A market research survey of more than a thousand senior decision makers in the UK, Belgium and the Netherlands — commissioned by Polish banking-as-a-service (BaaS) platform provider Vodeno — found that t. wo-thirds of them said that BaaS is transforming financial services for the better (I find it surprising that a third didn’t, frankly) and, more interestingly, half of them said that it will eventually make “traditional” banking obsolete.
This may seem a radical prediction, but I think it is entirely reasonable. Banking isn’t fun or interesting and most people (me included) don’t really want to spend any of their valuable time or attention on what is essentially a heavily regulated utility service. Most people (me included) would prefer to have their financial services delivered to them at point of need without interrupting their experiences. As Christina Melas-Kyriazi (a partner at the management consultancy Bain) observes, if you want to deliver financial services to a person then in some cases the best way to get to that person can be “via software, where they’re doing their work”.
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