Thursday, December 10, 2020

Banking as a Service (BaaS) Empowers Any Brand to Offer Financial Services

Digital banking is not new – major banks began to offer internet banking services in the mid-1990s. However, the traditional banking industry is facing significant pressure from rapidly shifting consumer expectations, changing regulations and increasing competition from digital-native disruptors. Younger Gen Z customers are more apt to use alternative transaction methods such as mobile wallets or P2P payments, and businesses are beginning to favor real-time digital payments to improve efficiency, reduce cost and better manage their cash flow. Moreover the ongoing global health crisis is accelerating the movement toward real-time contactless digital payments. Fifty-six countries are now live with…

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source https://blog.equinix.com/blog/2020/12/10/banking-as-a-service-baas-empowers-any-brand-to-offer-financial-services/

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