written by OCS
Nowadays, financial services provided through a cloud-based Software as a Service (SaaS) platform are playing a key role in the growth of digital banking – which includes online banking, mobile banking, digital wallets and other fintech services to be accessed online.
This is especially strategic in such a growing market. Indeed, according to a report by MarketsandMarkets, the global digital banking market is expected to grow from $8.7bn in 2020 to $13.9bn by 2025, with a CAGR of 9.8% during the forecasted period.
THE BENEFITS OF SaaS PLATFORMS
As shown by the solid experience of OCS, modular SaaS platforms leverage advanced technology – often through predefined forms and APIs – to offer customers a simple and convenient banking experience, enabling banks and fintech companies to rapidly deploy digital services. This reduces the time and costs associated with creating bespoke digital banking solutions and allows banks to focus on delivering high-quality services to their customers. Moreover, SaaS-based fintech services often have lower fees, faster transaction times and better security features than traditional banking services.
SaaS-based fintech services can generate revenue through a variety of revenue models, including subscription fees, transaction fees, interchange fees, interest income, optional services and white-labelling. Furthermore, the deployment of SaaS platforms in digital banking can offer significant benefits, including reduced costs, increased flexibility and improved customer experience.
NEW FINANCIAL SERVICES RISKS & OPPORTUNITIES IN THE DIGITIZATION ERA
However, companies should not underestimate the challenges and risks associated with implementing these solutions: addressing security concerns, ensuring compliance, managing integration challenges, providing scalable solutions and promoting customer adoption are all key considerations when adopting SaaS-based fintech services in digital banking.
This scenario has encouraged OCS to make all the solutions of its application suite available in the cloud environment: from mobile usable nano lending that makes available unconventional scoring algorithms through artificial intelligence, to digital onboarding tools, from smart lending to the traditional and robust back-end.
OCS investments are increasingly moving in the direction of garnering increasing adoption of vertical modules in plug-and-play logic as modernization roadmaps that consider the composable business approach suggest.
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