Banking as a Service: Customer acquisition without boundaries
Growing a customer base is one of the toughest challenges any business will face – and regional banks are no exception to that rule. For many organizations, a good marketing campaign or the opening of a new brick-and-mortar location might encourage the kind of expansion they’re looking for but results aren’t guaranteed. However, banks don’t have to rely solely on flashy ads or opening new branches because there’s another solution to their growth ambitions – banking as a service.In this season finale of Financial Futures, we’ll be putting BaaS under the microscope to find out how regional banks are using this unique facility to drive expansion and create mutually beneficial relationships between themselves and other businesses. We’ll hear from director of product management for banking as a service at FIS, Barbara Negron, and business unit manager for APIs and integrations services at FIS, Eric Guion, about how BaaS is helping banks to acquire new customers beyond their usual reach. We’ll also discover what differentiates BaaS from embedded finance and learn about the relationships and ecosystems that facilitate banking as a service.We’ll also ask: What is the difference between ‘for benefit’ and ‘on-core’ BaaS? Why is BaaS one of the best distribution tools available to regional banks? How does BaaS reduce the cost of acquiring new customers? Why does risk need to be top of mind for banks considering BaaS? How can BaaS help regional banks to use other businesses’ brand loyalty to grow their own customer base?
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