Challenge
ClearBank’s proposition is different from many of its competitors—it is both a new bank and holds a full banking licence, rather than relying on a less stringent EMI licence.
Regulatory scrutiny and action on BaaS providers created an opportunity for ClearBank to stand apart with its combination of new technology and trust.
ClearBank wanted to create a new category where it could stand alone: Embedded Banking, distinct from both Embedded Finance and Banking as a Service.
Solution
CCGroup worked with ClearBank to engage analyst house Datos Insights to produce Confusion, Cost, and Compliance: The Bifurcation of BaaS and Embedded Banking, a report examining the loose definition of BaaS, and the need to define embedded banking, rather than bank-like services.
This report was supported by a news story: half of fintechs are losing $11m per year due to BaaS provider failings. A quarter expressed interest in moving to an Embedded Banking provider to address these issues.
The campaign was followed by ongoing thought leadership on the topic of BaaS and embedded banking—work that continues today.
The report has major impact with banking and fintech media, highlighted both a problem in the market and its solution.