We always mention that modern financial services are continuously improving, adapting the newest technologies to keep rival with competitors and provide the most efficient services for their clients. For sure, these services in a few years will look much different from what they look now.
One of such changes is banking functions being drawn in software. And this leads us to the creation of embedded banking.
Most businesses are addressing software to keep up with their job. Despite the big convenience and easy operation, it also brings the pain of switching between own software and financial services. And this is the problem embedded banking resolves.
Embedded banking allows businesses to have their own software to perform financial operations — weaving the bank’s capabilities into the company’s life. It enables the integration of banking and payment services into companies’ apps and platforms.
Software APIs are the base that allows all of this to happen. With APIs, banking processes can be implemented in any external system. Moreover, with PSD2, this solution has been reinforced by legislators. It allows the bank’s customers to access their services wherever they are, whenever they want.
On top of that, customer relationship is moving to the next level with embedded banking. Businesses benefit from their customer satisfaction as their clients do not have to go through the repetitive financial processes from different platforms. At the same time, companies can focus on their growth even more, as the bank embedded in their software will take care of the authorization and security of all financial processes.
Where to look for one of these banks? Crassula Banking is launching this summer. Visit crassula.io to learn more about embedded banking solutions.