By Gunnar  | 01 Dec 2022

In this article, we’ll introduce a way for you as a Card Program Manager (BaaS/CaaS) to reach more scalability, lower the lead time of clients reaching market, growing margins and volumes faster by offering a ready-to-market digital card application in only 24 hours.

Good-bye to high setup cost and farewell to misaligned fee structures

The Banking-as-a-Service (BaaS) industry has grown significantly in recent years and has become a well-established field in the financial service industry. As the space matures, business and pricing model have taken a lot of changes. As a C-level executive in a BaaS company, you may have noticed that clients are not keen on high upfront setup costs, high monthly license fees, or unpredictable pricing on API calls. Like with all infrastructure, to justify high development cost, you need to find a way to reach scalability and high volumes to get your return on investment. Some BaaS companies struggle to achieve scalability and quick processing of new clients and may face pressure from investors to demonstrate healthier growth and adopt more proven business models.

With a volume based pricing structure… focus on volume.

Congratulations! Your sales team has secured a new deal with a well-funded client who has a solid go-to-market strategy and an attractive value proposition. After a lengthy sales process that included multiple discussion and due diligence calls, you have finally reached an agreement. Your team is quick to get grounded when realizing that your new client is starting from scratch with their consumer product and it will be at least a year before you see any end-users signing up for the service. Building a new banking service is a challenging task, and not providing adequate support to your clients as they work on end-application development increases the risk of potential failure and missed opportunities for your company.

How hard can it be to build an in-house card wallet?

It’s just an app, how hard can it be? While it may seem like building an in-house wallet app is a straightforward task, the reality is that it can be quite challenging and operating it successfully long-term is even harder. In the past, companies in the financial services industry, such as Monzo, Revolut, and N26, would raise significant amounts of funding and assemble large development teams to work on their app/wallet products. However, today's financial services companies are more diverse and come from a variety of industries, such as telecoms, retail, gaming, and even amusement parks and resorts. These companies often have limited tolerance for lengthy development times and high upfront costs. Instead, they want a ready-to-use solution that can be easily customized to fit their business needs quickly and efficiently.

Whether a company is starting its financial service journey or an established one launching a new wallet service, the road to reach the goal is bumpy. The UX/UI design, QA, data handling, pen testing , cloud hosting & disaster recovery plan are just examples of things needed to be carefully thought of before even starting. Launching a new wallet service will take 12–18 months or even longer and no, it won’t necessarily go faster by adding more resources on the project — it can even go slower.

Why BaaS companies neglect Front-End

BaaS digital wallet offerings (Front-End) are in most cases limited and even worse, not present at all. It’s not a secret that front-end offerings have not been a top priority for companies providing banking infrastructure. To me, the reason are obvious:

  • Front-end is hard to standardize. Customers have various wishes and demands that can be hard to cover at scale. We know because we’ve experienced it.

  • It’s hard to operate and maintain. Finding the balance between easy-to-use and ability to customise is hard to get right. Keeping the customers happy long term is challenging.

  • Trends are constantly changing. Anyone who looks back at app screenshots from 2016 must agree. It has only been a few years but the UI/UX changes fast and new design trends are replacing old ones every year.

The Memento Wallet Platform has been devoted to solve these challenges and many more by providing anyone a digital wallet in a SaaS model.

Get your clients a digital wallet in their own brand within 24 hours.

How about doing things smarter? More lean and less capital intensive and risk free? How about providing your clients their own branded wallet into their own hands within 24 hours? And having all questions around data handling, security, QA, hosting and integration capabilities easily answered at first meeting?

Did you know that simply evaluating and comparing BaaS providers to work with can take clients up to 6–9 months? Make sure you make your potential client’s life easier. Post-setup with Memento, they could have everything they need to know about their own branded wallet, both technically and operationally within 24 hours of the initial demo call. They will get it in their hands, functional and working almost immediately. This would not be possible without Memento’s underlying wallet infrastructure, where business and project logic are embedded in our API and SDK’s, ensuring quick buildout time but also providing great flexibility of how the final outcome looks/feels.

The Memento Card wallet includes the most common functionality you’d expect from a premium wallet application, such as:

  • Seamless customer onboarding with embedded KYC process

  • Card management including see PIN, Top up and freeze/unfreeze card

  • Transaction overview and detailed view along with filters and transaction search

  • Settings, including user profile, resetting PIN and security controls

  • Light and Dark mode support

  • and more…

The Memento App SDK is designed by developers for developers

We did not want to create just another template app which forces you into one direction. There are plenty of those on the market. We think it differently, so with Memento SDK you can customise the app easily, adding custom colours, fonts and translations to it. You can even write your own custom screens on the side and easily add on to our provided feature set.

It has always been an important requirement to have clients extend the product in the direction they like to go, so adding new components and screens is not only possible, it’s encouraged.

Don’t worry, we integrate to your API’s, not the other way around.

If you're interested in offering a branded digital wallet to your card issuing clients but are concerned about the complexity and workload for your tech team, Memento is here to help. We make the integration process easy by simply connecting to your platform and pulling the necessary data to create a functional wallet that demonstrates your capabilities to your clients. Our team will partner with your sales team to make demo calls and wallet handouts a breeze. In just a few weeks, you'll be able to provide your clients with not only a great branded card but a full digital card wallet experience. Don't let the technicalities hold you back – Memento is designed to make the process straightforward and efficient.

Let’s talk!

If you're a BaaS/CaaS provider struggling to support your clients with a sustainable, lean front-end wallet service, consider reaching out to the Memento team to discuss how we can help. Memento is a modular card application UI/UX layer, which means that without the underlying infrastructure of a BaaS/CaaS partner, our digital wallets will not display any transactions, move any money, or show any balance. Therefore, a strong, mutually beneficial relationship with BaaS/CaaS providers is crucial to our success. That's why we strive to design our platform and operations in a way that adds the most value to our partners while keeping things as simple as possible. If you're interested in learning more, don't hesitate to get in touch.

Also if you’re planning to launch your own digital wallet and want to get introduced to our pre-integrated BaaS partners, do not hesitate to reach out through our contact form here.