are key for us; if we

integrate a new proposition it needs to be the
latest tech stack. Around key periods like Black
Friday, Cyber Monday, having access and being
able to reach dedicated support would be
really important to us.”
Head of Payments
Online fashion marketplace

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Proven revenue impact

Our market research and interviews with 21

leading retailers in the UK indicates that BaaS
and embedded finance could unlock a significant
incremental revenue impact, estimated at 4–7%.

Uplifts would primarily be from ‘indirect The ‘direct revenue’ stream was a smaller
revenue’ (about 75–85% of total revenue but relevant component highlighted in
impact): this refers to the incremental retailer interviews. This refers to revenue
sales impact enabled by BaaS through sharing of net interest or card interchange
higher average order values, increased income. Retailers reported varied levels of
conversion rates and repeat purchases. interest in direct revenue streams based on
scale, product type and strategic objectives
Retailers commented on the importance for BaaS and embedded finance.
of flexible payment options to drive
conversion and basket sizes, a trend likely
strengthened by the cost-of-living crisis.
For example, in the fashion segment, Exhibit 4: How BaaS boosts retailer revenue
BaaS boosted checkout conversions by
10–15% and order values by as much
as 30% for the retailers interviewed. (See
Exhibit 4). The impact of these dynamics KPIs apply to
transactions Fashion Home Marketplaces
on retailer revenue was estimated to be through BaaS improvement
around 4–7%.
Increased checkout conversion ~10–15% ~5–12% ~2–3%

Increased average order value ~15–30% ~15–40% ~10–15%

Increased repeat purchases ~3–5% ~1–3% -

BaaS revenue impact 4–7% ~3–7% 0.7–1.5%

(BNPL & Loans, Credit Card, Savings)

Retailers see KPI uplifts when BaaS products are used, lending
to incremental revenue impacts
Source: Expert interviews, Company financial reports, Statista, BCG analysis

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 White paper | Bridging Finance & Retail

Every retailer can become a

distributor of financial services

In the era before modern BaaS platforms, it was

often far more costly and time-intensive to integrate
financial services into retail. On-premise, legacy
technology entailed high upfront capital expenditure.

Complex systems integration programmes
could take years to fully deliver into a
steady state. There was also a limited
supplier base with the right combination
of product breadth, technology, operations
and support to choose from.
The result was a complex web of agency
banks, technology providers and other
outsourced third-parties coming together
to deliver financial services. However,
cloud-native platforms and open APIs
have now greatly simplified the task of
back-end integration, feeding directly into
relevant channels. Retailers interviewed
for this article typically chose to focus on
the front-end UI/UX, customer journeys,
marketing and branding instead, in line
with their core capabilities.
The BaaS provider will typically also play
a key role across operations (e.g., on-
boarding, in-life management), though
capabilities in additional areas such
as risk management, compliance and
servicing vary significantly from supplier
to supplier. (See Exhibit 5). Together with
more flexible, opex-driven commercial
models that incur lower upfront costs,
BaaS is enabling all types of retailers to
offer financial services and become a
fintech, too.

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“A [BaaS] relationship lives and breathes

the brand name so the tailoring of the
proposition and the way it’s serviced to
the brand is critical…”
Director of Financial Services
Department store

Exhibit 5: BaaS is predicated on end-to-end delivery (retailer owns customer journey)

Retailer’s
customers

Propositions on Retailer’s
Your tone of Your Your loyalty Your customer Your customer
the front-end customisation
voice marketing programme acquisition journeys

Lending Card issuing BNPL Propositions

Technology and
Technology platform and operations support
operations in the
back-end

Accounts/ Cards Loyalty Lending Event Monitoring Onboarding

Back-end BaaS
Wallets platform

Term- Debit card Program BNPL Identity & access Financial risk, Operations may or
deposits setup management compliance may not include some
of these components
Send & Credit lines Points Pay in X Payment In-life management based on supplier
receive balance operations capabilities

Closed loop Card controls Loyalty tiers Overdraft Fraud & Customer service
payment investigations

- - - - Banking licence

Product suite and modular components Operations, regulatory and

compliance components

“Reliability matters, if we are going to offer a

financial product, we are not going to integrate
with a brand-new start-up, even if they have
great APIs. We need the track record, a
trusted name…”
General Manager of Payments
Ecommerce marketplace

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Case study: Transforming

the customer experience

The benefits of adopting BaaS in a retail context are

reflected in one travel retailer’s ambition to connect
with its customers at moments of truth in the
purchasing journey. (See Exhibit 6).

