Here's why crypto companies need to focus on embedded finance
A new study by DECTA highlighted the importance of embedded finance features in today's fintech world. With online shopping and digital payments becoming a norm, the study pointed towards some of the key drivers for a seamless experience for customers.
Embedded finance is a new type of software distribution that works with financial infrastructure providers to include financial services in the ecosystems of already-existing products. The most common embedded finance offerings include banking, lending, insurance, payments and branded credit cards.
According to the study, quick payments and the availability of a selected payment option are the most crucial elements for a satisfying online buying experience. The lack of a preferred payment option or friction during the checkout process is the main reason for a bad shopping experience, with nearly 49% of respondents stating they would probably stop shopping if they ran into these issues.
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Personalized offers came out to be one of the key features in embedded finance, a feature that is valued and can be enhanced by focusing on different demographics. For example, 54% of Americans preferred integrated add-ons like financing and insurance. Generation X participants were most satisfied with personal offers, while Gen-Z and Baby Boomer participants gave the offers they got a lower rating.
Loyalty rewards and frictionless payments and same-page checkouts were some other preferred embedded features that got the approval of the respondents.
While crypto companies are slowly trying to integrate embedded finance features be it crypto-based credit cards or loans, the study can definitely offer insights into customer targeting and
Read more on cointelegraph.com
