Through the use of APIs , businesses also have the opportunity to collate data and understand how to better serve their customers . Having greater visibility of their transactions enables businesses to recommend tailored products for their consumers and personalise the experience .
Embedded Finance is the future
As Embedded Finance becomes more popular , financial institutions need to act now to modernise their platforms and have an open API strategy ready to provide BaaS . The priority is to deliver unique differentiating digital experiences that attract and retain new customers . The quality , depth and richness of the customer experience is ultimately powered by the core system . If that core is cloud-enabled via microservices and APIs then the bank is well-positioned to open new channels , using API-based services to connect with partners , regulators and different parts of the bank itself .
Adrian Toynton , Head of Banking Solutions , APAC , FIS
Embedded Finance has the potential to change how financial services are consumed and it is the financial institutions that stay ahead of these innovations and deliver the best solutions in the market that will see the most benefits . x