Keeping relevant with small business members through embedded finance

by The CU Lab

In an ever competitive landscape, embedded finance is what many are seeing as the next point of evolution in the consumers’ digital experience. As financial institutions, credit unions should heavily consider it as part of their member retention and acquisition strategy, especially among small businesses. In this episode with Matt Collicoat from FIS, we’re discussing what embedded finance is, why it should be leveraged and how.

Key Takeaways:

  • [01:54] Embedded Finance is taking a financial experience and putting them in a non-financial front end where the user already is. 
  • [05:31] It is going to be credit unions allowing their small businesses to do tasks like invoicing, paying bills, and cash flow management within the credit unions’ front end. 
  • [08:12] Embedded finance can be just adding one experience into an already existing customer experience. Getting paid faster is a good starting point. 
  • [10:11] They are seeing embedded finance all the way from individual solutions to super apps.

 

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