Industry experts are exploring how to embrace Banking-as-a-Service and sharpen bank toolkits. We have witnessed how the Retail banking challenges were intensified by the Covid-19 pandemic. A stagnant customer base increased pressure on profitability, while banks were forced to prioritise cost-rationalisation and fast-track digitisation, to cope with the Covid-19, over customer expectation. The government's push towards increasing funding for digital initiatives ($2Bn+ in 2020), we will inevitably witness more digital financial products in the future. There are several examples we have seen like , State Bank of India partnership with Uber to provide vehicle finance to drivers. RBL Bank collaboration with Razorpay for digital merchant onboarding and payment solutions and Snapdeal and Freecharge partnership with Yes Bank to provide instant refunds.



To deliver the quality of experience that consumers now expect and remain the trusted financial partner of their clients vs. new Tech players, banks are looking toward the wide ecosystem of startups and are partnering with technology providers to bring innovative products and propositions forward. Additionally, given the complexity of creating an environment where banks’ solutions can be scaled successfully, evolution to open Banking-as-a-Service (BaaS) platforms are crucial for bringing solutions to market. At the same time, banks recognise that data is the lifeblood not only for regulation and compliance concerns but to leverage innovation, their success in capitalising on the data driven solutions BaaS can offer has been mixed.


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