Banking-as-a-Service Moves Past Its Missteps To A Better User Experience
While it has accelerated this year, the evolution of BaaS hasn't always been a smooth one. As the landscape evolves beyond integrated card issuing, solution providers are continuing to figure out the best path forward to widen the scope of their financial products. Though it's with good intentions, Transcard CEO Greg Bloh says hiccups have emerged along the way.
"There have been some stumbles where the solutions, with disbursements in particular, became very problematic," he recently told Karen Webster, noting that the friction was the result of the sudden introduction of a third party into a service like disbursements. It created an experience of confusion, and sometimes even distrust, from the end user's vantage point.