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Published on : 9/23/2025
Today’s banking customers are seeking customer-centric solutions that meet them wherever they are - fueling the rise of Banking as a Service (BaaS). BaaS lets financial technology, or “FinTech” companies, embed financial tools directly into the apps customers use to shop, save, and manage their money, reshaping how banking is accessed and experienced. Through BaaS, FinTechs can offer money management, and savings accounts, all built on a traditional bank’s secure infrastructure. The opportunity is huge: the BaaS market is expected to reach $74.8 billion by 2030, growing at a compound annual rate of 16.8%.Innovative Banks like Bangor Savings Bank are investing in BaaS, combining deep customer relationships, local insights, payments-focused strategies, and regulatory expertise to bring modern finance to life without losing the heart of community banking. Our investment in BaaS is a strategic and natural extension of that mission.
Why Bangor Savings Bank Offers BaaS
BaaS reflects a mission-driven strategy and commitment at Bangor Savings Bank. As a mutually held institution, we prioritize stability, lasting partnerships, and community impact with a view to long-term results. We view Banking as a Service as a strategic growth opportunity that aligns with our promise to invest our time and resources to help individuals, businesses, and communities across New England.
By investing in this model, we can enhance customer experiences, extend our reach beyond traditional banking solutions, and unlock diverse revenue opportunities while maintaining operational soundness and robust risk oversight.
As Maine’s largest community bank, we remain committed to evolving our offerings without sacrificing the personalized service that defines who we are.
The BaaS program is built on three strategic priorities:
- Banking Experience: Providing traditional and innovative banking services designed to support fintech organizations through Banking as a Service (BaaS) partnerships.
- Expanded Reach: Engaging FinTechs and customers beyond Northern New England, throughout the United States.
- Innovation & Revenue: Creating new product channels while staying true to our values.
How We're Building a Scalable, Secure BaaS Platform
We treat the payments landscape as a strategic pillar, alongside deposits and loans, and have created more than 20 FinTech-specialized jobs locally to support this initiative.
But we’re not just hiring. We’re developing FinTech talent from within, creating long-term career opportunities, and strengthening the local workforce and economy. To power this work, we’ve built a cross-functional BaaS team focused on specialized skills, such as BaaS relationship management, implementation specialists, regulatory compliance, Bank Secrecy Act (BSA), information security, and other areas of risk management.
Our team includes professionals with certifications in:
- BSA/AML Compliance: Upholding strict regulatory standards.
- Risk Management: Identifying and mitigating partnership risks.
- FinTech Integration: Enabling seamless technology collaboration.
- Cybersecurity: Protecting customer data across platforms.
- Payments: Providing guidance on payment applications
- Program Management: Driving efficient, high-quality execution.
- Communications: Helping drive programs to success.
This deep bench of expertise allows us to deliver secure, compliant, and forward-thinking solutions that support both FinTech partners and end-users alike.
Key Partnerships and Impactful Use Cases
Our program flexibility supports a wide range of FinTech innovations. We work across multiple modern core banking platforms, not just one vendor, giving us greater control and customization when integrating with FinTech partners.
We utilize modern cores, cloud-based systems that are more nimble, scalable, and customizable than legacy platforms. These systems enable faster innovation, seamless FinTech integration, and a better user experience without disrupting traditional banking services.
We also offer modern card and digital issuing capabilities, including programmable payments, instant card issuance, and mobile wallet integration, that, if implemented, could give FinTech partners the flexibility to quickly launch branded card programs, deliver real-time payments, and build more personalized user experiences.
We partner with FinTechs that share our values and focus on long-term, customer-centric tools, including:
- Spending limit monitoring solutions that help individuals stay within budget with real-time alerts and insights.
- Payroll processing for gig workers to enable faster access to earnings from secondary income streams.
- Budget analyzers that evaluate users’ full financial picture, credit cards, bank accounts, and overall exposure, and deliver real-time prompts to support smarter spending.
Addressing Challenges and Shaping the Future of BaaS
At Bangor Savings Bank, we’re building a flexible Banking-as-a-Service platform grounded in the fundamentals of banking, designed to adapt alongside a fast-changing regulatory and technology landscape. Rather than chase speed, we focus on responsible growth, guided by rigorous oversight, cross-functional collaboration, and a direct partner model that ensures visibility and accountability, focused on financially responsible programs that better consumers’ lives.
As BaaS matures, FinTechs are shifting from quick wins to long-term value creation. They need more than infrastructure — they need accessible, transparent bank partners who can support their growth and meet rising expectations around compliance, security, and trust. That’s where we come in.
We seek to support experienced FinTech founders at every stage of their journey and be the partner they return to when building what’s next. We view BaaS as a strategic pillar, rooted in trust, service, and long-term relationships, contributing to Bangor Savings Bank’s strength and stability.
Learn more about Bangor Savings Bank powering FinTech innovation through Banking as a Service here.
Author: Ryan Dumond, SVP, Director of Bank-FinTech Partnerships, Bangor Savings Bank