In this episode of Travillian Next, Zane Smith, Chief Banking Officer at American Bank, discusses the Banking-as-a-Service (BaaS) industry and stresses banks’ need for in-house expertise. He advocates for a shift towards banks assuming responsibility for risk and bank compliance, rather than relying on middleware providers. Smith also addresses talent needs in the BaaS space, emphasizing strategic planning for growth. He highlights the importance of banks innovating within safety and soundness frameworks, urging a return to basics.
Travillian Host: Keith Daly, Head of Tech & Innovation
Available on Spotify and Apple Podcasts.
Key Takeaways
- Banks need to shift their thinking and take responsibility for risk and compliance in the banking as a service (BaaS) industry.
- In-house expertise is crucial for banks in the BaaS space, from the board level to the analyst level.
- Banks should focus on strategy and planning, considering the impact on their balance sheet, capital, and infrastructure.
- It is important for banks to get back to basics and innovate within the framework of safety and soundness.
