How Lane Changers compete with Banks using APIs
So far, banks mostly compete against other banks that are just like them: the competition belongs to the same industry, is known, has the same business model, and addresses the same mass market.
But with the advent of Banking as a Service (BaaS), banks have to face a new type of competition: I call them "lane changers" because they come from another industry and they quickly move into the lane that banks previously had all for themselves.
It makes sense to understand how these lane changers work and what traditional banks can do in a changed competitive landscape.