Third Coast Bancshares, Inc., the holding company of Third Coast Bank, today announced that it has joined the Bankers Helping Bankers Banking-as-a-Service Association. The BaaS Association is a premiere governance association whose primary goals include BaaS education, regulatory collaboration, and community bank sponsorship to source new revenue streams. BaaS is a highly specialized area seeing a tremendous increase in bank participation to meet the growing demand from Financial Technology (FinTech) platforms and financial start-ups.
Bankers Helping Bankers launched the BaaS Association in April 2022 via a bankers-only platform for collaboration and education. Through data tools and dynamic user groups, Bankers Helping Bankers provides community bankers with a knowledge base focused on bank technology and emerging FinTech companies, in areas such as BaaS, becoming a sponsor bank and launching a direct digital brand.
JK Walker, Managing Director of Innovation and Regional President at Third Coast Bank, said, “Community banking is at the heart of Third Coast Bank’s business strategy and while we have been focusing on core business initiatives, we have naturally stepped into the FinTech revolution where technology and innovation are converging on exciting opportunities for customers and banks alike.
“Our entrepreneurial spirit aligns perfectly with the cutting-edge solutions available now due to BaaS partnerships between a FinTech and a bank. We are thrilled to have joined a similarly focused group of bankers building the future of payments, service, and security in banking,” concluded JK Walker.
The BHB BaaS Association partnership will provide Third Coast Bank with the ability to share BaaS best practices through collaboration, stay ahead of key compliance and risk management initiatives, and remain in close contact with regulators on the changing regulatory environment around BaaS, as well as network with FinTech companies looking for a BaaS bank sponsor.
“Community Banks like Third Coast Bank are the lifeblood of small businesses and provide access to credit at the local level. Banking-as-a-Service is bringing new opportunities to consumers and communities through partnerships with businesses that allow banking products to be extended, unbound by geography. We believe this is the next step in delivering on the mission of community banking,” said Tanner Mayo, Co-Founder of The BaaS Association.
Since its inception in 2008, Third Coast Bank has had a passion for serving the needs of its customers and pioneering innovative financial solutions. Now with BaaS partnerships as part of its business strategy, the Bank can deliver on its commitment to an even larger customer base.