Embedded finance allows traditionally non-financial businesses to offer their customers a range of digital financial products, often provided by the world’s leading fintechs. With one integration and minimal tech support, almost any digital business can earn revenue offering cards, loans, insurance, wealth management, digital wallets, cross border payments and more.
AAZZUR’s latest whitepaper ‘The one-stop-shop: A new era for online retail and embedded finance’, explores how online retailers are in prime position to take advantage of the benefits embedded finance has to offer – and why this is easier than ever.
The paper explains that whilst embedded finance has been an option for online retailers for a number of years, it has been far from frictionless. In the past, each financial service would require a separate integration – even with similar products. So while integrating with one provider was quick and cost-effective, partnering with multiple providers could quickly prove the opposite.
Now, thanks to companies like AAZZUR, this is no longer the case. Online retailers’ websites and apps can now become a one-stop-shop for financial products with just one integration.
This enables retailers to open new revenue streams via commission from providers, interchange, and fees for additional services or specialist accounts. Furthermore, offering these additional financial services is proven to increase retention, engagement and sales.
Philipp Buschmann, CEO of AAZZUR comments:
“In the past, offering these services was a prohibitively expensive and lengthy task for most online retailers. Even with the emergence of embedded finance, offering more than one or two services remained out of reach for most. Not anymore. Now online retailers can easily offer their customers access to all of the financial services they need.
What’s more is these are personalised and offered right at the point of need. This helps them better manage their finances, protect themselves and their families, grow their businesses and improve their all-round financial wellness.”