WHAT IS BANKING AS A SERVICE

This is a bit more technical and it's a really good question  I mean most people would have seen the word SAS I know there are all these funny acronyms right but you know software as a service past platform as a service there's infrastructure as a service but this whole new area of as a service where you can get anything as a service or everything as a service as well right it all goes back down to cloud computing where nowadays you can access certain services without having a physical infrastructure meaning a company can export its services as a software as opposed to you getting full you know in-house getting a full package or getting the full infrastructure within your premises.

I think of classically this is a very basic example but just you know for as an example when there was no such thing as you know your Google Drive or you know your OneDrive or your Dropbox and these things but there were no Cloud storages you'd have to have a USB or an external hard drive these big hard drives you know and before going back 10 to 15 years if you remember how big these hard drives would be they'd be huge right and now they've been downsized but in those days right the hard drives external hard drives anyways to be huge and you couldn't get so much space I mean one terabyte two terabytes is probably the most you could get on a computer and if you're lucky one terabyte.

Back in 2010 I was looking for a laptop it was hard to find a laptop you know at some stages of one terabyte you know for a good decent price so you'd have to physically have the storage capability and the physical you know presence of the hard drive to store data and so you'd have to have the maintenance cost you'd have to have you know purchasing costs  you'd have to have the space for it and everything that brings with it now magnify that to a company into a business think about a huge business a huge company which would would need you know forget you know one terabyte it needs you know so much like you know thousands of terabytes right Millions potentially for for the stuff the data that they have now imagine storing all of that kind of data the kind of  systems you need to place the the infrastructure you need in place the maintenance that's required the Personnel that's required right you'd have to bring all of that in-house to offer those Services now what software as a solution SAS has done is it's allowed to cut all of the out the way it's done is it's completed because of cloud computing and the development of cloud services you can now access all of this kind of you know storage facility without even having a single physical presence in your store in your company in your Warehouse.

You don't need any kind of physical you know infrastructure all your Hardware is no longer required it's purely drained to software Hardware is no longer required and therefore you can Outsource all the hardware to somebody else you're just paying for the software right and all your data now is kept elsewhere is stored on the cloud and is accessible anywhere and so if coming back to our banking or this idea of banking as software that's what it comes down to this idea of where you are now benefiting from banking services but remotely it's not that you need potential you don't need to have all the banking infrastructure licenses but yet you can access banking experiences.

So I guess when we talk about banking as a service to summarize it just describes a model in which license Banks can then integrate digital services within their platforms so banking as a service is more about these license Banks tapping into School smart services from other providers but they integrate that into their products right and they can integrate it in other places as well so that's really the banking and service so it's about integration smart smooth integration where it's only the software that's been integrated without any of the hardware and without any of all the cumbersome elements that come with running a bank and having a banking license you know many of us would have seen under an example that came from our head you know so your supermarkets some supermarkets that you go to might have their own credit card right you might have they might have some kind of you know bank account right.

For example we have in the UK we have something called Tesco we have Sainsbury's they offer their own credit cards what is that it's the banking products right these traditional banks are offering their banking services right two non-banks so it's being passported to these  you could say non-banking platforms and Retail these are retail shops right they're offering banking services how is that possible it's because of these apis that we have and you know we have our fintech team here they can go into our apis are in more detail but they have the web Hooks and apis which allow  it's just a basic coding which allows these non-banks these retail supermarkets to now access banking services so one is the integration where buying traditional Banks themselves can integrate  new services but then really bus and banking as service comes to here in the light where you have supermarkets you have you know the traditional store Superstores which offer banking services and that's really where you can see banking as a service because a supermarket is not a bank a supermarket is not a bank how can you offer a credit card how can it offer you know a bank account it's just doing it through a bus a banking as a service because they've purchased the banking as a service from a bank that's all it goes down to.

So yeah I mean if you see that if offering you you know a credit card or five of assure your compliant credit card that is or by offering you a bank account they know it's not life has not become a bank rather than using banking as a service.

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