BFC Bulletins Monthly News Digest
A new report produced by Finextra Research in association with FIS delves into “as-a-service” banking models. The report has found that the rise of “as-a-service” banking models is driven by global digitalization, advances in retail technology and mobile spaces, regulatory efforts and changes in competitive landscapes. With retail customers demanding personalized services, value and convenience on the one hand and businesses seeking agile financial service providers after market upheavals, financial institutions (both large and small) have embraced “as-a-service” propositions to meet customer demands and create new revenue streams. Cloud technology has played a significant role in enabling these initiatives, offering flexibility and cost-reduction. To stay relevant in ever-changing landscapes, financial institutions must respond swiftly to emerging concepts like the metaverse and digital currency adoption while maximizing the “as-a-service” model to provide evolving and dynamic offerings to businesses and consumers.
