Banking as a Service (BaaS) is the most exciting area in FinTech.
11:FS define BaaS as the provision of complete banking processes as a service using an licensed bank's secure and regulated infrastructure with API-driven platforms.
That's broad, but then again that's what excites me, there are plenty of opportunities in this space.
I'm particularly interested in working on the platform that can help businesses, creators and individuals spin up banking services easily and securely.
Building a successful BaaS platform is a huge challenge, you need to ensure it's robust enough to meet the regulatory and security needs of a financial platform (especially when a banking license is involved) whilst offering low friction integration options that help you scale. (And that comes after product market fit!)
Legacy banks are avoiding offering BaaS in any meaningful way due to the fear of becoming a commodity, however Financial services are highly nuanced, small improvements can have a huge impact, as shown by Stripe. In my opinion it's impossible to commoditise.
So why does it excite me?
Today's financial services have been built for the providers, not the customers. Homogenous complicated products such as banking require scale, scale is best achieved by offering the same to all.
Today your Financial life is forced to fit around the services offered, from how your salary gets paid, to how your credit is scored. It's about time financial services were built to fit around the lives of users.
This is why building a BaaS platform is exciting, looking forward to building a platform that empowers thousands of partners to build unique financial services that are designed for the unique needs of different communities and customer groups.
Building a platform that supports innovation in finance.
11:FS define BaaS as the provision of complete banking processes as a service using an licensed bank's secure and regulated infrastructure with API-driven platforms.
That's broad, but then again that's what excites me, there are plenty of opportunities in this space.
I'm particularly interested in working on the platform that can help businesses, creators and individuals spin up banking services easily and securely.
Building a successful BaaS platform is a huge challenge, you need to ensure it's robust enough to meet the regulatory and security needs of a financial platform (especially when a banking license is involved) whilst offering low friction integration options that help you scale. (And that comes after product market fit!)
Legacy banks are avoiding offering BaaS in any meaningful way due to the fear of becoming a commodity, however Financial services are highly nuanced, small improvements can have a huge impact, as shown by Stripe. In my opinion it's impossible to commoditise.
So why does it excite me?
Today's financial services have been built for the providers, not the customers. Homogenous complicated products such as banking require scale, scale is best achieved by offering the same to all.
Today your Financial life is forced to fit around the services offered, from how your salary gets paid, to how your credit is scored. It's about time financial services were built to fit around the lives of users.
This is why building a BaaS platform is exciting, looking forward to building a platform that empowers thousands of partners to build unique financial services that are designed for the unique needs of different communities and customer groups.
Building a platform that supports innovation in finance.