Embedded Finance refers to the integration of financial services into everyday software. This could take the form of payroll software that offers lending and payment options or an ecommerce platform that provides easy access to financial services.
By making these services more accessible, Embedded Finance has the potential to revolutionize the way we interact with the financial sector. For SaaS companies this presents a unique opportunity to become a one-stop shop for all things finance.
In order for software platforms to achieve mass adoption, embedded finance needs to be easy. This means that payment processing, lending, banking, and payroll services need to be implemented without a lot of effort. Software companies need to focus on building their core platform and are challenged by competing integrations and features. Integrations sitting on a backlog does not help anyone. We need to make it easy for software companies to get up and running with embedded finance so they can focus on what they do best – building great software!
SMB owner-operators will be given access to financial services such as;
In addition to increasing customer satisfaction, this could also lead to higher levels of customer retention. As Embedded Finance continues to grow in popularity, SaaS companies that are able to capitalize on this trend will be well-positioned for success.