“ Banking ' s hard . It ' s a hard industry . If you think about what a brand would do to acquire a bank charter , it ' s just not natural ”
JAMIE DONAHUE CHIEF TECHNOLOGY OFFICER , BM TECHNOLOGIES ( BMTX ) annually on information security . Even if we reach our most lofty goals , BMTX would never invest that much money . So we feel fortunate to have them by our side . We lean heavily on them for what ' s coming and how we might apply some of their new technology to bring a frictionless experience to our clients and partners .”
“ The cloud never stands still ,” says Donahue , who continues to be impressed with all the new features that get released on the cloud quarterly . “ I ' d like to think that BaaS is here to stay . I know oftentimes in technology , there are fads that come and go , but we believe that there ' s a new era upon us where financial services and banking functions will be embedded within your favourite brands and be much more ubiquitous than it is today . Where you get your paycheck into an account and then you get money out of the bank and pay bills , we believe that the world is headed towards a much more embedded ecosystem .”
As for BMTX , it has signed a new BaaS partner , which it intends to announce next year , and Donahue says they have an “ incredible pipeline ” of feature development . The company will continue to announce new partnerships and bring new features into its ecosystem , which can then be applied across the board to other areas of the business , like the white-label higher education offerings . “ It ’ s an exciting time ,” Donahue says .
fintechmagazine . com 67