Dateline New. York, 15th February 2023. A market research survey of more than a thousand senior decision makers in the UK, Belgium and the Netherlands — commissioned by Polish banking-as-a-service (BaaS) platform provider Vodeno — found that two-thirds of them said that BaaS is transforming financial services for the better (I find it surprising that a third didn’t, frankly) and, more interestingly, half of them said that it will eventually make “traditional” banking obsolete.
Dave, excellent post. Funny how our writing themes are aligning in 2023. My key points of difference: 1) banking used to be a community activity, now requires scale to manage the compliance and regulatory hurdles.. with bank margin driven by breadth of business and data economies of scale 2) Big banks work for most people.. they are adequate 70-80% of cases. 3) retail banking is a very low margin business with banks incurring a net loss on the bottom 30-40% of consumers (in US). 4) Agree on integration of banking into platforms that consumers use. V/MA are becomming the enablers here as they provide economics and agreements for QOS. 5) Other opportunities abound in specialist segments with unique needs (ex Gig workers).
Dave, excellent post. Funny how our writing themes are aligning in 2023. My key points of difference: 1) banking used to be a community activity, now requires scale to manage the compliance and regulatory hurdles.. with bank margin driven by breadth of business and data economies of scale 2) Big banks work for most people.. they are adequate 70-80% of cases. 3) retail banking is a very low margin business with banks incurring a net loss on the bottom 30-40% of consumers (in US). 4) Agree on integration of banking into platforms that consumers use. V/MA are becomming the enablers here as they provide economics and agreements for QOS. 5) Other opportunities abound in specialist segments with unique needs (ex Gig workers).