
IDC Perspective: Westpac Takes the Lead as Banking-As-A-Service Comes to Asia/Pacific
Description
IDC Perspective: Westpac Takes the Lead as Banking-As-A-Service Comes to Asia/Pacific
This IDC Perspective looks at the emergence of banking as a service (BaaS) as a strategic imperative for Asia/Pacific banks, enabling banks to offer financial products and services from within the distribution channels of nonbank third parties. Some banks, such as Australia's Westpac Banking Corporation (Westpac), are noted to stand out in the eight key components of BaaS."Seemingly making up for the distraction of the past two years, many banks are poised to go beyond open banking, priming themselves for BaaS. BaaS, however, is not just another distribution strategy for the bank. BaaS can help banks create truly innovative business models, creating new sources of revenue. The point of some BaaS strategies might very well be in the growth of partner-generated revenues," says Michael Araneta, associate VP, IDC Asia/Pacific Financial Insights.
Please Note: Extended description available upon request.
This IDC Perspective looks at the emergence of banking as a service (BaaS) as a strategic imperative for Asia/Pacific banks, enabling banks to offer financial products and services from within the distribution channels of nonbank third parties. Some banks, such as Australia's Westpac Banking Corporation (Westpac), are noted to stand out in the eight key components of BaaS."Seemingly making up for the distraction of the past two years, many banks are poised to go beyond open banking, priming themselves for BaaS. BaaS, however, is not just another distribution strategy for the bank. BaaS can help banks create truly innovative business models, creating new sources of revenue. The point of some BaaS strategies might very well be in the growth of partner-generated revenues," says Michael Araneta, associate VP, IDC Asia/Pacific Financial Insights.
Please Note: Extended description available upon request.
Table of Contents
12 Pages
- Executive Snapshot
- Situation Overview
- BaaS Goes Beyond Open Banking
- Mindset Shifts
- The Elements of BaaS
- Licenses
- Services
- Partners
- Exchange of Value with Partners
- Business Models
- Partner Onboarding and Partner API Use
- Technology Platform
- API Management Platform
- Westpac: First on BaaS
- Why Westpac Has a High Chance to Succeed
- Advice for the Technology Buyer
- Learn More
- Related Research
- Synopsis
Pricing
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