Demystify Podcast: Core banking modernisation and BaaS with Miguel Santos and Dave Feuer, Galileo
In this week’s episode of Dave & Dharm Demystify Podcast, Dharm is flying solo. He takes a fresh approach to discussing Banking-as-a-Service (BaaS) and shifts the focus away from technology towards banks and their customers.
To shed some light on what banks and credit unions in the Americas should do with BaaS, he’s invited two esteemed guests from Galileo Financial Technologies – Miguel Santos, chief strategy officer, and Dave Feuer, chief product officer. Galileo is a US-based technology platform that caters to fintechs by providing card issuing, payments, and digital banking, and is a subsidiary of SoFi (SoFi acquired Galileo in 2020 for $1.2 billion).
During the conversation, Miguel, who joined the Galileo family last year with the acquisition of its core banking tech company, Technisys, by SoFi, boldly declares that “the era of differentiation on customer experience is a thing of the past”.
His argument is compelling, and it’s hard to refute his reasoning. Miguel eloquently explains how banks can distinguish themselves by designing products that cater to specific customers, using the example of a truck business that uses embedded banking.
Dave explains how a “decomposed” core can drive new business models, deliver new customer journeys and drive product innovation whilst saving money by using core banking on demand rather than paying for everything.
Between them, Dave and Miguel give real-life examples of several innovations only made possible by a modern core. The key message is that there is no future for a monolithic core or large software suites; the future is granular banking capabilities consumed and paid for on demand.
Dave also shares his team’s extensive experience in generative AI. He reveals how Galileo have been developing a processing platform based on this technology for several years.
Overall, this episode is packed with invaluable insights that are sure to captivate any listener. We extend our heartfelt gratitude to our special guests for their openness and insightful contributions.
Take a look at the full catalogue of episodes on the Dave & Dharm Demystify Podcast homepage.
