Saturday, June 15, 2024

How are Companies Evolving Customer Experience with Embedded Finance?

In recent years, there has been a shift in the way that customers interact with businesses and access financial services. This is largely due to advances in technology, which have made it easier for customers to shop around and compare prices, as well as providing them with more options for how they pay for goods and services.

One of the most significant changes has been the move towards embedded finance, which is where financial services are integrated into other platforms and products. This has made it easier for customers to access the services they need without having to go through a traditional financial institution.

What is Embedded Finance?

Embedded finance has been made possible by the rise of digital technology and the growth of the sharing economy. It allows companies to offer financial services to their customers without them having to sign up for a traditional bank account or credit card.

Some examples of embedded finance include peer-to-peer payments, in-app payments, and micro-lending. It is also being used in the development of new financial products.

Embedded finance has the potential to provide financial inclusion for those who are underserved by traditional banking institutions. It also has the potential to disrupt the existing financial system by offering a more efficient and convenient way to access financial services.

Such capabilities are used by companies and naturally evolve the customer experience into a better state as such:

Changing the Payment Methods

Another way that embedded finance is changing the customer experience is by making it easier to pay for things. In the past, customers might have had to use a credit card or write a check to pay for something. Now, with embedded finance, they can just use their phone to make a payment. This is a more convenient and secure way to pay, and it can help customers avoid debt.

New Payment Options

Embedded finance is also changing the way that companies interact with their customers. In the past, companies might have just sent their customers a bill every month. Now, with embedded finance, companies can offer their customers a variety of payment options, including instalments, autopay, and more. This makes it easier for customers to pay their bills, and it also gives them more control over their finances.

Customer Satisfaction & Customer Loyalty

Embedded finance can have a great positive impact on customer satisfaction. Customers who use financial products that are integrated into the products and services of other companies are more satisfied with their overall experience than customers who use standalone financial products.

Embedded finance can also have a positive impact on customer loyalty as well. Customers who use embedded financial products are more likely to continue using the company’s products and services, and they are also less likely to switch to a competitor.

All in all, embedded finance has made a positive impact on customer experience by making it easier and more convenient to access financial services. Thanks to embedded finance providers such as Openpayd, companies can enable their customers to receive the personalized financial advice and support they need to make the best decisions for their unique situations.

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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