Finastra research shows Banking-as-a Service gains unstoppable momentum opportunity for the entire financial services ecosystem . Financial institutions can reach a greater number of customers at significantly lower cost , while distributor brands can open up new lines of revenue and build deeper relationships with their customers .
“ It ’ s clear from our research that consumers ( retail or corporate ) are changing where they source financial services and shifting to non-bank channels . This trend will only accelerate as integrating regulated products into the customer journey becomes as simple as creating a social media account .”
Research from Finastra has revealed almost 85 % of respondents are already implementing or planning to implement Banking-as-a Service ( BaaS ) over the next 12 – 18 months .
Its Banking-as-a-Service : Outlook 2022 : Paving The Way For Embedded Finance report , based on the opinions of 1,600 senior industry executives , revealed more than 80 % of regulated financial services providers expect the overall BaaS market to grow . Of these , 30 % expect it to grow by more than 50 % per year over the next five years .
Angus Ross , Chief Revenue Officer , Bankingas-a-Service at Finastra , said : “ There ’ s no doubt that BaaS is an incredibly exciting
The majority of enablers , including bigtechs and fintechs , expect the overall BaaS market to grow by more than 50 % over the next five years .
Some 40 – 50 % of enablers want to increase their partnerships with distributors and financial services providers by more than 50 % in the next five years .
Avaya and Alcatel-Lucent Enterprise partner to accelerate customers ’ transformation to the cloud
Avaya , a global leader in solutions to enhance and simplify communications and collaboration , and Alcatel-Lucent Enterprise ( ALE ), a leading international provider of communications , networking and cloud solutions have announced a strategic partnership .
This will extend the availability of Avaya ’ s OneCloud CCaaS ( Contact Center-as-a-Service ) composable solutions to ALE ’ s global base of customers while also making ALE ’ s digital networking solutions available on a global basis to Avaya customers .
Through this partnership , ALE will offer Avaya OneCloud CCaaS , which provides advanced AI , identity and security , Workforce Engagement Management ( WEM ) and customer service capabilities to ALE customers .
Avaya will offer ALE Digital Age Networking solutions to its customers , covering the full spectrum of enterprise wired and wireless connectivity technologies with advanced cloud platform services , leveraging the latest in IoT analytics , digital workflow , secure mobility and AI for network automation .
“ We are extremely pleased to partner with Avaya to deliver marketleading CCaaS capabilities to our customers and expand the market reach of our Digital Age Networking solutions ,” said Jack Chen , CEO , ALE . “ The extensibility and composability of the Avaya OneCloud CCaaS platform allows us to work with an ecosystem of industryleading partners to build with Avaya deeper and more engaging experiences our customers need .” p
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