target audience: TECH BUYER Publication date: May 2022 - Document type: IDC Perspective - Doc Document number: # AP47795521
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.