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by James Robert Lay on March 30, 2021
Brief Summary of Episode #79
By now, you probably know everything about SaaS…
But what about the next frontier: BaaS?
Banking as a Service is taking over — How will your financial brand be affected?
To answer that, I sat down with Nathan Baumeister, CEO at ZSuite Technologies, to find out the most important things every financial brand should know about the exciting new BaaS landscape.
One of the most obvious questions for banks is:
Is BaaS a threat or an opportunity?
The — perhaps unsatisfying — answer is…
It’s both.
As the SaaS companies that dominate more and more of our lives move into the financial space, banks have every reason to worry that these, often younger, more nimble companies can lure away their customers.
But these companies need banks to partner with them. So, there are real opportunities for those who do it — and do it well.
However, that last part is huge.
Because what banks are providing these companies with is infrastructure.
And infrastructure only has one play — scale.
That’s why only a few companies dominate sectors like web hosting, or even railroads.
The good news is that BaaS isn’t there yet; it’s still anyone’s game.
And that means, if you want to win it, you need to be all in.
Championships aren’t won half-heartedly.
Key Insights and Takeaways
- Why BaaS is both a threat and an opportunity
- What courage really means — and what it means for you
- The power of low-cost experiments