one of the TOP5 fintech-influencers and predictors, author of bestsellers “Digital Bank” and “Value Web”, managing partner of the BB Fund in London
You’re probably all familiar with SaaS – it’s basically paying for applications as you use them, rather than buying them. These services used to cost you a fortune, but are now free or near enough. That’s where banking is going. Banking becomes plug and play apps you stitch together to suit your business or lifestyle. There’s no logical reason why Banking shouldn’t be delivered as SaaS.
This is the future bank, and old banks will need to reconsider their services to compete with this zero margin model.
…anyone in the near future would be able to build their own bank through apps, APIs and analytics.