How Banking as a Service Will Keep Banks Digitally Relevant and Growing
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
This white paper introduces the Banking as a Service (BaaS) model, offers an in-depth assessment of its challenges and benefits, and identifies critical success factors that can spur business success. We also detail our BaaS experience and knowhow in devising a best-in-class BaaS strategy and roadmap that banks can adapt to jumpstart the journey. Finally, we look ahead at how the BaaS model will evolve via increased inter-bank and fintech collaboration.