Railsbank has launched Embedded Finance Experiences, the new category and vision represents the next phase of growth for embedded finance, moving away from basic banking, card or financial products to deeper and richer financial experiences.
Research commissioned by Railsbank has uncovered growing demand for new and improved financial experiences and better rewards from consumers. It found that 39% of consumers are interested in accessing financial services like credit, loans or investments from brands they love and trust; rising to 51% of 18-24 year olds. At the same time, 41% would be interested in a credit card that offered early access to tickets, exclusive offers, or other high-value rewards from their favourite high-street brand.
Nigel Verdon, CEO and co-founder, Railsbank says: “People don’t buy a car loan, they buy a car. Consumer brands understand what banks and fintech never could: finance is not about the product, it is part of an experience. Pioneers like Uber have already started to embed finance into their customer journey by removing the hassle of paying to complete your journey and get out of the taxi. Your financial transaction is so deeply embedded, you hardly notice it.”
“The opportunity here is vast and hugely untapped. What if your football team’s app not only enabled you to buy tickets or merchandise, but also away day hotel and travel deals, together with exclusive services such as car hire and insurance? Instead of thinking in terms of delivering banking or cards, Railsbank is empowering brands to build next level financial experiences they always imagined, at a pace previously unimaginable. Embedded Finance Experiences are the future of finance.”
