Banking services like debit cards and savings accounts can be a valuable profit center and great way to create consumer engagement. Unfortunately, banking is hard. Or, rather, being a bank is hard.
The regulatory and operational lift required to become a fully chartered, FDIC-insured bank is heavy, and maintaining compliance can be an unforgiving, ongoing task. So, until very recently, a lot of banking products have been off the table to non-banks.
Fintech has the development and UI chops to offer exceptional banking service experiences, but they’ve been missing the regulatory piece of the puzzle—as well as a few others.
Here’s what it takes to offer banking products today:
System of Record (Core Processor)
Ability to Scale
A new model for banking services
By successfully pulling these three elements together, Banking as a Service (BaaS) platforms like Cambr allow fintechs to offer high-yield savings accounts, checking accounts, debit cards, and other financial products that have traditionally only been available through banks. It’s a new model for generating and supporting financial applications – one that is showing a great deal of potential for changing the world of financial products.
Want to learn more?
Cambr brings the above elements together in a turnkey package, to save fintechs the trouble of sourcing these components themselves and to make building, maintaining, and evolving these products easier than ever before. With leading functionality, optimal design and highly stable and scalable components, Cambr provides companies from fast growing start-ups to large enterprises the necessary banking APIs to build rapidly, operate seamlessly and scale profitably.
Contact us today to learn how you can use Cambr to build the next generation of banking.