Intelligent CXO Issue 21 - Page 29

FEATURE pool of BNPL providers is continuing to grow in ANZ with local businesses , AfterPay and ZIP amongst the top players .
Another example of Embedded Finance already in use every day is through ride-sharing apps – from Uber to newcomers such as DiDi and Ola . When a customer pays for a ride-share at the end of the ride , they pay directly through the app and there is no need to pull out a credit or debit card separately . In addition , with Uber , all those who ride in their cars are automatically covered by insurance for the duration of their journey – this is extended to the drivers – simplifying the process for the consumer .
How FIs are enabling Embedded Finance
With the demand for integrated products rising , banks have the opportunity to provide non-financial institutions with banking-related capabilities , making financial services available to consumers when and where they are needed most . Invisible to consumers , Embedded Finance seamlessly blends into the everyday routine and has become an essential service to the majority of consumers .
Embedded Finance is made possible with BaaS ( Bankingas-a-Service ). Through open APIs ( Application Programming Interface ), financial institutions can distribute core financial products such as payments , mortgages and loans to third parties as part of an integrated service . In simple terms , APIs enable connectivity between systems and platforms . But they also boost innovation by
HAVING GREATER VISIBILITY OF THEIR TRANSACTIONS ENABLES BUSINESSES TO RECOMMEND TAILORED PRODUCTS FOR THEIR CONSUMERS AND PERSONALISE THE EXPERIENCE . www . intelligentcxo . com
29