How BaaS will scale in 2023 and beyond
According to Sherri Haymond, EVP of Global Digital Partnerships at Mastercard, the convergence of Banking as a Service (BaaS) and embedded finance is playing a significant role in shaping the future of the financial industry. The ongoing pandemic has drastically transformed customer expectations, with a growing demand for seamless digital financial experiences. BaaS, in collaboration with non-banking platforms, is projected to become a massive $7 trillion opportunity by 2030. This approach allows companies to offer financial services within the context of their own platforms. On the other hand, embedded finance is revolutionizing the industry by providing real-time personalized credit and payment options. A prime example of this is the co-branded credit card offered by Chase Bank in partnership with Instacart. The integration of BaaS and embedded finance is expected to bring about significant advancements in the financial sector, catering to the evolving needs of customers and enabling businesses to provide enhanced financial services.
LOQUAT Inc., a banking-as-a-service (BaaS) platform, can with help the diverse needs of customers, allowing banks and financial institutions to offer a range of products and services with varying fees, features, and requirements.
Schedule a demo today and learn how LOQUAT Inc. can help: https://loquatinc.io/demo/
