Techies, venture capitalists and forward thinking bankers gathered in the Big Apple to talk about everything from future unicorns to the future of money at CB Insights’ annual Future of Fintech conference. The BBVA Open Platform team was there to spread the good word about Banking-as-a-Service, and to our joyous amazement, we were not the only ones. See our highlights below:
1. Democratization of Wealth Creation Tools
In several presentations, as well as in casual conversations around the event, people talked about products and services that, in one way or another, give the average Joe access to the wealth creation tools previously only available to the rich. Noah Kerner, CEO of digital investment company Acorns, talked about how the company is spearheading this mission through new financial literacy and financial management tools that it is offering, or will be offering soon.
Other examples of this trend include platforms that help the average investor invest their IRA in non-traditional assets and companies providing lending algorithms that use alternative data sets to offer more liquidity to businesses and individuals.
Matthew Wong, CB Insights’ Managing Analyst for Financial Services, compared Banking-as-a-Service to Amazon’s cloud platform-as-a-service business in a keynote address. According to Wong, just as Amazon’s platform-as-a-service business slashed the time and cost to launch a technology company, Banking-as-a-Service is dramatically reducing the time and cost to launch banking products.
BBVA Open Platform is proud to be featured as a key Banking-as-a-Service provider in this emerging ecosystem, and Azlo and Simple, both built on top of Open Platform’s banking technology, were highlighted as pivotal examples in the Banking-as-a-Service explosion. An enormous opportunity for Banking-as-a-Service to transform industries beyond banking and financial services still exists. Recognizing the value of allowing companies to add banking services to existing apps and products, enabling any company to offer branded banking solutions directly to customers, is a monumental step in reaching that potential.
We’re excited to be among the small handful of innovators building the future of banking and payments. Get in touch to learn what embedded banking and payments can do for your business.
-The Open Platform Team