Vladimir Lounegov, co-founder and CEO of Mbanq, shares with PYMNTS how FIs and brands can supercharge growth by introducing new embedded finance features with the right BaaS partners. .
During part of his 20 years as a banking consultant, Vlad Lounegov helped some of the largest banks in the world acquire other financial institutions (FIs) and build their portfolios of services. When the 2007- 08 global financial crisis struck, the mergers and acquisitions pipeline dried up and the entire industry refocused on efficiency.
Lounegov pivoted to technology as a profitability driver for banks, but payments innovations and new technology such as artificial intelligence and blockchain had not yet penetrated core banking. It turns out that when Lounegov founded Mbanq in 2017, he was in the right place at the right time. Starting as a technology company before shifting to software as a service, Mbanq is now driving the next great shift in financial services — Banking as a Service (BaaS).
“At the end of the day, we’re selling compliance as a service, lending as a service, everything critical to running banking operations, handling complaints and chargebacks. This is where we make most of our money,” he said. “The tech is important, but our biggest margins are made through services.”
Read the full PYMNTS article at https://www.pymnts.com/news/digital-banking/2023/an-insiders-take-on-how-banks-can-tap-baas-for-growth/