Will banks become startup-like companies?
Joins us on Wednesday 14 at Roca i Junyent HQ to learn and debate about one of the most hot topics in fintech : how banks are becoming digital platforms, they look less like a bank and more like a startup.
The integration and delivery of financial services is changing as new channels, products and partnerships are being explored. Banking as a Platform (BaaP) is one of the alternatives.
By platform strategy, we mean those that IBM, Cisco, Intel, Microsoft developed in the 80s and 90s. Equally, Amazon, Google, Apple and the firms previously mentioned have also employed more recently.
The only exceptions in the banking sector may be found with Visa and MasterCard who, as networks, had to develop a platform strategy where issuers, acquirers, startups, various payments service providers and merchants are symbiotically linked. In that sense, most banks are part of Visa or MasterCard’s platform strategy, but do not have a platform strategy of their own. In insurance, developing a network of agents, brokers and master general agents does not really qualify as a platform as it is limited to a distribution channel.