Читать книгу Embedded Finance - Scarlett Sieber - Страница 31

It has taken time for the embedded finance ecosystem to develop. First, banks needed to digitize their offerings and open products and services via APIs, which allow two sites or apps to communicate and exchange data. Next, a sophisticated fintech sector needed to emerge and begin interfacing with bank technology in order to deliver superior versions to their customers, consumer, or business. Third, regulators needed to soften their approach to nonbank vendors offering financial services. Fourth, companies needed to understand the opportunity embedded finance offers and find the right opportunities to offer products. Software-as-a-service companies are seeing the value in financial offerings, which can become the most lucrative parts of their business. Big Tech has the audience, the agility to innovate, and is already searching for solutions to improve customer stickiness and brand loyalty and diversify their revenue base. They also have the data on their users that they can leverage to provide the best possible financial services, at the best price, with the least risk. Finally, most individuals have reached the point of psychological safety needed to start accepting financial services products in other shopping contexts and through different distribution channels.

Embedded finance is officially here. Are you ready?