Embedded finance is not a new concept. Corporations outside of the financial services industry have provided banking services through credit cards at shops, supermarkets, and airlines; financing at retailers; and loans at car dealerships for decades. With a strong focus on connectivity and integration, the latest era of embedded finance has uncovered how banks can bring the benefits of an embedded ecosystem to their customers.
While some industry leading banks are developing the future of their embedded finance strategy, others have found themselves unsure of where to begin. Banks that put a clear long-term embedded finance strategy in place, will capture additional market share as larger corporations move toward an embedded future.
With use cases ranging from streamlined onboarding, decreased manual processes, improved customer satisfaction, new market growth, reduced lending risk, reduced back-office costs, improved cash management, and virtual cards, it is clear that this trend demands the attention of both banks and their corporate customers
Banks and financial institutions must take lessons learned from retail embedded finance use cases and overcome issues related to bolstering their role within the ecosystem by leveraging APIs, to ensure they are viable competitors.
Sign up for this Finextra webinar, hosted in association with OpenText, to join our panel of industry experts as they discuss the following areas:
- What are the biggest challenges for achieving an embedded ecosystem?
- How do banks and financial institutions overcome these challenges?
- What’s next and how can the industry achieve this ecosystem?
- How does this impact the growth and overall significance of APIs?
- How can financial institutions capitalise on this trend to develop a competitive advantage?
- Jane Cooper - Researcher, Finextra [Moderator]
- Ruchi Bhardwaj - Principal Product Manager, Financial Services, Business Network, OpenText
- Rebecca Meeker - Senior Vice President, Mastercard