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Customers are the pivot: Fintech shaping the new-age banking

The seamless integration of financial services into a traditionally non-financial service is known as embedded banking, also known as embedded finance. Customers can, for example, use a cab to make cashless payments. Embedded Finance Infrastructure allows customer-facing digital platforms (known as “anchor platforms”) to “embed” financial services into their own systems. Businesses in the MSME, B2C and B2B categories can use embedded finance to boost client lifetime value, monetize their customer base, and vertically scale their product offering.

As more businesses and ecosystems integrate financial services into their offerings, banks should consider how they will fit into this paradigm. Consumers nowadays expect digital services to be available anywhere and at any time. In banking, the focus has shifted away from the branch and possibly even the banking app and toward the service itself, and technology is allowing those services to be brought closer to customers. With the widespread use of the internet, it is now possible to provide a completely integrated banking experience at scale—something that an increasing number of businesses are doing.

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