What is Banking as a Platform?
Banking as a Platform (BaaP) enables fintech and non-financial companies to provide services to banking institutions. In banking as a platform, technology companies provide software and infrastructure to banks and other financial services providers. With Banking-as-a-Platform (BaaP), third-party developers can build products and services for bank customers.
Banking-as-a-platform alleviates the burden of developing and operating a digital infrastructure to support desired banking services, allowing businesses and firms to focus more on providing an exceptional banking experience. Platform providers will already have the servers and software required to conduct a digital transformation, so financial institutions will just need to focus on determining which software to deploy and how to integrate it effectively into their organization.
What are the business benefits of Banking as a Platform?
Banks can focus on their core designing and delivering banking infrastructure with BaaP while leveraging technology partners’ functionality and platform.
Banking as a Platform (BaaP) is an opportunity for banks to improve their client experience, streamline their banking operations, and eventually become tech-savvy like their consumers.
Banking as a Platform (BaaP) allows financial institutions to utilize only the products and services they need, when they need them.