Financial practices are evolving at a faster rate for both businesses and consumers. Consumer reliance on digital banking options has increased compared to traditional, physically based banking services. The results show that 78% of Americans now prefer to bank online, while 68% of small- to medium-sized businesses (SMBs) desire to handle as many elements of their organizations digitally as possible. Embedded Finance for Galileo – September 2022 Learn how integrated finance can fulfill the demands of consumers and companies for digital banking.
The desire for digital alternatives is particularly pronounced when making payments. The majority of customers are becoming more interested in making payments through digital channels, as seen by the expanding use of digital wallets.
Regarding Embedded Finance
Consumers are interested in using digital solutions to manage their financial needs outside of just banking. A recent consumer poll revealed that 54% of participants wanted technology that could totally handle their finances. The poll found that 58% of participants said using investing, money management, and other financial applications were crucial for reaching their financial objectives. Explore how embedded finance can satisfy consumers’ and companies’ expectations for digital banking with Galileo – Embedded Finance, which launches in September 2022.
Customers desire to use technology to manage more of their financial needs, but FIs don’t now appear to be allowing this option.
KeyBank on Embedded Banking’s Ability to Make the Future Exist Now
Customers are increasingly using their smartphones to send and receive payments. Digital payments are speedier and easier than traditional, physical payment methods. Despite the ease of digital payments, there are still a number of challenges that customers face while shopping online.
For the cover story of this month’s issue, Bennie Pennington, vice president of embedded banking and integrated payments at KeyBank, was questioned on how embedded finance can provide clients with the needed digital experiences.
Examine how Galileo – Embedded Finance, which debuts in September 2022, can meet customers’ and businesses’ expectations for digital banking.
