What is the story about?
What's Happening?
NatWest Boxed, a Banking-as-a-Service platform, has released a survey targeting major UK consumer brands that utilize embedded finance. The survey, conducted among C-level executives, reveals that while 80% of businesses report improved outcomes from embedded finance, there are significant challenges. A notable 90% of brands experienced an increase in customer support queries, yet only 38% felt their embedded finance provider adequately matched their support needs. Additionally, 31% of brands rejected potential finance providers due to perceived regulatory shortcomings. The survey underscores the importance of customer excellence, which was ranked higher than technical and operational excellence by respondents.
Why It's Important?
The findings from NatWest Boxed's survey highlight critical areas for improvement in the embedded finance sector, particularly in customer support and regulatory compliance. As embedded finance becomes increasingly integral to business operations, providers must address these challenges to maintain competitiveness and customer satisfaction. The survey suggests that brands are prioritizing customer experience over technical capabilities, indicating a shift in focus that could influence future service offerings. This development is significant for U.S. businesses considering embedded finance solutions, as it underscores the need for robust support systems and regulatory adherence.
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