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by Finage at May 23, 2021 4 MIN READ
Finage News
Wonder why you should consider embedded finance as not only the future of finance but also its present? See How to Accelerate FinTech Development with Embedded Finance now!
Many experts in the field will say that the future of finance lies with embedded finance. Contrary to popular belief, embedded finance is not a replacement for FinTech. It is rather an improvement.
Embedded finance allows companies that are not exactly in the financial industry to offer their services and products. In other cases, these companies will not always offer their services, instead of acting as a bridge between smaller firms and financial services. With it, companies from various sectors can delve into the world of finance. For this reason, it is important to take a closer look at embedded finance and its effect on the financial world.
What Is the Importance of FinTech in Embedded Finance?
Conclusion
The multitudes of financial products and ecosystems in circulation have one thing in common. This commonality is the fact that they will have embedded finance apps and FinTech as their base. The experience can only be better if these ecosystems possess embedded finance, which is easier and more efficient to use. There are many ways in which companies incorporate or embed financial programs into their products and they are as follows:
Embedded finance is revolutionary in that it does not require a third party lender or bank, bridging the gap between a consumer and their transactions. This was a problem in the past when a third party was required to make all purchases.
There are a few instances where we can see the impact of embedded finance in a consumer's everyday life. Companies looking to incorporate embedded finance in their financial products should capitalize on this. The following are ways in which embedded finance has made all aspects of banking easier:
Embedded finance will allow companies and users to have access to their financial information with little to no effort. Through one’s mobile device, for example, information such as bank balance, credit score, and past transactions are instantly available at the tap of a button. This is done all while keeping data encrypted.
All the above points are things that fintech can do. However, the speed and efficiency with which fintech with embedded finance can carry out all of them are remarkable. Its impact on the financial world and the normal people who don’t understand it is equally mind-blowing.
It has helped individuals with no knowledge of finance make responsible choices even in avenues such as insurance. It is for this reason that all should consider embedded finance as not only the future of finance but also its present.
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