Financial practices are evolving at a faster rate for both businesses and consumers. Consumer reliance on digital banking options has increased compared to traditional, physically based banking services. The results show that 78% of Americans now prefer to bank online, while 68% of small- to medium-sized businesses (SMBs) desire to handle as many elements of their organizations digitally as possible. Embedded Finance for Galileo – September 2022 Discover how integrated finance can suit consumers’ and companies’ expectations for digital banking.
The preference for digital alternatives is particularly pronounced when making payments. The majority of customers are becoming more interested in making payments through digital channels, as seen by the expanding use of digital wallets.
Regarding Embedded Finance
Beyond mere banking, customers are interested in adopting digital solutions to manage their financial demands. A recent consumer poll revealed that 54% of participants wanted technology that could totally handle their finances. According to the poll, 58% of respondents said that investing, money management, and other financial applications were vital to reaching their financial objectives. Explore how embedded finance can satisfy consumers’ and companies’ expectations for digital banking with Galileo – Embedded Finance, which launches in September 2022.
Customers desire to use technology to manage more of their financial needs, but FIs don’t now appear to be allowing this option.
KeyBank on How Embedded Banking Makes the Future Already Existing
Payments made and received digitally are becoming more and more common among customers. In comparison to conventional, physical payment methods, digital payments are quicker and simpler. Despite the convenience of digital payments, customers still encounter a number of difficulties while making purchases online.
Bennie Pennington, vice president of embedded banking and integrated payments at KeyBank, was interviewed for this month’s cover story about how embedded finance can give customers the desired digital experiences.
Explore how embedded finance can satisfy consumers’ and companies’ expectations for digital banking with Galileo – Embedded Finance, which launches in September 2022.
