The future of FinServ is likely to be driven by the integration of technology and data, with an increased focus on personalization, efficiency, and convenience.
The five areas focus Basic Banking, Investment, Financing, Wholesale should now be encapsulated in BAAS - offer opportunities for banks to transform and stay competitive in the ever-evolving financial landscape.
However, it is important to note that the future of financial institutions is uncertain, and regulatory, technological, geopolitical, and other factors could greatly displace its development.
Banking as a Service (BaaS) refers to the provision of banking services and technology solutions to financial institutions, businesses, and other organizations. The aim of BaaS is to allow these entities to offer their customers a full range of financial services, such as payments, savings, loans, and investments, without having to invest. A platform that includes APIs and other tools that allow their clients to integrate functionality into their existing systems and processes. Reduced costs, increased speed and efficiency, and the ability to offer a more comprehensive range of financial services.