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FEATURING: Matthew Smith, Head of Digital Banking and Banking as a Service at Webster Bank
Banking-as-a-service (BaaS) provides a great opportunity for existing financial institutions to reach a greater number of customers at a lower cost by teaming up with non-traditional financial and non-financial businesses.
It is expected the BaaS model will become a new battleground for both established banks and digital challengers, as the model has the potential to generate new revenue growth for both financial and non-financial businesses. The question becomes, will legacy banks become a distributor of financial products, a producer of them, or both?
I am joined on the Banking Transformed podcast by Matthew Smith, Head of Digital Banking and Banking as a Service at Webster Bank. Matthew discusses why Webster Bank decided to pursue the BaaS strategy and the success of the strategy to date.
Episode Sponsor: See how Microsoft can help to unlock new opportunities at speed through innovative business models, deliver differentiated customer experiences across channels, products and services, and redefine new ways of working. More at Microsoft.com/financialservices
About the Banking Transformed Podcast
In each Banking Transformed podcast, host Jim Marous has candid conversations with the world’s foremost leaders on what it takes to transform financial institutions during an age of digital disruption. His guests discuss technology, channels, innovation, customer experience, leadership, culture and competitive forces that are changing the banking industry faster than ever before.
Named as one of the most influential people in banking, Jim Marous is an internationally recognized financial industry strategist, co-publisher of The Financial Brand and the owner and CEO of the Digital Banking Report. The Digital Banking Report is a subscription-based publication that provides deep insights into the digitization of banking, with over 150 reports in the digital archive available to subscribers.
As a sought after keynote speaker, author and recognized authority on disruption in the financial services industry, Marous has been featured by CNBC and CNN, Cheddar, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker and has spoken to audiences worldwide. Jim has also advised the White House on banking policy.