{"id":4496,"date":"2021-10-08T11:12:36","date_gmt":"2021-10-08T05:42:36","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=4496"},"modified":"2023-03-07T18:40:37","modified_gmt":"2023-03-07T13:10:37","slug":"banking-as-a-service-global-fintech-fest","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/banking-as-a-service-global-fintech-fest\/","title":{"rendered":"BaaS Is The Only Way To Meet Rising Customer Expectations from Financial Services Providers: Akash Sinha"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8f1f224d44f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8f1f224d44f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/banking-as-a-service-global-fintech-fest\/#The_Reason_Behind_Sudden_Rise_of_Banking_as_a_Service\" >The Reason Behind Sudden Rise of Banking as a Service<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/banking-as-a-service-global-fintech-fest\/#BaaS_and_Unbundling_of_Financial_Services\" >BaaS and Unbundling of Financial Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/banking-as-a-service-global-fintech-fest\/#How_Can_Banking_as_a_Service_Aid_Financial_Inclusion\" >How Can Banking as a Service Aid Financial Inclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/banking-as-a-service-global-fintech-fest\/#Managing_Banking_Regulations_At_The_Time_Of_Open_Banking\" >Managing Banking Regulations At The Time Of Open Banking<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">India is seeing an explosion of customer-centred businesses.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A majority of these players are looking to embed financial services into their platforms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, providing banking services to consumers is no piece of cake.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thankfully, <a href=\"https:\/\/cashfree.com\/blog\/banking-as-a-service-baas\/\">Banking as a Service<\/a> (BaaS) platforms can help bridge the gap between companies and banks.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keeping this in mind, 4 industry stalwarts, including our co-founder, Akash Sinha, shared views on Banking as a Service on a roundtable discussion at the Global Fintech Fest 2021.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"770\" height=\"403\" data-attachment-id=\"4581\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/banking-as-a-service-global-fintech-fest\/baas-roundtable-gff\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/baas-roundtable-gff.jpg?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"baas-roundtable-gff\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/baas-roundtable-gff.jpg?fit=770%2C403&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/10\/baas-roundtable-gff-1024x536.jpg?resize=770%2C403&#038;ssl=1\" alt=\"Banking as a Service on a roundtable discussion at the Global Fintech Fest 2021\" class=\"wp-image-4581\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/baas-roundtable-gff.jpg?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/baas-roundtable-gff.jpg?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/baas-roundtable-gff.jpg?resize=768%2C402&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/baas-roundtable-gff.jpg?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">But before we start, here\u2019s a <strong>quick definition of BaaS<\/strong>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banking as a Service allows BaaS platforms access to the core banking system of legacy banks through APIs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In turn, this allows fintech and non-financial services enterprises to provide banking services to their customers. For instance, services like accounts, issuing cards, investment, lending, etc.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/blogrevamp.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_baas_blog\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"770\" height=\"403\" data-attachment-id=\"4499\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/banking-as-a-service-global-fintech-fest\/baas-01-1\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/BaaS-01-1.png?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"BaaS-01-1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/BaaS-01-1.png?fit=770%2C403&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/10\/BaaS-01-1-1024x536.png?resize=770%2C403&#038;ssl=1\" alt=\"Banking as a Service\" class=\"wp-image-4499\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/BaaS-01-1.png?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/BaaS-01-1.png?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/BaaS-01-1.png?resize=768%2C402&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/BaaS-01-1.png?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Reason_Behind_Sudden_Rise_of_Banking_as_a_Service\"><\/span>The Reason Behind Sudden Rise of Banking as a Service<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Customer Expectation.<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Believe it or not, this is the primary reason for the rise of Banking as a service.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us explain. <em>(In points, nonetheless!)<\/em><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Banks have always worked like <strong><em>\u201csuper apps\u201d<\/em><\/strong><strong>.<\/strong><strong><br><\/strong>They act as a one-stop platform for a variety of financial services like savings, wealth, mutual funds, insurance and more.&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li>However, as the GDP of India increases, so does financial literacy. This effectively means that <strong>customers use these financial services far more frequently<\/strong>. Now, customers have increased expectations from banks.<br><\/li>\n\n\n\n<li>However, traditional banks (with their <strong>outdated legacy systems)<\/strong> cannot keep up with these expectations. It is virtually impossible for banks to <em>sachetize<\/em> <em>financial solutions<\/em> for targeted customer sections at a fast pace.<br><\/li>\n\n\n\n<li><strong>Enter: Banking as a Service platforms<\/strong>. They build their platform on top of the bank\u2019s legacy system. Thereafter, they use APIs to access the core systems and allow businesses to offer financial services to their customers.&nbsp;<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/nH21-zBRjl1BSRtM6mBUopjpwphPPBx3j2RLYZ_9BNT053O6jofnqWyjdd36QCCyD5_wd-Dn6xrPh74qA6PuRiCx2d5Di7uYJ_TosxhSnnCalACw4xf6USxo8kx5S2ShX2ZTAr7y=s0\" alt=\"Banking as a Service: how it works\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Now, an interesting by-product of this process is unbundling of financial services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Speaking of which\u2026<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"BaaS_and_Unbundling_of_Financial_Services\"><\/span>BaaS and Unbundling of Financial Services<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s a great parallel to understand how BaaS fuels unbundling.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of the earliest social media apps, Facebook can be considered a <strong><em>super app<\/em><\/strong><strong> <\/strong>(messenger\/image sharing\/video calling etc). Much like a bank that offers most financial services on one platform.