Transforming Customer Experiences — Addressing Real-time Needs
According to a recent survey conducted by EY teams, the global fintech industry is increasingly recognizing the importance of offering financial products that cater to customers’ real-time needs. In fact, a staggering 94% of fintech leaders believe that this is the key to success in the industry. This finding highlights a significant shift from traditional financial products that often fail to meet the immediate demands of customers.
As a result, there is a growing interest among both nonfinancial and financial institutions to develop embedded propositions. These propositions involve integrating financial services seamlessly into nonfinancial platforms, such as e-commerce websites or social media platforms. This approach allows customers to access financial products and services at the exact moment they need them, without having to navigate away from their current activities.
The emergence of embedded finance presents exciting opportunities for both nonfinancial and financial institutions. By leveraging this trend, they can tap into significant growth potential and provide customers with personalized, real-time financial solutions. This shift towards addressing real-time needs is reshaping the customer experience and revolutionizing the way financial services are delivered.
To learn more about this transformative trend in the fintech industry, you can visit the following link: https://www.ey.com/en_us/banking-capital-markets/fintech-ecosystems/how-banks-are-staking-a-claim-in-the-embedded-finance-ecosystem
Loquat is a banking-as-a-service platform, which allows FIs to open small business checking account, get a virtual card and secure a loan within minutes.
Learn more how LOQUAT Inc. is the right partner: https://loquatinc.io/financial-institutions/