Head of Technology
The Baas Imperative: 3 Trends To Watch Out For
Customer demand for integrated experiences Customers are increasingly expecting simple, holistic, embedded, and direct experiences, making it one of the most significant banking trends for 2022. As per McKinsey, customers are flocking to multiproduct customer experiences, called ecosystems. Simply put, an ecosystem offers as much integration as possible, so embedding financial offerings fits this model perfectly. Let’s take the example of Walmart’s announcement that they’re building a financial-services offering or Ikea’s announcement that they purchased 49% of its banking partner.
The demand for new fintech solutions Many fintechs established every year require banking partners to provide access to lending, payments, bank accounts, and beyond. Although big technology companies and non-banking players can build and offer financial services, they are unable to become banks themselves as the regulatory bar for doing so is high. This leaves banking as a service as the only way for fintechs to offer
Adoption of technology capabilities Accelerated digitization, coupled with automation and APIs will allow banks to scale BaaS faster, putting them within the reach of more companies considering them. Alongside, organizations seeking to embed financial services are looking at digital experiences being a composition of modules built by others. As they focus on their core competencies like software engineering, payments, lending, and checking bank accounts are additional product capabilities that add to the user experience.
Finacus Solutions has grown as a trusted banking solutions and payment systems partner for over 100 financial institutions globally
The need of the hour for banks is a BaaS strategy with a realistic understanding of the cost and path to transformation. Integrated banking experiences will have a significant impact on their businesses.
Over the past decade, Finacus Solutions has grown as a trusted banking solutions and payment systems partner for over 100 financial institutions globally. The two Finacus switching solutions FinCONNECT and FinMOBICONNECT provide easy-to-use, manage and control routing solutions. FinCONNECT is a financial transaction switch for facilitating end-to-end solutions for ATMs, Point-of-Sale (POS), eCommerce, and other cardbased payment systems. FinMOBICONNECT is a mobile payment transaction switch that can be integrated with multiple payment systems and channels for cutting-edge customer-centric solutions for global banking.
Rahul Ayyappan, Head of Technology adds “We have a product basket that deals with financially critical data and demonstrates the reliability and sustainability of the clients. Hence, we do understand the importance of regulatory compliances and certifications. We take utmost care to build a concrete foundation of our offerings by being affiliated or connected with most of the ace organizations which command regulation or breed reliance.”
Each solution and service designed by Finacus Solutions is in line to be instrumental in growing the banking and financial services industry exponentially, taking into consideration the prevalent best practices.