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, over time, new apps took over specific aspects. In the process, they unbundled social media services.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, customers started preferring Instagram for image\/video sharing and Whatsapp for messaging.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Similarly, customers have started preferring third-party apps for financial services like lending, accounts, card issuance, etc.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what exactly are the advantages of unbundling?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, quite a few.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Unbundling allow better customer experiences for specific products<\/li>\n\n\n\n<li>Encourages frequent uses of financial products.&nbsp;<\/li>\n\n\n\n<li>Simplifies\/Declutters financial products for ease of use<\/li>\n\n\n\n<li>Personalizes financial products for specific segments<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, BaaS can also aid the acceleration of financial penetration in India.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s understand how.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Can_Banking_as_a_Service_Aid_Financial_Inclusion\"><\/span>How Can Banking as a Service Aid Financial Inclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We know that financial inclusion is an important part of the development process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what if we go beyond banks? Can BaaS platforms democratize financial services for the masses?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Experts believe so.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BaaS platforms drive enterprises to develop <strong>user-friendly nimble solutions<\/strong>. For instance, a financial service product propelled by a BAaS platform may have:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Easy-to-use interface<\/li>\n\n\n\n<li>Localised in diverse languages for higher personalization<\/li>\n\n\n\n<li>Tailored financial product<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Needless to say, all of these are only possible through <a href=\"https:\/\/cashfree.com\/blog\/open-banking-api\/\">Open banking APIs<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, this brings its own set of challenges.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Managing_Banking_Regulations_At_The_Time_Of_Open_Banking\"><\/span>Managing Banking Regulations At The Time Of Open Banking<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Experts agree that banks have to be heavily regulated in order for BaaS platforms to offer tailored solutions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banks have to use the required:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fraud and risk management systems<\/li>\n\n\n\n<li>Data security measures&nbsp;<\/li>\n\n\n\n<li>Incremental AI and ML security levels on top of the legacy systems<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, <strong>BaaS can help digitize or even fast track these regulation processes for fintech and end customers alike<\/strong>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are two examples to illustrate:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Making <a href=\"https:\/\/blogrevamp.cashfree.com\/send-money-to-india\/global-payouts\">international payouts<\/a> may require a lot of documentation and approvals. <a href=\"https:\/\/cashfree.com\/blog\/firc\/\">FIRC<\/a>, for one.<br>Here, platforms like Cashfree Payments can use their resources to simplify the process for merchants. For instance, Cashfree\u2019s banking provider FIRC to the beneficiary of international payments automatically.<br><\/li>\n\n\n\n<li>Another example is that of an end customer sending international payments. The process of sending funds itself requires the customer to sign various legal documents. In such a situation, a BaaS fuelled fintech may be able to help these customers send international funds instantly.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Now, it\u2019s important to note that <strong>Indian regulatory authorities are very supportive of innovation <\/strong>and new players in the market. Moves like <a href=\"https:\/\/www.rbi.org.in\/scripts\/BS_PressReleaseDisplay.aspx?prid=52218\">innovation sandboxes<\/a> are testament to the same.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, there\u2019s still a long way to go.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, we still need to discuss the possibility of:<br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Digitization of payments, onboarding, underwriting procedures and KYC.&nbsp;<\/li>\n\n\n\n<li>UPI-like infrastructure that facilitates interoperability. Especially for segments like credit.<\/li>\n\n\n\n<li>Balancing the onus on compliance between banks and fintech players.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">All things considered, the future of fintech innovation looks hopeful. And a LOT of it will depend on the use and evolution of banking as a service.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What are your thoughts on the future of BaaS? Can it be a driving factor of Indian financial inclusion?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us know in the comments below!<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/blogrevamp.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_baas_blog\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/Fa93Eu0i_8drXrphUyx7JFdYEJ3VBBYDStt07lpVJQqxEpOQJmQUbiAw8Mj0TNMkEWRlEIuJMETR1Px-KPfhaGX3AqhDAIIHuypkbjtagHI6ZA_HXBVAfDBwU_4406LVmqjzsWkc=s0\" alt=\"Banking as a Service\"\/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>India is seeing an explosion of customer-centred businesses.&nbsp;&nbsp; A majority of these players are looking to embed financial services into their platforms. However, providing banking services to consumers is no piece of cake.&nbsp; Thankfully, Banking as a Service (BaaS) platforms can help bridge the gap between companies and banks.&nbsp; Keeping this in mind, 4 industry<\/p>\n","protected":false},"author":17,"featured_media":7159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,2157],"tags":[1499,2107,1517],"class_list":["post-4496","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-events","tag-banking-as-a-service","tag-experts-speak","tag-open-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BaaS Is The Only Way To Meet Rising Customer Expectations from Financial Services Providers: Akash Sinha<\/title>\n<meta name=\"description\" content=\"Read on to know the discussion between 4 industry stalwarts on Banking as a Service at the Global Fintech Fest 2021!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/banking-as-a-service-global-fintech-fest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BaaS Is The Only Way To Meet Rising Customer Expectations from Financial Services Providers: Akash Sinha\" \/>\n<meta property=\"og:description\" content=\"Read on to know the discussion between 4 industry stalwarts on Banking as a Service at the Global 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