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?? What is Embedded Finance: The Future of Financial Services is Here! ?? ?? With a staggering growth rate of over 50% annually, embedded finance is reshaping the industry landscape. Here's why: -Customer demands for integrated experiences drive adoption. -Open banking fuels innovation through APIs. -Financial institutions seek new revenue models. Read below and unlock the power of embedded finance for your business today! ?? Follow-us on X @ https://lnkd.in/eXwhucA6 PS: Currently, our website is being upgraded, and we're adding original content. #EmbeddedFinance #Innovation #Fintech #BankingNews #USFintechNews #EuropeBankingNews

As we wait for regulators to set out plans for the evolution of Open Banking in the UK, we also need a longer term ‘North Star’ - a vision and plan for implementing Open Finance in the UK, to expand trust-based data sharing to all financial services. To stimulate and accelerate this work, today Innovate Finance and KPMG UK published a green paper: The Roadmap to Open Finance in the UK Our report: ? captures progress to date in the UK? ? seeks to stimulate discussion on three different scenarios or approaches to further developing open finance in the UK: universal mandate, an incremental approach, and a strategic plan. ? Proposes three criteria for prioritising datasets and use cases for open finance;? ease of implementation, impact and alignment of incentives. ? Identifies core building blocks for open finance in the UK, including: interoperability; digital ID; dispute management; and commercial models; and ? identifies three critical success factors for open finance: trust frameworks and standards; performance and reliability; and governance and oversight We have designed this as a tool for further debate and development across the #FinTech ecosystem - a discussion we are kicking off at #IFGS2024 this week. Let me know what you think: what do you think are the compelling use cases and priority datasets; and what are the critical success factors and infrastructure? #OpenFinance #SmartData #OpenBanking https://lnkd.in/eQEaEe7H

Revolutionising finance: The rise of embedded finance in 2024 As we delve deeper into 2024, the embedded finance phenomenon continues to reshape the financial services sector. A Capgemini survey from 2021 revealed that over 70% of banking executives view embedded finance as a catalyst for innovation, customer base expansion, and cost reduction, predicting its market value to soar to $588bn by 2030 from $22bn in 2020. This trend positions embedded finance as a key strategic channel for banks. Kidbrooke, which offers a cloud-based API platform for the wealth management sector, recently delved into the future of finance and the role of embedded finance. Read the story here: https://loom.ly/OP-ZDns #FinTech #WealthTech #Wealthmanagement

Innovate Finance and KPMG are delighted to launch The Roadmap to Open Finance in the UK ?? Open Finance - data portability within and across financial services, with the consumer in charge of their data, could be one of the most transformative innovations in financial services. New solutions could: ??Incorporate real time financing embedded at the point of sale ??Democratise financial advice ??Streamline lending and offer more holistic money management To develop this innovation, data-driven services across datasets held in different financial service sectors must be unlocked, enabling new use cases and innovative services and products that benefit households and small businesses. The UK has started the journey. Open banking and the pension dashboard are the first stages of open finance. Where should we go next, and what does the route to smart data in all financial services look like? We need a roadmap for open finance, setting out the journey to data sharing; in and across all financial services. The paper: ???Summarises where we are starting the journey: what has already been achieved or is underway ??Identifies a set of scenarios or route options for the roadmap ???Identifies some of the common infrastructure needed for any journey option ??Provides a framework for deciding on the UK’s route to open finance - identifying the trade-offs involved in different approaches and how data sets and use cases can be prioritised We want a conversation across FinTech, BigTech, policymakers and government on the next steps in advancing open finance. See link to the report ??https://hubs.ly/Q02sJfv70 Let us know what you think? #InnovateFinance #OpenFinance #OpenFinanceRoadmap #FinTech #SmartData #OpenBanking #UKFinTech #VoiceOfUKFinTech #UKFinTech Ellie Hewitt Peter Harmston Connor Clark Janine Hirt Adam Jackson

???In a world reshaped by Embedded Finance, Parvathy M our Sr. Product Manager explores how this transformative innovation is breaking barriers and fostering financial inclusion. From revolutionizing payment experiences to empowering the unbanked, Embedded Finance seamlessly integrates banking services into everyday platforms, offering unparalleled accessibility. ?? Dive into the blog to understand the seismic shift in financial landscapes and the pivotal role Embedded Finance plays in reaching the unbanked. Read more here:? https://lnkd.in/gs7G5V8r #EmbeddedFinance #FinancialInclusion #DigitalTransformation #BankingRevolution #DataNimbusInsights

Five Strategic Plays for Banks in Embedded Finance The landscape of finance is undergoing a rapid transformation, with embedded finance emerging as a powerful force. Banks, as custodians of financial services, have a unique opportunity to capitalize on this trend. Here are five strategic plays to navigate the evolving landscape: 1. Provision of basic financial services: Banks can leverage their existing infrastructure and regulatory licenses to provide the underlying financial services required for embedded financial solutions. This includes managing funds, ensuring compliance, and taking financial risks. 2. Organic Embedded Finance Enablement: Banks can organically enable embedded finance by extending balance sheet provisions and focusing on specific products, use cases, and partnerships with distributors. This approach allows for gradual expansion and deeper integration within existing ecosystems. 3. BaaS Venture: Developing a comprehensive Banking-as-a-Service (BaaS) platform can give banks some freedom from legacy systems. This allows them to operate more nimbly and cater to the specific needs of embedded finance partners. 4. Bank-Operated platform: Forward-integrating by operating a non-financial platform built on deep vertical expertise can be a strategic move. This allows banks to control customer experience and data while providing financial services across a broader ecosystem. 5. Strategic Investment: Investing in strategically relevant enablers or distributors can broaden a bank's participation in the embedded finance value chain. This approach allows for exposure to new markets and technologies while leveraging the expertise of others. By carefully considering these strategic plays, banks can position themselves as leaders in the embedded finance revolution. Embracing innovation, fostering partnerships, and leveraging core competencies will be key to success in this dynamic landscape. Thank you Euro Banking Association (EBA) Resource: https://lnkd.in/gPtA8s7F Sam Boboev Arjun Vir Singh David Jimenez Maireles Maximilian Salomon Saleh ALhammad Nicolas Pinto Igor Babych #embeddedfinance #banking #fintech #digitaltransformation #strategy

Unlock the Future of Finance! Dive deep into #fintech innovations with our Foundations of Digital Finance and Innovation (FDFI) course. Whether you're starting your #digital #banking journey or looking to elevate your expertise, this comprehensive four-week course is your gateway to success. Apply today: https://lnkd.in/dFqQpmAn #Fintech #DigitalBanking #CareerGrowth

Embedded Finance - A digital payment trend which is aimed to revolutionize the payment experience, delve into the blog to gain a deeper understanding. #DataNimbus #EmbeddedFinance

This blog delves into Embedded Finance and its pivotal role in fostering financial inclusion, especially in rural realms. Embedded Finance isn't just a tech leap; it's a gateway to economic empowerment for the unbanked. Dive in and join the conversation on how we can further bridge the financial divide. #EmbeddedFinance #FinancialInclusion #DigitalTransformation https://lnkd.in/gs7G5V8r

The Roadmap to Open Finance in the UK: How can the UK build on innovation in open banking to enable data-sharing across further financial services products including insurance, savings and mortgages? ?? Read the report here ?? https://hubs.ly/Q02vznDt0 #InnovateFinance #OpenFinance