ARTICLE
Embedded finance and BaaS leading the way
21 November 2023
The financial landscape is undergoing a seismic shift. Embedded finance and Banking-as-a-Service (BaaS) are set to revolutionise how we engage with financial services.
Picture this: financial institutions (FIs) are shedding their old-school skins and morphing into digital powerhouses, creating platforms, marketplaces, and ecosystems that offer innovative and convenient banking and non-banking products. Meanwhile, non-bank digital platforms act as gateways to banking services. The secret sauce to this transformation? A cloud-native, composable banking platform that bridges the gap between the financial institutions and customers.
A shift towards open ecosystems
The traditional vertically integrated business model of banking is undergoing a significant shift as banks cosy up to fintech partners and embrace open ecosystems. This change is fueled by the need to deliver value, generate revenue, and foster innovation.
Download our latest report in collaboration with Celent Next-gen cores powering embedded finance and find out how BaaS and embedded finance are reshaping customer interactions with financial services.
The banking and business market cycles are constantly evolving, and unforeseen events like market crises can catch organisations unprepared. To thrive, FIs need open, real-time systems that handle data, analytics, communication, and transactions with finesse.
Retail banks agree, with over 75% of them finding it harder to attract and retain customers compared to a year ago. As a result, responding quickly to new opportunities has become a top priority. In fact, 57% of surveyed banks consider improving their speed and agility as one of the three most important aspects of their technology strategy.
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