BBVA API Market
Traditional banks are making the commitment to BaaS models, open banking is driving digital financial services, regulatory bodies are increasing scrutiny when it comes to BaaS providers, the banking ecosystem is rapidly changing and increased competition and regulatory pressures are expected in the BaaS sector.
Traditional banks have approached BaaS in a variety of ways: serving as subsidiary platforms and laboratories for innovation, merger or acquisition of BaaS startups or acting as partners are just a few of the formulas. To this end, Carmela Gómez Castelao, Global Head of Open Banking at BBVA, pointed out that traditional banks can continue to operate as a “front” for the end customer due, in part, to the confidence that end users of the service already have in them, but also because of their infrastructure.
“There are many references to BaaS as what we understand as integrated finance,” she explained in the report, “where the regulated entity joins forces with the business or fintech to deliver the financial product as partners.” This way of operating offers benefits both to the end customer, who receives more reliable services; as well as traditional banking, which retains its customer portfolio; and new service providers, who find their niche.
BBVA is one of the banks that has adopted a BaaS strategy in Europe and America, with platforms including BBVA API_Market which sees the bank, companies that integrate APIs and service developers work hand in hand.
WhiteSight is a fintech research firm that takes a design-oriented, and data-intensive approach.
Toqio is a platform as a service for creating and launching banking solutions.
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