Infographic:Bank-as-a-Service (BaaS)

In the modern world, most people are familiar with the ‘Software-as-a-Service’ (SaaS) concept, whereby app services are pay-as-you-use rather than being bought outright. These services used to cost a fortune but are now free or nearly free. And that’s where banking is heading.

Banking is becoming a series of plug and play apps that are stitched together to suit business and lifestyle needs. This is the future of banking, and old banks will need to reconsider their services to compete with this new model where anyone will be able to build their own bank through a smart combination of apps, APIs and analytics.