Notes

Trends in Banking As a Service
Banks can be described as services providing banks. In reality banks are just lending financial tools and money to people. There are various ways in which banks can be defined such as commercial banks, savings and loans, trust companies, commodity banks, money lending, bank-supported enterprises, government guaranteed banks, private banks, and international banks. It may be argued that each of these branches of banks is part of the same family, however they operate in very different markets with very different operational needs.

Commercial banks are banks that provide primary banking services such as: loans, deposit taking, servicing loans, investing in securities, retail banking, and treasury operations. A banking provider generally offers a range of financial services such as: bill payment, employee pay, and payroll, business invoice processing, customer order execution, and direct deposit banking options. This is not to say that each type of banking service is the same.

Online banking as a service has made huge strides recently. Online banking began with a modest selection of banks and now there are hundreds upon hundreds of banks providing online banking services. These banks have realized that they must maintain a competitive edge if they are to continue to attract and retain customers. They have therefore invested heavily in technology, automation systems, and other options that allow them to provide the most comprehensive online banking experience possible. Some of these banks offer a full range of services including bill paying, managing money, transferring accounts, receiving and sending electronic transfers, among others. Others only offer online banking or specific services.

In traditional banking business models, a bank sets up an interdepartmental banking system consisting of different departments such as treasury, commercial banking, home banking, and branch banking. Every transaction is made through one of the bank's branches or offices. The customer interacts with one of the customer service representatives to make requests for banking services. It is through this interaction that banking as a service has its roots.

As technology and embedded finance evolved, banks started using internet-based technologies to provide their customers with improved online banking capabilities. These technologies enabled banks to use digital channels to extend their reach and create an enhanced customer experience. In particular mobile banking became very popular in Western Europe in the last five years. Digital asset tracking and digital asset management services have been very popular with customers, who are able to keep track of their properties and other financial assets, while they are on the go.

Offshore banks have also adopted non-financial companies to provide online banking capabilities. Many non-financial companies use banking platforms that run on Microsoft Windows and Java. These platforms have better compatibility with the operating systems of the offshore banks and are easier to use.

Another trend emerging is the usage of web-based banking services provided by banks. Most banks are adopting web-based applications to enable customers to access their bank accounts. Online banking has become popular with customers who are constantly traveling. Some banks allow their customers to check their account balance, manage their transactions and transfer money to other people all over the world. Banks also offer online access to their mobile apps, which enables customers to access banking services from any location. In fact, some banks allow customers to access banking services from anywhere, at any time.

Traditional banks have also adopted the use of application programming interfaces (APIs) to facilitate access to their mobile banking application. Banking experts believe that it will be very difficult for non-financial companies to provide banking solutions if traditional banks continue to adopt the application programming interface (API) model. However, banks are open to the idea of including some of the features of API based banking. This would enable the bank to sell banking solutions to non-financial companies at a higher price.
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