How pivotal do you feel embedded finance can be to future innovation and growth ?
EMBEDDED FINANCE
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How pivotal do you feel embedded finance can be to future innovation and growth ?
Radha Suvarna : Banks are looking to invest for growth . BaaS and embedded finance is an area where they see opportunities to grow and to reach new audiences cost-effectively through indirect channels .
Those banks that act prudently and secure priority customer context will experience the greatest upside . Those who wait may very well be left outside looking in .
I think 2024 will be a critical year for the continued rollout of BaaS and embedded finance technologies . In Finastra ’ s 2023 State of the Nation survey , BaaS came out top , just above AI , in terms of the technologies financial organisations plan to prioritise over the next year .
It ’ s clear from our research that respondents saw 2023 as a year of action and that the industry is moving beyond the observation and planning phase .
Concerning BaaS and embedded finance , we saw an acceleration in the implementation of these capabilities . Some 48 % of financial institutions
globally have enhanced or implemented BaaS capabilities into their offerings , compared to 35 % in 2022 .
Ryan O ’ Holleran : Embedded finance has the capacity to be a catalyst for future innovation and growth for businesses worldwide .
By seamlessly incorporating financial services into various digital platforms , it allows for a more interconnected and efficient market landscape that can meet endless customer needs .
136 May 2024