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by James Robert Lay on May 3, 2021
Brief Summary of Episode #88
The end of the pandemic is in sight, but the changes it brought to our way of life will continue well into the future.
Just look at the meteoric rise of Banking as a Service.
In the latest episode, I spoke with Christopher Danvers, Senior Product Manager at Q2 BaaS, about the rise of BaaS.
The pandemic accelerated growth of the BaaS sector in numerous ways — just look at the new-found popularity of contactless payments in a socially-distanced world, our addiction to Amazon, or even the growing acceptance of grocery deliveries.
If you look at that list, you’ll notice that all of these examples blend the traditional with the innovation we need to make it through this event.
Which, of course, makes sense: BaaS, itself, is the ultimate intersection between legacy banking and modern fintechs.
And there’s a lesson in that combination for every financial brand:
If you want to not just survive, but thrive on the other side of any period of uncertainty like COVID, you need both.
Traditional services anchor us and give us certainty in uncertain times, while innovation gives us new solutions to new problems.
As with all things in life, you have to find the balance.
Key Insights and Takeaways
- The growing popularity of BaaS and how the pandemic accelerated it
- Why BaaS is the perfect intersection of traditional banking and innovative fintechs
- Why BaaS relies on the right partners and open, honest dialogue with them