In 2009, I coined the word BaaS. No, nothing to do with sheep! Instead, BaaS stands for Banking-as-a-Service. In 2016, everyone is talking about this:
- Banking as a Platform (BaaP), The Financial Brand, March 2016
- Banking-as-a-Service: Common play of banks and fintech, FinTech Rankings, March 2016
- ‘Banking as a Service’ for Fintechs Seeking Scale, American Banker, March 2016
- The Platformification of Banking, The Financial Brand, July 2016
I’m not saying I was ahead of my time, but seven years is a long time in the life of a dog.
Anywho, the reason for blogging about this today is that my friends in Singapore, Vladislav Solodkiy and Igor Pesin who run the FinTech VC firm Life.SREDA, have just released a new report called … you guessed it … Bank-as-a-Service. They kindly reference where the idea came from and point to banks opportunities to grow business by releasing more of their capabilities as APIs, as software, as apps, as widgets … as anything that can plug-and-play into anything else.
