The operator's playbook: Opinions and thoughts from the QED collective

In our last essay, we defined the core ecosystem value and the raison d'être of banking-as-a-service (BaaS) providers—to sit between consumer apps and "real nanks". Today, we talk about the impact on regulation and government policy.

While new market entrants have the freedom to choose how to be API-first, most of the banks at the bottom of the stack are still playing catch up. The gap is becoming rapidly filled by a new plumbing layer—Banking as a Service.

A focus on how market forces play out in financial institutions and the future of banking itself and start to answer the question: who's got APIs, who's writing to them, and who's actually at risk of being SOL.