Wirecard Blog, 15 June 2020:
By Leonard Coen, Head of Sales and Project Management, Financial Institutions, at Wirecard.
With Uber, Alibaba, Tencent, Apple, Amazon and Google launching financial products, we have seen an increasing push from non-bank players moving into financial services, a market that has historically been reserved exclusively for banks. We at Wirecard envision a world where this opportunity should not only be available to big Tech companies with endless resources but also to companies of all sizes wishing to extend their offering through financial services embedded into their core product offering. “Banking as a Service” plays a key role in achieving this mission.
Why is there growing interest from businesses spanning all industries to supplement their offering with financial services?
Firstly, consumer expectations are rapidly evolving. Easy to use and fairly priced financial services via digital interfaces are becoming the new norm. Secondly, by adding financial services to their offering, businesses can create additional revenue streams, thereby accelerating the path to customer profitability. Thirdly, financial products are extremely sticky. If successful, they do not only bring in revenue but also increase retention and brand loyalty. Finally, financial products unlock a wealth of data about customer behaviors, which can be leveraged in many different ways. These are only some of the compelling reasons that explain the growing demand for adding financial services to a business’s core offering. Read the full article here: https://www.wirecard.com/blog/how-banking-as-a-service-is-shaping-customer-experiences