Why banks should partner with BaaS providers:
Cost Savings: Partnering with a BaaS provider can help banks reduce their costs by eliminating the need to build or maintain their own banking infrastructure. BaaS providers offer pre-built and scalable solutions that can be easily customized and integrated into the bank’s existing systems, without requiring the bank to invest in expensive hardware or software.
Increased Flexibility: Partnering with a BaaS provider can provide banks with greater flexibility in how they offer banking services. BaaS providers offer a range of customizable solutions that can be tailored to meet the specific needs of banks and their customers. This allows banks to offer unique and differentiated banking solutions that can help attract and retain customers.
Faster Time to Market: Partnering with a BaaS provider can help banks quickly launch new banking services, products, or features. BaaS providers offer pre-built and tested solutions that can be easily integrated with the bank’s existing systems, reducing the time and costs associated with developing and launching new banking solutions.
Improved Compliance: BaaS providers are typically regulated entities, which means they must adhere to strict compliance and security standards. Partnering with a BaaS provider can help banks improve their own compliance and security posture by leveraging the expertise and infrastructure of the BaaS provider.
Access to New Markets: Partnering with a BaaS provider can help banks expand their reach by providing access to new markets or customer segments. BaaS providers typically offer solutions that are designed to be easily integrated with existing systems, which can help banks quickly launch new services in new markets.
Loquat is a banking-as-a-service (BaaS) platform, which allows FIs to open small business checking account, get a virtual card and secure a loan within minutes.
Learn more how LOQUAT Inc. is the right partner: https://loquatinc.io/financial-institutions/