The banking industry as a whole is undergoing a digital transformation, challenging the supremacy of established banks that have been at the heart of the global financial system for decades. To stay relevant, those established banks must start thinking and acting more like innovative, agile fintechs and challenger banks. Implementing new technologies is a logical start, but what banks truly need is an entirely new operating model. We call that new model Banking as a Service (BaaS). Back in late 2020, when I last discussed BaaS on this blog, it was still a nascent concept. There were a few examples…

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