Banking as a service (BaaS) is a type of financial technology that helps software platforms access banking capabilities traditionally only offered by a licensed bank. It enables non-banks to provide financial services to their customers. It is a great opportunity for existing banks, insurers, and wealth managers to reach a greater number of customers at a lower cost by teaming up with non-financial businesses. A BaaS provider makes it easy for any business to embed the financial services traditionally offered by a bank-such as monetary accounts, cards, and loans-directly into its existing software. The significance of BaaS lies in its ability to democratize the banking value chain, giving rise to specialized propositions that meet the rising demand for embedded financial services. This paper covers the basics of BaaS.
banking as a service, white label banking, finance, finance industry
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