To keep their competitive edge, banks and wealth managers require efficient ways to operate and increasingly turn to SaaS or BPaaS providers offering cloud-based solutions to implement rapid business model shifts. Many are moving to a platform model of operation, and are adopting cloud-based services to achieve their aims.

Business Process as a Service (BPaaS) may be thought of as a combination of the benefits provided by Software as a Service (SaaS), Infrastructure as a Service (IaaS) and traditional Business Process Outsourcing (BPO). It is essentially a process-led implementation and offers core banking activities by a service partner.