Realising the digital vision: Why BaaS is leading the digital transformation in financial services

Over the past decade, digital transformation has democratised data to enable impressive customer experiences and greater transparency across industries.The digital financial space, in particular, is currently in the midst of a profound transformation. In today’s competitive environment with rising cost pressures—banks and FinTechs are looking to expand the digitisation of the front and back ends of their businesses to stay in the race. As the financial ecosystem undergoes a swift and relentless digital transformation, Banking as a Service (BaaS) has paved the path for a surge in innovation. Given how BaaS presents a significant potential to generate revenue, it can no longer be overlooked by banks and other players in the financial services sector.

With the accelerated shift to digital channels and the heightened marketplace demand for embedded financial services—BaaS is gaining significance among the C-suite and senior executives. The multimillion-dollar BaaS opportunity has got 78% of bank leaders prioritising the integration of BaaS capabilities.