IT needs to overcome a perception that it's more tactical than strategic -- "Business and IT executives differ in their perceptions of strategic and operational IT issues, from IT's strategic role to its performance. And an A.T. Kearney survey of senior business and IT executives conducted this summer by Harris Interactive suggests that senior business executives don't believe IT is keeping pace. Many of these business leaders believe IT is tactically focused and that the best technology innovations come from the business side. Unless significant changes are made, those differences may continue to define -- and possibly limit -- IT's strategic role."
The BaaS model has been adopted across a wide range of industries due to its ability to streamline financial processes for non-banks and foster innovation. BaaS has several industry-specific use cases, where it creates new revenue streams. Banking as a Service (BaaS) is rapidly emerging as a growth market, allowing non-bank businesses to integrate banking services into their core products and online platforms. As defined by Juniper Research, BaaS is "the delivery and integration of digital banking services by licensed banks, directly into the products of non-banking businesses, commonly through the use of APIs." BaaS Market Development The core idea is that licensed banks can rent out their regulated financial infrastructure through Application Programming Interfaces (APIs) to third-party Fintechs and other interested companies. This enables those organizations to offer banking capabilities like payment processing, account management, and debit or credit card issuance without