Intellect Global Transaction banking launches Banking as a service

Traditional commercial banks in the recent past have been facing increasing competition from various quarters such as neo banks, fintechs to name a few that provide great customer experience, reliable money movement, and attractive pricing.

Hence Banking-as-a-Service (BaaS) the ability of banks to embed financial products & services directly within their clients’ ecosystem as they serve their customers – is one space that is generating keen interest as it opens up exciting new segments and indirect channels. In the US alone, the transaction value offered via BaaS/embedded finance is expected to grow nearly three folds to about $7 trillion by 2026, as per a research paper produced by a leading analyst firm.

A survey of financial institutions conducted by Cornerstone found that 11% of banks already have a BaaS strategy, 8% are in the process of developing one, and 20% are considering it – hence time to market is of the essence. iGTB’s BaaS offering is a best-in-class solution that comes with built-in support for popular BaaS models and ready integration cartridges and significantly cuts down the time to monetization.