THE BANKING-AS-A-SERVICE REPORT: The major players and best practices behind the business model that's reshaping incumbents' DNA

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Banking-as-a-Service (BaaS) — when banks or fintechs offer up their own services for other companies to use, enabling third parties to provide banking services — is starting to explode as an offering as more providers get on board.  A flood of providers from all different backgrounds, including incumbent banks such as BBVA, fintechs like Synapse, and neobanks like Starling Bank, are now diving headfirst into BaaS, driven by incentives like fee revenue, the potential for data-sharing deals, and insights they can gain from working with clients that can improve their own offerings.

But despite the rush of major providers into the space, no single company is managing to dominate it. They all follow different strategies as they compete along several metrics like breadth and depth of services, reputation, speed to market, and scalabilit, striving to stand out to clients and drive new business.

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