Embedded finance continues to be a hot topic for brands and customers alike. From delivering financial services when and where they are needed, such as in-app payments, embedded finance is now evolving into something much more powerful.
This power has recently been realised by the car company Volvo, which has launched its own car subscription service. The service is set to allow established brands to shift the customer relationship dynamics, from a difficult one-off purchase to an on-going, flexible arrangement with customer experience at the centre.
This is one of the topics set to be discussed on the second day of this year’s Open Banking World Congress, which has invited Volvo board member Michael Jackson to speak with Nigel Verdon, co-founder and CEO of the fintech Railsbank; itself developing its own take on the embedded finance experience.
The retreat-style event, which is due to be held in Marbella, Spain between 24 May and 25 May 2022, will consolidate open finance leaders from around the world for two days of keynotes, networking, discussion and collaboration.
Last year’s event, which was held online due to the global pandemic, garnered an audience of over 4,500 attendees from 110 countries.
Verdon and Jackson will provide an insight into the future roadmap for embedded finance. “Volvo has set out to really transform the customer journey through embedded finance experiences,” comments Jackson. “The embedded finance economy is providing a fundamentally different way of creating relationships between companies and consumers.”
Verdon added: “We are in a new age, the legacy banking system is now out of touch with the move towards embedded finance experiences.
“Fintechs have provided the conduit for change but they risk being left behind if they don’t embrace this fundamental shift in consumer finance.”