Consumers and companies alike are changing their financial practices at an increasing rate. More consumers are depending on digital alternatives to conventional, physically based banking systems. According to the data, 68% of small- to medium-sized businesses (SMBs) want to manage as many aspects of their businesses digitally as possible, while 78% of Americans currently prefer to bank digitally. Galileo – Embedded Finance – September 2022 – Discover how embedded finance can meet consumers’ and businesses’ needs for digital banking.
When making payments, the preference for digital alternatives is especially evident. As seen by the rising use of digital wallets, the majority of customers are increasingly interested in making payments through digital channels.
In The Area Of Embedded Finance
Beyond only banking, consumers are interested in leveraging digital solutions to manage their financial demands. In fact, 54% of respondents to a recent consumer survey expressed a desire for technology that could fully manage their finances. According to the survey, 58% of respondents believed that investment, money management, and other financial apps were essential to achieving their financial goals. Galileo – Embedded Finance – September 2022 – Explore how embedded finance can meet consumers’ and businesses’ needs for digital banking
Although customers want to use technology to handle more of their financial demands, FIs don’t seem to be accommodating this choice at the moment.
KeyBank on How Embedded Banking Makes the Future Already Existing
Payments made and received digitally are becoming more and more common among customers. In comparison to conventional, physical payment methods, digital payments are quicker and simpler. Despite the convenience of digital payments, customers still encounter a number of difficulties while making purchases online.
Bennie Pennington, vice president of embedded banking and integrated payments at KeyBank, was interviewed for this month’s cover story about how embedded finance can give customers the desired digital experiences.
Explore how embedded finance can satisfy consumers’ and companies’ expectations for digital banking with Galileo – Embedded Finance, which launches in September 2022.
