EP977: The theory and practice of BaaS
IBS Intelligence Global FinTech Interviews · 2026-05-13 · 21 min
Episode notes
This interview with George Toumbev of NatWest Boxed details the rise of Banking-as-a-Service (BaaS), highlighting partnerships with Saga and The AA. Toumbev predicts most retail banking revenue will shift away from traditional channels by 2030, necessitating "embedded banking" that utilizes a bank's license and balance sheet on brand platforms. Successful implementation requires strategic coherence between the brand and financial product, balancing technical excellence with strong banking credentials for safety. To ensure scalability, Boxed uses standardized "Lego block" modules rather than bespoke designs. Ultimately, this model allows brands to increase revenue and sales while outsourcing complex risk management and regulatory compliance to the bank
More from IBS Intelligence Global FinTech Interviews
All episodes →- EP1019: Beyond Core Banking: The Rise of the Modern Bank Operating System37 / 100
- EP1018: The Gen Z and Gen Alpha battleground30 / 100
- EP1017: The Quiet Reinvention of Transaction Banking24 / 100
- EP1016: The Cloud Is Rewiring India’s Trading Stack
- EP1015: Modernising core banking - the SBS approach