Banqsoft, a leading provider of financial software, believes that a partnership approach is the best way to achieve success in providing Banking as a Service (BaaS) and embedded finance solutions. In Banqsoft’s view, partnerships create a win-win situation where all parties in the ecosystem contribute to providing the best solutions for the end customers.
Different parties play unique roles in the BaaS and embedded finance ecosystem. The concept of embedded finance has been around for more than two decades, with many banks and finance companies providing white-label loyalty and card programs in collaboration with merchants. However, with the introduction of open banking, open APIs, and overall digitization, new services are being introduced regularly in areas such as payments, cash management, factoring, and treasury.
Regardless of your role in the BaaS and embedded finance ecosystem and the services you provide, you depend on flexible, reliable IT solutions that enable seamless interaction with all parties. Banqsoft’s solutions, featuring open APIs and a rich set of financial products built around continuous integration and delivery, support your business whether you act as the bank behind the financing or
the fintech providing digital financing capabilities to the end customer.
However, technical solutions alone are not enough. It is essential to collaborate with a partner that understands your business requirements. Combining extensive market knowledge and technical expertise, Banqsoft can provide customers with the best solutions, staying on top of technological development, and creating value for partners and customers.
Building trust is crucial, as both parties need to feel secure that their communication with customers aligns with shared values, opinions, and goals. When selecting a partner to support your BaaS and embedded finance initiatives, consider the following aspects:
- Customer ownership: Ensure the setup allows you to maintain control and ownership of the end customer as a bank or fintech company.
- Your role in the ecosystem: Whether you’re a financer, technology enabler, or customer-responsible party, your decision will guide the type of partner(s) you should collaborate with.
- Flexibility: Choose a flexible solution and a partner that can support your growing business. Future needs, such as compliance or PSD3, may be unpredictable.
- Regulations and compliance: Understand the requirements for your business and choose a partner that can help you implement them.
- Cultural fit and shared values: Ensure that your partner shares a similar work culture and values to foster a healthy working relationship and long-term collaboration.
In conclusion, partnerships are essential for the success of BaaS and embedded finance solutions. Banqsoft’s solutions, with open APIs and a rich set of financial products, combined with extensive market knowledge and technical expertise, can provide customers with the best solutions available. By considering the aspects mentioned above when selecting a partner, you can ensure a strong foundation for building trust and creating customer value.
AUTHOR
Meet Kristina Salemyr, the Director for Digital Banking at Banqsoft – a leading fintech provider driving financial innovation across the Nordics with solutions for retail banking, asset finance and debt collection companies. As a key member of Banqsoft’s Digital Banking team, Kristina is driving digital transformation with a mission to revolutionize the way financial services are delivered and ensure that Banqsoft’s products and services meet the evolving needs of its banking customers. With over two decades of experience in the financial industry working at the crossroads of business and IT, Kristina is a seasoned leader with a deep understanding of the financial services industry. Prior to joining Banqsoft in 2021, Kristina spent many years working for Nasdaq and Nordea – making her a true expert in the field. With her exceptional leadership skills and wealth of experience, Kristina contributes to Banqsoft’s success and continued growth in the banking industry.
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