“Must Reads” for 18 February

Today’s “Must reads” in banking, fintech, payments, cybersecurity, AI, IoT and risk management include:

• Deep Dive into the MoneyLion and OppFi SPACs
• Banking-as-a-Service (BaaS) Market Next Big Thing
• Community banks need cutting-edge tech to remain competitive
• Automation‌ ‌and‌ ‌IoT‌‌: ‌Transforming‌ ‌How‌ ‌Industries‌ ‌Function‌
• Needed: People To Put The Intelligence In Artificial Intelligence
• 5 ways to a strong password and better personal cybersecurity

What is Banking as a Service?

Banking as a Service is used by the likes of Chime, Monzo, and so many more online banks and financial service providers.

So, what exactly is Banking as a Service (BaaS)?

Well, it’s the provision of complete banking processes as a service using an existing licensed bank’s secure and regulated infrastructure, with modern API-driven platforms from a specialist provider. These providers partner with those banks, and then BaaS lets almost any brand to embed financial services into their customer experience​. And that might sound complicated - but it doesn’t have to be. Here to give you a run-down of BaaS is 11:FS Head of Ventures Simon Taylor.