Welcome to the future of finance series. In this first instalment, we will look at embedded finance, highlight its benefits, and determine if it is a fad or the future.
The new wave of financial technology has popularised many new business models. So what is embedded finance? It refers to the seamless integration of financial services adopted by non-financial service providers. In the age of improved and intuitive customer experience, innovative businesses are finding a way to seamlessly sync their business or services with the customer’s money journey.
This merger has significantly revolutionised the way people interact with money and businesses alike and unlocked new customer fulfilment levels and customer lifecycle.
In recent times, this approach has witnessed much growth and has continued to disrupt the role of banking institutions. Today, financial services, such as loans or payments made only with bank apps and portals, can be accessed on retail apps, distributor management systems and eCommerce platforms by simply connecting to fintech and bank APIs. This revolution is fueled by open banking, another innovative financial technology powering the future of finance.
We boldly say that embedded finance isn’t a fad or another buzzphrase making the rounds; it could be the key to unlocking new levels of revenue and profitability.
To learn more about the future of banking and how we are helping our clients leapfrog their businesses, click the following button to get notified of our case studies and other articles.
image credit: finbox.in
-
Pingback: Future of Finance Series: Opening banking – Ceva Software