Banking as a Platform BAAP: Innovating Retail Banking

We might imagine that labor intense services like insurance management or investment portfolio management could be delegated into countries with low labor costs, and integrated as services. The end-user will not see the difference between a purely automated service and a service that includes HuaaS. But it could also be a FinTech which includes external licensed banking services from a classical regulated bank. The impact of fintech on retail banking sector in India is explained with 6 core themes that can drive new business models and help with automation in finance. Banks can make use of the platform in a different way according to geographies, demography and market competitiveness. For example, in a highly competitive market or region, more importance is given to differentiation.

Financial services industry incumbents will need to become governance nerds and fast. Will decisions taken between the incumbents in the platform eco-system be consensus-based, top down, a hybrid? How will differences of opinion be reconciled, how will conflict be resolved? This will depend in part on the incumbent internal DNA as well as the types of partners chosen, i.e. collaborate or competitive ones.

Infrastructure as a service (IaaS)

So my view and argument is there is huge difference in Bank and Banking and Banking is needed , Banking not necessarily provided by banks Banking as a Service on Banking as a Platform can be provided by any one. So who is real hero is it Bank, Payment Service Provider as FinTech company or MNO …. I guess little more thought process is needed for deeper prospective.

BaaP Examples and Advantages

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Moving Past the Status Quo: Why Banks Must?

That being said, the modern internet was in large part built atop centralized networks, therefore most legacy systems involve some form of centralized configuration. Much innovation is currently taking place through the broader adoption of decentralized and distributed network structures, which in many ways were designed to address the limitations of legacy system architectures. For example, decentralized and distributed systems have the potential to actualize previously theoretical applications such as decentralized finance and the creation of self-sovereign identities. Due to their geographically scattered nature, distributed networks are consequently extremely fault-tolerant and secure. Their advantages and disadvantages closely mirror those of decentralized networks, but at a higher magnitude. By contrast, a decentralized network distributes information-processing workloads across multiple devices instead of relying on a single central server.

We had already introduced you to inheritance in ABAP OO and are now looking at interfaces and abstract classes and how they help you with modeling. Healthline has strict sourcing guidelines and relies on peer-reviewed studies, academic research institutions, and medical associations. You can learn more about how we ensure our content is accurate and current by reading our editorial policy.

ABAP OO – Method interface

Open banking is gaining momentum worldwide with PSD2 , CMA , UPI and many similar initiatives being undertaken elsewhere. These regulations seek to open the financial sector to competition, stimulate innovation, reduce costs, increase transparency and empower consumers. On the technology side, they will need to update development approaches, pursue process automation, experiment with rapid prototyping and maintain the APIs themselves. All these ingredients ensure the right kind of environment — one where third parties can integrate and test their apps in a sandbox, and then easily move to production.

BaaP Examples and Advantages

In this model, for financial services, software and technology are not the only end products. Instead, they simply serve as the underlying infrastructure that enables users to interact with each other. Banking-as-a-service vs banking-as-a-platform vs open banking are all different options. Each model has benefits, and some financial institutions may prioritize one model over another. Moreover, some models are more beneficial to fintech companies than to banks. Using open banking, service providers have been able to aggregate and analyse data and thus build accurate consumer profiles.

Healthcare as a Service (HaaS)

We would define a marketplace strategy as a sub-set of a platform strategy and are, similar with solarisBank, intrigued by how Mondo’s thinking will develop. We would characterize this decision across a continuum, from complementary collaborative to competitive partners, and as changing over time based on the needs and demands of the business. We recommend the bookPlatform Leadershipby Annabelle Gawer and Michael A. Cusumanoto to those who want to explore further what platform strategies are. We are borrowing from this book somewhat, especially from the authors’ four levers of platform leadership which we have expanded upon to create the “7 layers of BaaP”.

  • With BaaP, banks can focus on their product and service innovations, while leveraging a technology partner’s expertise, functionality, infrastructure and scale.
  • Developers can extend platform functionality using APIs, while the platform itself manages data exchange and oversees authentication, as well as ensuring compliance.
  • However, there’s little published data about BPAP machines for this purpose and best practices are evolving.
  • It remains to be seen how their platform strategy will flesh out and which core services they will focus on and which ones they will partner for.
  • Frankly, the startup competition is a by-product of the root causes rather than a driver.

Today people still keep their money in the banks, because it’s the institution created for money . Basically what money and economy mean for people as we know, trust study. But wallet from pocket is the item, which got targeted and linking of all funding source i.e bank account, mobile wallet, plastic cards etc got into way. In all of this BaaS and BaaP have very big role to play and some how guarantee to win.

benefits of BPaaS in the new decade

Defining any of IaaS, PaaS or SaaS or talking about wither advantages and disadvantage is out of scope here as focus is on BaaP and Baas. For FinTech its an opportunity to pick services to push through BaaP and BaaS model and owning an entire business paradigm is neither feasible nor desirable anymore. Almost all players who entered banking as a service platform into payments and insurance in arena of FinTech domain are actually coming out of this game park with zero or no knowledge. This is giving too much innovation to put idea on table but takes longer to make it reality. Whichever business model you are considering, it is important to have in mind that not all institutions are alike.

BaaP Examples and Advantages

This makes them good for central sleep apnea or severe neurologic conditions. But BPAPs are an alternative when a CPAP machine isn’t working or well tolerated. They deliver a higher air pressure on inspiration, and drop the pressure on exhalation.

Layers of banking as a service

Fintech wins because they sell their product to an established business for a profit. Banking as a Platform means Banking as “a Platform for fintech and tech companies”. Cervical cancer screening recommendations come from experts in women’s health and are based on your age and other risk factors for cervical cancer. Researchers say people over the age of 45 who have disruptive sleep patterns may have a higher risk of developing atherosclerosis. New research finds that a lack of deep sleep may cause your brain to age faster, leading to increased brain health risks including Alzheimer’s disease. You can prevent this by checking the edges of the mask to make sure air isn’t escaping.

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