What's BaaS? A flock of sheep or another annoying but potent banking acronym? BaaS is a way to modernize and grow the banking industry. It is about an open financial services ecosystem and the API orchestration for customer attention by banks and nonbanks. But the industry has yet to land on an authoritative definition of what it is, so I cobbled ...
18 October 2021 Analytics in Banking
Banks have a responsibility to respond to their customers’ needs through the coronavirus pandemic while, at the same time, preparing for a precipitous economic downturn and a different, post-COVID world. A poorly organized or ad hoc response could amplify the economic impact. Banks that take an empathic approach will help the community at a time ...
20 April 2020 Analytics in Banking
There is so much more to CBDCs than is stated in this article. Central Bank Digital Currencies would inherently bypass banks, lenders (that's the purpose - it owns the network). Deposits and digital money will sit in the central bank vaults with access through an app such as Venmo or maybe even a central bank app - who cares it's a front end only. Because China is driving their e-yuan (500,000 users) other countries cannot afford to abstain. Ad DCs are networks they do not stop at geographical or currency borders.
On the plus side, CBDCs will cut the cost of managing money and provide easier acces to 1.7 billion underbanked. But the level of intimate intelligence a govt will have on your finances in scary. They will be the ones make credit allocation decisions and, moreover, it's not impausible to imagine a govt efining you and garnishing your salary for that parking fine. But by far the most ominous threat is a cyber attack on a digital currency. The network goes down but the banks no longer hold the cash. Lots to think about.
23 Jun 2021 17:27 Read comment
Excellent discussion Patty and it's good to see how the different banks are leveraging APIs to improve their offerings. But I'm still concerned with the lack of standards for APIs and how they will be regulated, particularly in the US.
13 Jan 2021 16:41 Read comment
Oana AvramescuGlobal Insurance Solution Lead at SAS
Thorsten HeinPrincipal Product Marketing Mgr. & Insurance Lead at SAS
Franklin ManchesterPrincipal Global Insurance Strategic Advisor at SAS
Thomas FrenchSenior Financial Industry Consultant, Fraud at SAS
Ian HolmesGlobal Lead for Enterprise Fraud Solutions at SAS
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