Banking as a Service in Real Time Digital Banking

Banking as a Service in Real Time Digital Banking

Gone were the days where banks operated from brick-and-mortar office. Now people bank through mobile and web experiences. Banking As A Service BAAS extends banking service to those who are in favour of the above trend.

Gone were the days where banks operated from brick-and-mortar office. Now people bank through mobile and web experiences. Banking As A Service BAAS extends banking service to those who are in favour of the above trend.

Going Beyond Silos

Going Beyond Silos

In the present digital age, customers don’t want their financial information to be restricted by operation hours and proximity to tellers. This age is seeing the end of closed system mindset and financial services is not any exception to this.

In the present digital age, customers don’t want their financial information to be restricted by operation hours and proximity to tellers. This age is seeing the end of closed system mindset and financial services is not any exception to this.

Now, its time for financial services industry to shift towards an open way of conducting business. Embracing open collaboration that encourages the customers to use open network and shared technologies at the same time promising adequate safety measures is the need of the hour. Fintech providers are enhancing their modus operandi by building relationships with subscription-based services to offer continuous BAAC services that provides access to music and movies that customers love without any interruptions caused by issues related to payment method. This reduces the friction between subscription-based services and BAAC by emphasising on providing an experience rather than an API.

Now, its time for financial services industry to shift towards an open way of conducting business. Embracing open collaboration that encourages the customers to use open network and shared technologies at the same time promising adequate safety measures is the need of the hour. Fintech providers are enhancing their modus operandi by building relationships with subscription-based services to offer continuous BAAC services that provides access to music and movies that customers love without any interruptions caused by issues related to payment method. This reduces the friction between subscription-based services and BAAC by emphasising on providing an experience rather than an API.
present-day digital scenario

Significance of Tech over Banking service

Significance of Tech over Banking service
digital experience

Platforms will decide the future

Platforms will decide the future

BAAS can’t happen without adopting a platform mindset. People rely more on platform for all their mobile transaction activities. Customers get more of the services they want, in time when they want and from where they want, through platforms that decouples technology from distribution. Platform companies can get an edge when they encourage great openness in information sharing through a platform that also offers necessary privacy and safety measure in place. This enhances them for a massive scale and faster access to the new features driving their innovation in a seamless and efficient manner.

BAAS can’t happen without adopting a platform mindset. People rely more on platform for all their mobile transaction activities. Customers get more of the services they want, in time when they want and from where they want, through platforms that decouples technology from distribution. Platform companies can get an edge when they encourage great openness in information sharing through a platform that also offers necessary privacy and safety measure in place. This enhances them for a massive scale and faster access to the new features driving their innovation in a seamless and efficient manner.

Conclusion

Conclusion
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