Key customer needs in this segment
include support with budgeting for large
purchases, expectations of seamless
journeys, and offers that are targeted to
individual needs. In this example, ‘George’
was offered support with savings for his
upcoming honeymoon with a savings
account embedded in his browsing
journey.
He was onboarded in minutes and
incentivised to add deposits into the
account. With a licenced banking provider,
George has security knowing his deposits
are covered by the FSCS in the UK, just
like regular deposits. When he reaches his
savings goal and books his dream trip, he
also receives exclusive offers and loyalty
points for the transaction.
In a highly competitive industry, where
customers are demanding more rewards,
more offers and personalisation, the
retailer was able to meet George’s needs
to drive regular engagement. Meanwhile, a
smooth experience ensured conversion and
drove basket size value through savings.

Exhibit 6. How BaaS can support aspirational customer goals

Acquisition Saving & purchase journey Post-sales

‘Fund your experience’
at Trip.com: Meet George

1 Account
2 Opening
3 Deposits
4 Loans &
repayments 5 Purchases
& loyalty

… a 30 y.o. (Gen X), looking to book On the trip.com George is enticed George can start George reaches the Meanwhile, George
his honeymoon. website, George is by the rates as he depositing funds to savings goal for his accumulates trip.com
offered a Trip.com was previously saving save up for his honeymoon and loyalty points for his
George goes on the trip.com website savings account with for the trip in a honeymoon! purchases the flights purchases and gains
(a travel marketplace) to look for 2.5% rates on deposits. non-interest-bearing and hotel. access to exclusive
flights and hotels, his ideal honeymoon sub-account. Enabled through open offers.
comes to £3500. banking integration He later decides to
George signs up; he is and A2A capabilities, add two additional
approved, and his new George transfers £100 nights and is offered
account opens in each month into the a 12-months interest
minutes. trip.com account. free term loan.

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 White paper | Bridging Finance & Retail

Next steps:
Starting the journey

Retailers shape BaaS solutions to meet their

specific customer needs, functional use cases
and strategic outcomes. There are typically three
activities that leading companies focus on when
starting the BaaS journey.

1 Prioritise: Identify
customer needs
Forward-looking companies take a
customer perspective to prioritise
customer needs, frictions to be removed
and ways to boost value exchange. BaaS
is well-suited to address common pain
points along the customer journey that
may stop customers making purchases
or cause them to drop out.
2 Products: Target products
and services that provide
strategic solutions
Retailers can target a BaaS product shelf
framed by strategic customer objectives.
Optimising for customer retention, purchase
frequency and engagement could lead to
a product set that includes credit cards,
savings accounts, loyalty and reward
programs.

It makes sense to baseline leading and
lagging target KPIs, such as abandoned
checkouts, conversion rates, average
order value, and repeat purchases. These
KPIs can often be benchmarked across
suppliers to help build confidence in
the proposition.
Driving checkout conversion may involve
broadening payment method acceptance
into digital wallet integration, BNPL and
instalment loans. Above all, it pays to think
ahead to the broader customer journey
and experience targeted to be delivered,
ensuring supplier use cases can provide
value for the customer and align with the
retailer’s UI/UX ambition.

