• How can banks best diversify their product offering with cloud?
• What should be part of the backbone of business operations?
• How important is avoiding lock-in with your ‘as-a-service’ provider?

Having APIs that allow an organisation to send the same data to one provider as you can to another is important. In attempts to resolve issues with data sharing across the banking industry, as the shift from open banking to open finance occurs, financial institutions are leveraging APIs that can facilitate progress.

Considering APIs, banking as a service is all about experience and enterprise, enabling BaaS players to integrate with many partners at a cheaper rate. Even if a bank is locked into a particular vendor, with BaaS, transition can be done in a more cost efficient manner because of cloud and its consumption model.

Flexibility is also key, and cloud can be the entry point to trying something new. Innovation should not be avoided because of a fear of failure. There are risks associated with integrating new infrastructure, but with the right BaaS model and the right technology partner, success can be achieved.

Sign up for this Finextra webinar to join our panel of industry experts as they discuss how banking as a service can help to transform business operations.