The Bank in 2025

Strategies for Meeting the US Open Banking and BaaS Opportunities

About This Report
Competition from fintechs and consumer brands is compelling leading banks and technology providers to revise their strategies. These fintechs and brands are scaling and evolving rapidly on top of banking as a service (BaaS) and open banking infrastructure. We’ve spoken with executives at financial institutions, fintechs, and vendors about how to thrive in an ecosystem that’s reshaping financial services.

Executive Summary

Leading financial institutions are refashioning themselves to fit into an ecosystem of fintechs and consumer brands. They’re adopting a new mindset: find a place for themselves in the fintech ecosystem, lean into their strengths, and don’t swim against the tide.


  1. How do direct-to-consumer fintechs and embedded finance change banking industry dynamics?
  2. How do open banking and banking as a service (BaaS) technologies facilitate fintechs and consumer brands?
  3. How can financial institutions compete, partner, and thrive?

WHAT’S IN THIS REPORT? Faced with competition from fintechs and consumer brands, leading banks and technology providers have revisited their strategies. We spoke with executives at financial institutions, fintechs, and vendors about how they’re pursuing change or reacting to it.

KEY STAT: As of December 2021, almost half (42%) of US adults had recently used a service like Apple Pay, Google Pay, or Shop Pay, indicating that many consumers have encountered embedded finance without knowing it.

Here’s what’s in the full report


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16expert perspectives

Insights from industry and company leaders.

    Table of Contents

    1. Executive Summary
    2. Key Points
    3. The Industry Reframed
    4. Open Banking
    5. Banking as a Service
    1. Embedded Finance
    2. Technical Challenges
    3. The Super App Opportunity
    4. Looking Ahead to the Bank in 2025
    5. Insider Intelligence Interviews
    1. Read Next
    2. Sources
    3. Media Gallery

    Interviewed for This Report

    Jane Barratt
    Chief Advocacy Officer
    Interviewed January 28, 2022
    Julie Bateman
    Senior Vice President and Director, Enterprise Digital and Emerging Channels
    Interviewed January 31, 2022
    Raja Chakravorti
    Financial Access
    Interviewed January 31, 2022
    Wilson D’Souza
    Interviewed January 24, 2022
    Suzanne Galvin
    U.S. Bank
    Senior Vice President and Head of Open Banking and Developer Platform
    Interviewed February 1, 2022
    Jennifer Geis
    Jack Henry & Associates
    Senior Analyst, Strategy
    Interviewed February 4, 2022
    Amit Parikh
    Green Dot
    Executive Vice President, Banking Platform Services
    Interviewed January 26, 2022
    John Pitts
    Head of Policy
    Interviewed January 31, 2022
    Bill Ready
    President, Commerce, Payments, and Next Billion Users
    Interviewed January 28, 2022
    Sunil Sachdev
    Head of Fintech
    Interviewed February 7, 2022
    Ahon Sarkar
    General Manager, Helix
    Interviewed January 26, 2022
    Sumee Seetharaman
    TD Bank
    Assistant Vice President, Open Banking
    Interviewed February 4, 2022
    David Sykes
    Head of Klarna US
    Interviewed January 20, 2022
    Jessica Turner
    Executive Vice President, New Digital Infrastructure and Fintech
    Interviewed January 25, 2022
    Madhu Vasu
    Senior Vice President, Product Management
    Interviewed February 7, 2022
    Lee Wetherington
    Jack Henry & Associates
    Senior Director, Corporate Strategy
    Interviewed February 4, 2022

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    Tyler Brown


    Maria Elm
    Senior Analyst
    Matthew Gaughan
    Analyst Banking
    Tiffani Montez
    Principal Analyst, Banking
    Christina Obolenskaya
    Associate Analyst, Executive Interviews
    Daniel Ramirez
    Researcher, Financial Services