Be sure to watch the entire episode located below the show notes.
Finastra’s Chief Growth and Revenue Officer, Banking as a Service Angus Ross stopped by the show to share findings from the organization's “Banking as a Service Outlook 2022" study -- and what embedded finance means for credit unions.
In regards to credit unions, Angus mentioned that Sound Federal Credit Union was one of the financial institutions that partnered with Google to underpin the banking accounts offered through GooglePay.
Based on responses from more than 1,600 industry participants, here are a few of the key findings:
80% of BaaS 'providers' (e.g. license holders) expect the overall BaaS market to grow by more than 50% over the next 5 years
60% of financial institution 'providers' want a proven use case in the market before they will adopt BaaS; conversely
Less than 60% of fintech providers want promising ROI and availability of product trials
The SMB Lending sector will heat up, with expected revenue growth of 30% by 2024
Other items Angus discussed included:
definition of BaaS and the role of Finastra
providers' (FIs) response in your research
Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.