Welcome back to the third podcast of the new series Under The Hood from 11:FS and Synapse. In this series, we’re diving deep to uncover the banking infrastructure that is disrupting traditional banking models and shaking up the system to improve the financial lives of millions around the world.
The co-hosts, Simon Taylor, co-founder of 11:FS, and Sankaet Pathak, founder of Synapse are joined by Joanne Dewar, CEO, Global Processing Services (GPS), and Teo Blidarus, Founder and CEO at FintechOS. Also joining is Siddharth Verma, co-founder of OnJuno, a new neobank.
In this third episode, the group will focus on what having a banking license means in multiple countries and what you can do and cannot do without one. Then they move on to discuss the time, money, and compliance challenges of getting a banking license, highlighting that you don’t need your own license to be able to offer finance products anymore with the emergence of BaaS.
“It’s less about who owns the license. It’s more about value creation.”
The group goes on to discuss the details of the technology and the partnerships, answering questions like how do a license holder and a brand work together to allow one to use the other’s license, what tech is used to link them together and how are other third parties also integrated?
The discussion continues with a focus on the evolution of BaaS and how much consumers really care about who has the banking license or other licenses. They also discuss the potential emergence of Customer Service as a Service within the next 18 months.