Banking-as-a-Service (BaaS) has become quite popular these days with dozens of banks offering different services to fintechs and tech companies. But almost all these banks were not originally conceived this way, they are adding BaaS as a new product offering.
Piermont Bank CEO Wendy Cai-Lee was a guest on the Fintech One-on-One podcast and shared the Piermont’s story. The bank only began operations in 2019 but it is a fully chartered bank that has been built from the ground up to take advantage of the BaaS opportunity.
In this podcast you will learn:
- The founding story of Piermont Bank.
- Why they decided to get a banking license right off the bat.
- What the process was like working with the State of New York.
- Why lending is the key to successful banking-as-a-service.
- Details of their suite of products.
- How banking-as-a-service is different from embedded finance.
- The scale they have reached in 26 months.
- How they work with fintechs and other banks.
- The typical loan products and loan sizes they offer.
- How Wendy views the BaaS landscape.
- Their approach to user experience and product design.
- Why fintech is coming on strong in New York today.
- Their hybrid approach to the workplace.
- Wendy’s thoughts on offering crypto services.
- Her vision for Piermont Bank and for BaaS.
Listen to the podcast here: https://www.lendacademy.com/podcast-347-wendy-cai-lee-of-piermont-bank/