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As the world becomes increasingly more digitized, so does the way we handle our finances. Embedded finance is the next big thing in the financial industry, and it's changing the way we all think about and interact with money. In this article, we will be exploring how embedded finance is changing the fintech industry, and the top three benefits of embedded finance for the consumer. We'll then discuss how your business can take advantage of this new software by hiring Product Managers.
So, what is embedded finance?
Embedded finance involves integrating financial services into non-financial applications, such as social media, e-commerce platforms, and other digital platforms. This approach simplifies financial transactions and creates an intuitive user experience for consumers, so it’s no surprise that the technology is making waves across the United States. In 2021, embedded finance reached $20 billion in revenues according to McKinsey. They estimate the market will double in size in three to five years.
It's without a doubt that embedded finance is revolutionizing the way we manage our finances. But why? Here are just three of the many benefits embedded finance brings the consumer:
- Convenience
- Accessibility
- Personalization
Three benefits of embedded finance for the consumer:
1. Convenience
By embedding financial services into everyday activities, we can perform transactions quickly and easily without having to switch between different apps.
For example, an e-commerce platform that has embedded finance can offer customers the option to pay for their purchases using digital wallets or mobile payments, without having to leave the platform. This makes the payment process seamless. It's also more secure than traditional payment methods.
2. Accessibility
