What is the story about?
What's Happening?
NatWest Boxed, a Banking-as-a-Service platform, has released the results of a survey targeting major brands utilizing embedded finance. The survey, conducted among C-level executives from UK consumer brands, explored the impact of embedded finance on their operations. Key findings indicate that customer excellence is prioritized over technical and operational aspects in embedded finance. The survey revealed that 80% of businesses experienced improved outcomes following the adoption of embedded finance. Common products offered include point-of-sale credit, savings accounts, insurance, and merchant wallets. Andrew Ellis, CEO of NatWest Boxed, highlighted the success and growth potential of embedded finance, emphasizing the need for providers to meet rising expectations.
Why It's Important?
The survey underscores the growing significance of embedded finance in enhancing business performance. By integrating financial services directly into consumer brands, companies can offer seamless financial solutions, improving customer satisfaction and operational efficiency. This trend is likely to drive further innovation in financial services, benefiting both businesses and consumers. As embedded finance becomes more prevalent, companies that effectively leverage these services may gain a competitive edge, potentially reshaping the financial landscape and consumer experience.
What's Next?
As embedded finance continues to gain traction, providers are expected to enhance their offerings to meet increasing demands from consumer brands. This may involve developing more sophisticated financial products and improving customer service. Businesses adopting embedded finance will likely focus on optimizing these services to maximize benefits, potentially leading to new partnerships and collaborations within the industry. The ongoing evolution of embedded finance could also prompt regulatory scrutiny, necessitating compliance with financial regulations.
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