How banking-as-a-service (BaaS) works and industry outlook

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Banking-as-a-Service (BaaS): How it works and why the industry is growing

To obtain a free preview of our Banking Briefing,Across industries, digital transformation is democratizing data to enable greater transparency. New technologies are opening up legacy systems to emerging startups and third parties and, in some cases, putting data directly in the hands of consumers.open banking

, in which banks provide more financial transparency options for account holders by opening their application programming interfaces for third parties to develop new services. Fintechs have been encroaching on incumbent institutions in the banking game — but by moving into the BaaS space, tech-savvy legacy banks can turn this looming threat into an opportunity.

Techy-savvy legacy banks can fend off the encroaching threat of fintechs by moving into the BaaS space to share their data and infrastructure. In a matter of years, access to this level of information will become table stakes for digitally native customers — so banks that begin now will be ahead of the curve, and likely rewarded with high demand.The BaaS process begins with a fintech or other third-party provider paying a fee to access the BaaS platform.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 729. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

So... like what services similar to Amazon Web Services did for in-house server hardware, but for money.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

U.S. tech industry leaders: French digital service tax harms global tax reformMajor tech firms and U.S. tech industry groups said on Monday that France's... The French acted while others sat on their thumbs. What fucking global tax reform? 👍
Källa: Reuters - 🏆 2. / 97 Läs mer »

U.S. Apparel Industry Works to Blunt Impact of TariffsApparel companies in the U.S. are bracing for squeezed profits and potential store closures as a result of the Trump administration’s pledge to extend tariffs on Chinese imports. BLAME IT ON POTUS KNOWS NOTHING ABOUT TARIFFS I'd be happy to never see that cheap junk in stores again.
Källa: WSJ - 🏆 98. / 63 Läs mer »