All You Need to Know About Banking-as-a-Service (BaaS)

In ancient times, traders and merchants exchanged monies in their native currency with other traders – an act that happened predominantly on benches. This is where the word “bank” comes from: deriving from the Italian word for bench, which is “banco.” Well, if one were to coin a word for the bank of today, it would be called “roccaforte,” which in Italian means “fortress.” One look inside a modern bank will make the allusion clear, confined, and highly guarded places with little or no space for flexibility and speed. The fortress, however, is not merely a safeguarding mechanism, it has inadvertently led to the isolation of financial constructs from other financial institutions, market forces, cultural aspects, social changes, and everything else that is deemed as “disrupting.” In a world where the pull of digital process has manifested in the form of tangible forces that impact us in our daily lives, the worst thing banks can do is to compromise on their flexibility, speed, scalability, and adaptability.

Can you imagine a bank that is deconstructed and dissected to its core, only to be rebuilt in order to fit in with the s ...

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