Customers have more banking options than ever before. They no longer choose the bank around the corner and stick with it for every financial milestone in their life. Instead, they are selecting products from banks they may have never heard of—indirectly through hotels, airlines, employers or even grocery stores.
Welcome to the world of Banking as a Service (BaaS), where banks extend their products to meet customers where they need them the most. If you're a mid-market bank, this can either be a massive opportunity—or a massive risk. Will you find customers through new channels, or lose them to competitors who were able to act more quickly?
Many enterprising mid-market banks are taking a BaaS approach, and for good reason. It allows you to:
Simply put, Banking as a Service is made possible by APIs. They take a bank’s product and make it accessible throughout a partner ecosystem and ultimately to the customer in a few easy clicks. Banks of all sizes are picking up on the importance of APIs.
APIs aren’t difficult to create. However, they can be difficult to do right. And unfortunately, when they go wrong, they can go very wrong.
When using APIs to develop new BaaS offerings, banks need to treat them like products and manage them throughout their lifecycle.
They need to ask some tough questions:
webMethods.io API is a best-in-class API management platform that will help you expertly manage your APIs like products throughout their lifecycle. It gives you everything you need to turn your existing banking products into BaaS solutions practically overnight.
With webMethods, you can:
Create a developer ecosystem
Monitor your APIs
Offer BaaS solutions through an API marketplace
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