Accelerating financial inclusion through the use of embedded finance

Embedded finance demonstrates an opportunity for fintechs, banks and lenders to create more tools and resources for those that may not have access to traditional banking. [iStockphoto]

Until a few years ago, getting a loan from a bank was quite an arduous task. The banking and financial industries have traditionally interacted with customers face-to-face in physical branches. Performing basic transactions often involved commuting to a bank and filling out countless forms, a tedious process where a successful transaction was not guaranteed.

New fintech solutions have disrupted the banking industry. Start-ups and small businesses have decoupled some of the core banking services and consumers can now access quick loans, bank accounts, savings and investment products, or payments from a range of providers without setting foot into a bank. This is a boon to a growing tech-savvy audience, both banked and unbanked.