Today’s banking system is on a path of radical transformation. Significant changes include, changing business models and customer preferences, the emergence of non-bank startups with disruptive technologies, and compliance pressure. Thinking progressively, some incumbents’ banks moved from a model of sole provider of financial solutions to emerge as a marketplace of financial tools for customers to customize their own financial solutions. To come up with such a Banking as a Service (BaaS), or platform model, a tailor-made digital strategy is required to be successful.
At Persistent Systems, with our extensive product engineering expertise and large banking customer base, we understand the challenges and developed frameworks-driven solutions to orchestrate the digital roadmap leading to BaaS. In this whitepaper, we will first explore multiple nuances of BaaS with some market research data and then explain the Persistent frameworks for the BaaS Roadmap.