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“After integration, we would expect seamless

customer experience and continuous
improvement, this is a live offering. I would
expect from a partner to be able to listen to
our customers and adopt accordingly…”
CFO
DIY retailer

3 Partners: Identify a BaaS

partner that has a clear
understanding of the
Exhibit 7: Key factors to enable successful implementation

business’s customers, products,

technologies and operational Question: “What was your supplier selection criteria
context and requirements when choosing your BaaS partners”, n=21

BaaS works optimally when it operates Best-in-class technology 14

as a partnership between the retailer
and the provider. Our conversations with
End-to-end customer support 12
decision makers suggest companies
should evaluate suppliers using a core
set of buying criteria before they make Trust & financial stability 8
decisions. (See Exhibit 7).
Product breadth 7
The technology platform capabilities,
operations and support functions were
Regulatory expertise 6
mentioned most frequently across retail
segments. Though value for money was
highlighted, cost overall did not feature
prominently – with multiple interviewees
saying they actively prioritised capabilities Experienced practitioners from 21 retailers told us what
above commercials. really matters when looking for a BaaS partner
Source: Boxed product team; Retailer interviews in October 2023 (n=21); BCG analysis

“Our biggest barrier is tech integration. We would

rather spend the resources where we can grow
the business. We need a supplier that is willing to
do the heavy lifting on the tech integration”
Director of Financial Services
Department Store

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Exhibit 8. A spectrum of BaaS providers bring differing attributes and capabilities

BaaS focused BaaS focused Agency Traditional bank

fintech neo-bank bank BaaS unit

Financial Banking No license Licensed

strength license

Balance Underwriting via partner bank, may have less capital Underwriting in-house, often well capitalised
sheet strength

Regulatory Building risk management and regulatory expertise Seasoned risk management and regulatory expertise; may
experience offer long-term support and guidance

Propositions Aim to be best-in Excel in core digital Sponsorship model: End-to-end proposition
-class for specific banking products infrastructure access across products and
products area & UX & enablement operations

Technology Cloud-native APIs Legacy tech

platform
Cloud-native APIs

Implementation, Faster integration; typically partner to provide some Slower integration, Faster integration,
operations & ops and servicing capabilities limited capabilities broader ops &
servicing servicing capability

BaaS solutions today are offered by a
range of supplier archetypes. (See Exhibit
8). Providers offer an array of capabilities,
so retailers must decide whether they
are seeking to construct a best-of-breed
ecosystem, where fintechs and neo-bank
players focus on more narrow product
areas such as BNPL, or to access the
benefits offered by banks, including broader
capabilities across products, operations,
servicing and compliance expertise.
Traditional bank BaaS units are positioned
to offer risk management and compliance
expertise, built over years, providing the
confidence needed to embed financial
products into a variety of customer
journeys.
As the digital revolution continues its
relentless trajectory in the retail industry,
BaaS and embedded finance are fast
becoming table stakes across segments.
Against the backdrop of narrowing
margins and cost-of-living pressures,
consumers are demanding more than
ever from value exchanges. As our
research shows, retail leaders can rely
on BaaS and embedded finance solutions
to bolster customer acquisition, grow
basket sizes and increase long-term
engagement. Successful retailers focus
on key customer pain points, assemble
a coherent product shelf to address those
pain points and choose suppliers that
partner with them to deliver compelling
customer experiences.

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If you would like to discuss this report,
please contact the authors.
NatWest Boxed About NatWest Boxed
Andrew Ellis NatWest Boxed offers a cloud-native
Chief Executive Officer Banking-as-a-Service platform that enables
brands and fintechs to seamlessly offer
financial services to their customers,
George Toumbev securely and at scale. Boxed was established
Chief Commercial Officer in 2022, through a strategic partnership
between NatWest and Vodeno to create
Ekta Jetha a new Banking-as-a-Service business in
Marketing Director the UK.
Boston Consulting Group About BCG
Max Hauser Boston Consulting Group partners with
Managing Director & Partner, leaders in business and society to tackle
London their most important challenges and
capture their greatest opportunities.
Mark Dynes BCG was the pioneer in business strategy
Managing Director & Partner, when it was founded in 1963. Today,
London we work closely with clients to embrace
Milan Wadher a transformational approach aimed at
Associate Director & Partner, benefiting all stakeholders – empowering
London organisations to grow, build sustainable
competitive advantage, and drive positive
societal impact.
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Combining our technology stack,
banking license, compliance expertise
and operational support, our vision is to
power the UK’s best embedded financial
experiences. Today, we employ more
than 500 people across locations in UK
and Poland. For more information, visit
nwboxed.com.
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