An alumnus of Boston College, David Donovan began his career at Fidelity Investments in 1992 and worked there 13 years before joining Publicis Sapient. Now serving as executive vice president at the Boston-based firm, David Donovan has led digital transformation programs for several prominent global banks. He is a proponent of embedded finance and the importance of this strategy to the future of banking.
Embedded finance, also known as invisibility, refers to services and products offered by banks via a range of platforms to create a seamless experience for consumers. An example of embedded finance is a bank offering digital payment solutions to a tech company. Payment for an Uber ride, for instance, is a frictionless experience that occurs as part of the ride as opposed to being a separate banking transaction. Starbucks and other businesses even offer embedded payments on mobile apps.
PayPal is another example of how embedded finance works. Companies can pay employees or contractors via the digital payment solution, meaning they don't have to issue direct deposits or cut checks. The process is also streamlined for users, as they can link their bank account to their PayPal account and deposit the money when they desire. Alternatively, they can request a PayPal cash card to immediately access their funds.
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