By Danielle Eriksson, Director of Product Management at Apiture
As your financial institution plans its business strategy, do you consider new initiatives and technologies like embedded banking? There’s a huge opportunity here, and now might be the right time to get up to speed. Embedded banking can help financial institutions create new revenue streams, serve existing customers, and reach entirely new prospective clients beyond their existing geographic footprint.
When thinking about the future of your institution, consider these questions: What strategies are most interesting to you over the next five years? How will you differentiate yourself operating in an increasingly digital world? How can you ensure that a larger and larger portion of the institution’s operations and revenue will come through digital means?
Embarking on an embedded banking strategy may require a shift in thinking. Staying competitive in today’s business and economic environment likely requires a new approach. With a strategy like embedded banking, your digital future is an opportunity for growth.
I’d like to highlight just a few of the opportunities created by Embedded Banking, including:
- New revenue streams for all parties involved
- Brand new value propositions being enabled to meet customer needs
- Differentiating capabilities that allow participants to win more business
- Participating financial institutions can reap the rewards and improve returns (ROA and ROE)
Financial institutions should think of embedded banking as a complement to strategies already in place. The key is to find partners that have aligned values and goals and can help you deliver on the growth that is right for your institution.
Embedded banking is a powerful strategy that can fundamentally change how financial institutions serve existing customers and expand to develop new relationships.
To learn more about embedded banking, follow along with our series of embedded banking blogs in the coming weeks. Also, if you’re headed to FinovateFall in New York City on September 12-14, check out our embedded banking demo to see this technology in action.