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How Banking-as-a-Service has Made Webster Bank Future-Ready
Banking Transformed with Jim Marous
English - May 17, 2022 09:00 - 48 minutes - ★★★★★ - 75 ratingsBusiness Technology bank banking business digital digitaltransformation disrupt disruption finance financial fintech Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Banking-as-a-service (BaaS) provides a great opportunity for existing financial institutions to reach a greater number of customers at a lower cost by teaming up with non-traditional financial and non-financial businesses.
It is expected the BaaS model will become a new battleground for both established banks and digital challengers, as the model has the potential to generate new revenue growth for both financial and non-financial businesses. The question becomes, will legacy banks become a distributor of financial products, a producer of them, or both?
I am joined on the Banking Transformed podcast by Matthew Smith, Head of Digital Banking and Banking as a Service at Webster Bank. Matthew discusses why Webster Bank decided to pursue the BaaS strategy and the success of the strategy to date.
Banking-as-a-service (BaaS) provides a great opportunity for existing financial institutions to reach a greater number of customers at a lower cost by teaming up with non-traditional financial and non-financial businesses.
It is expected the BaaS model will become a new battleground for both established banks and digital challengers, as the model has the potential to generate new revenue growth for both financial and non-financial businesses. The question becomes, will legacy banks become a distributor of financial products, a producer of them, or both?
I am joined on the Banking Transformed podcast by Matthew Smith, Head of Digital Banking and Banking as a Service at Webster Bank. Matthew discusses why Webster Bank decided to pursue the BaaS strategy and the success of the strategy to date.