Technology was evolving at a rapid pace even before the global pandemic rocked the world. A myriad of digital solutions was being developed to empower businesses across various industries to streamline their operations, improve online and onsite safety, and maximise profits.
What the coronavirus did do, however, was force these very businesses to accelerate their digitisation efforts to not only stay afloat but to appease consumers whose buying behaviours shifted dramatically since the onset of the pandemic. One noteworthy example? Embedded finance.
Financial Services of the Future
Essentially, embedded finance is the integration of financial services into the business model of a non-financial provider. Google is just one business to adopt the all-new concept with the development of their Google Pay digital wallet. One can now utilize the platform to send and receive money and make in-store payments using their smartphone or smartwatch.
The first benefit? A quick and seamless check-out process. Instead of being redirected to a third-party site, the transaction can be completed within a single platform. Second, because of the time and money saved, customers are far more likely to revisit the merchants who allow this form of payment. Next, comes the opportunity to gather data about these consumers, which can then be used to develop a powerful marketing strategy.
The information gathered has also proven invaluable when it comes to global transactions. Businesses can now leverage data to tap into new markets and further expand their offerings. There’s no denying the impact this kind of capability has on gaining a competitive edge.
Achieve More in Less Time
Embedded finance is changing the corporate landscape as we know it and businesses can either embrace the next generation of financial services or get left behind. StormPay is here to make the process more achievable as we are currently underway building solutions that are faster, safer, and better connected. Together, we’ll be able to bridge the gap between finance and digital solutions to better serve customers, maximize profits, and position you at the top of the leaderboard.