Banking-as-a-Service: Subscription Management in the Financial Sector

Banking-as-a-Service – “Focusing on the customer”

Subscription management solutions are able to manage millions of contractual relationships in an end-to-end automated and holistic customer-centric way, says Ricco Deutscher, CEO at BILLWERK+.

Which challenges faces the financial sector?
In the course of digitalization, financial service providers have to put the costumer in the center of their existence more than ever before. Money services alone will no longer suffice as a loyalty segment in the future.

Which factors pushes the development?
The technology sector. We have learned this from the car industry, for example Tesla: Are they still a carmaker or rather a platform operator that builds electric cars? Tesla knows its customers and their needs better than any carmaker before. Why? Platforms have become an integral part of our lives 24/7. Banks are facing the same challenge today.

What role does subscription management play here?
Platforms such as BILLWERK+ manage contractual relationships automatically over time and orchestrate all relevant processes between the systems involved in this function. They represent an essential component of the digital value chain. Without them, recurring business models would hardly be feasible with reasonable effort.

What opportunities does this present for banks?
Banking-as-a-Service will change the business model for banks from a money transaction to a 360° financial service business. Traditional banks can learn a lot here from the neo-banks, which already manage their business model more like a subscription model instead of a classic banks.

How exactly can BILLWERK+ help?
BILLWERK+ takes a horizontal industry approach. Customers from all industries benefit from this approach because they can adapt approaches and business models that work well in one industry to their own. A real asset for banks in the transformation process.

Do standards play a role in this?
Of course. Standard and trust. BILLWERK+ is a standard platform, which means all customers always have the best version in use. BILLWERK+ also complies with important regulatory standards, such as GoBD.

*first published in WELT “Transformation der  Finanztechnologie” on December 14th, 2021