‘Why would anyone want to become a bank’: Will more challenger banks evolve as banking as a service providers?
- Starling Bank's banking as a service offering is quickly growing.
- Will other challenger banks follow suit?
With BaaS, partners don’t have to obtain the appropriate licenses or struggle with the burden of running a regulatory organization — a huge hurdle to get over in order to enable financial services. Instead, they rely on Starling for technology and oversight.
“Why would anyone want to become an emoney institution?” said Julian Sawyer, Starling Bank’s chief operating officer.
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