Exclusive video: Revolutionising how we pay with BaaS

Held at the QEII Centre in the heart of Westminster, our annual conference, FinTech LIVE London 2023, proved to be a disruptive learning and networking experience. 

The two-day event gave leading lights from across the fintech industry an opportunity to showcase their latest strategies, projects and innovations, while attendees soaked up valuable insight and expertise.  

Over on Stage 1, Aman Behzad, Managing Partner at Royal Park Partners – a fintech advisory – unpacked the many ways banking-as-a-service (BaaS) has come to redefine how we pay. 

Even if many don’t know it, BaaS has touched the payments experience of many consumers. Read on to find out how. 

Royal Park: The BaaS revolution

For Behzad, the push for BaaS was the result of a “rude awakening” in the aftermath of the 2008 financial crisis.

“It was then,” Behzad explains, “we all realised how bad the level of service was. Making a payment or getting a loan sucked. Everything sucked. 

“To make a payment meant you had to go and queue up outside your bank and make a physical payment to pay your credit card bills. It was terrible, and there were massive amounts of friction.”

But, it was the evolution of new technologies that truly turned the tide on historic friction and, as Behzad notes, “was a massive push towards efficiency”. He adds: “Digital innovation really helped facilitate that process, and led us to a place where embedded finance has come to fruition.

“Today, we've all had some BaaS experiences, whether we know about it or not. We've all used an Uber or some other taxi service app at some point; that payment is made through BaaS. 

“We've gone and shopped online at Boohoo or somewhere similar, and we’ve seen a buy now pay later (BNPL) option at checkout. That’s BaaS too.”  

Behzad continues: “We may also have some pension products that we hold in an app, we may have something like a free trade where we're buying and selling stocks and shares. 

“So we've all had some kind of experience with really cool technologies around finance, fintech and financial services.”

For more from Behzad on the evolution of finance through BaaS, click on the video link above. 

Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon. 

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For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at the playlist for our latest hybrid event, FinTech LIVE London, to learn all about the latest trends in fintech. 

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