Unlocking financial access: the rise of embedded banking

Unlocking financial access: the rise of embedded banking

Embedded banking, a go-to-market model pioneered by CIMB Bank PH, is a true game-changer. Simply put, it is putting banking right at the touchpoints where customers are, like the GCredit feature in GCash or the SPayLater facility in Shopee which both offer convenient credit lines that customers can pay for in-app, and both of which are underwritten by CIMB.

This innovation benefits the digital-savvy Filipino consumers, further promoting financial accessibility.??

What is embedded banking??

Embedded banking entails integrating banking services within non-banking platforms, such as e-commerce websites, social media apps, or super apps. By embedding banking services directly into these platforms, customers gain convenient access to a wide range of financial services without the need to switch to other apps or websites.?

Enhanced financial inclusion

Embedded banking promotes financial inclusion. By collaborating with service providers, banks extend their services to a wider customer base, including underserved segments that have been otherwise excluded due to multiple know your customer (KYC) requirements. This approach democratizes access to financial products, empowering individuals with limited banking options to enjoy a broader range of offerings.

Convenient and seamless experience?

Embedded banking provides convenience and a seamless financial journey. By integrating financial services directly into everyday platforms, individuals can perform transactions, manage savings, access loans, and make payments within a single interface. This streamlined experience saves time, simplifies financial management, and enhances overall convenience for customers.

“As more and more services digitize, service providers will need to embed finance and banking capabilities in their ecosystems and platforms. We play the role in bringing the bank to the consumer where they perform their daily activities,” said Suraj Ramchandani, Chief Growth Officer of CIMB Bank Philippines. “CIMB has pioneered the ecosystem play. Through our collaboration with strategic partners, we provide a strengthened joint offering to our common growing base of users through the enhanced value proposition.”

What's next for embedded banking??

CIMB Bank PH will unveil more embedded banking partners and unique products in the future. Our aim is to grant easier access to underserved populations, including overseas Filipinos and micro to medium entrepreneurs, enabling them to pursue their purpose just as deservedly as everyone else.

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