"Telecommunications companies won't be able to afford their expensive call centers much longer, given their shrinking margins. Fortunately, they can cut their customer service bills in half by following the lead of airlines and retailers that have successfully moved many of their transactions to the Web. Many customers are willing � and some even prefer � to deal with the telcos over the Internet, but these companies must dramatically improve their online capabilities to meet such people halfway."
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