PAYMENT SOLUTIONS
“ It [ the future of BaaS ] looks like choice ”
ADRIAN CANNON OMNIO
This will liberate large scale retailers with established loyalty schemes to reinvigorate moribund loyalty programmes , reduce their balance sheet exposure and , somewhat ironically , increase their customer knowledge .
The future of BaaS and embedded banking services According to Ross , the winners in BaaS will be the pioneers and early adopters that are embedding their products and services into other platforms , while building partnerships with technology enablers and distributors . “ BaaS will give them an opportunity to reach a greater number of customers at a lower cost ,” he says .
“ Many pioneers are already experimenting with specific use cases – creating partnerships alongside distributors and orchestrators – to see what works and what could be profitable at scale … But , as in any industry that ’ s being disrupted , there remain many players who are not actively doing anything . These are the ones that should expect to be disrupted in the years ahead . There ’ s no doubt that BaaS is an incredibly exciting opportunity for the entire financial services ecosystem .”
Cannon believes that BaaS , most importantly , offers a more flexible future for both companies and customers when it comes to financial services : “ It [ the future of BaaS ] looks like choice – choice of where we bank , what brands we would like to have provide our banking services , and the freedom to choose small , local banks and building societies able to partner with BaaS providers to complete their product set and the return of the retailer to retail banking .”
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