What is Embedded Banking?
What is embedded banking?
Put simply, embedded banking is the process of integrating financial services within a third parties' platform and apps, through APIs. It is the umbrella term that encompasses numerous different financial services.
Banking can be embedded in your business with complete flexibility through modules
Who is it for?
Embedded banking is not just for FinTechs and Banks
In the digital age, people expect more for less — and the way banking is handled is no exception to this.
- More efficient processes with fewer touch points
- Improved personalisation without being asked a million questions
- Greater visibility without having to hunt for information
- Cheaper pricing without sacrificing the quality of service or product.
Any business involved in payment flows should take advantage of the game-changing opportunity to own the payment process. Businesses who don’t take the step to becoming financially integrated will soon fall behind the competition.
Future-ready
Customer demand for services that are readily available and integrated is growing.
Why should I embed banking?
Customers want finance embedded at the point of need
For your business
Improved customer retention
Since you control the customer experience, customers are not redirected elsewhere
More revenue
The payments process becomes revenue generating as you control the transaction
More data
You can gain depth of customer data by owning the end-to-end process
For your customers
Convenience
The buying process is more convenient as there are fewer touch points and provided in context
Efficiency
No need to resubmit data that has already been captured earlier in the process
Are you ready to embed banking in your product?
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