With embedded finance, it’s all about the consumer and ease of use.
The core value proposition of embedded finance is friction reduction from service-to-service.
For consumers, inundated with apps and promotions, it is both difficult and expensive to re-engage them separately for different aspects of finance, say for example the financing and the insurance for a new car.
A key opportunity represented often is the collaboration amongst the services to thread relevant promotions through the user journey at key life moments.
Our financial industry siloes require that consumers context switch, this is expensive and hard. Instead, embedded finance enables the industry to better serve the consumer with all their needs in the moment and focus on the mindset that matters most.
For example, many of the previously underbanked created new bank accounts when they received stimulus checks. With embedded finance, we can focus on key life events as opportunities, learning moments, and actionable events.
Embedded finance is powerful and evolving quickly, and it was exciting to see so many conversations. We’ll be in attendance again next year to mark the change!