A financial leader based in Massachusetts, David Donovan serves as the executive vice president of Publicis Sapient. Since joining the company after leading Fidelity Investments in 2005, he has been responsible for managing financial services portfolios for the business. Active in the professional community, David Donovan, formerly of Fidelity, often writes about different topics related to the field, such as embedded finance.
Also known as embedded banking, embedded finance involves joining a non-financial service with traditional financial services via seamless integration. For example, a customer paying directly into a ride-share company’s application instead of handing a payment card to the driver or messing with cash is using embedded finance.
End users benefit from embedded finance because it streamlines their experience with a business. Embedded finance does this by removing a step in the consumer buying process. The process leads to faster transactions and increases convenience for consumers. Embedded finance also allows for a more tailored experience based on each customer’s needs. Since the customer’s checkout process is streamlined with embedded finance, they are more likely to be repeat buyers in the future.
Embedded finance doesn’t only benefit end users. It also makes digital platforms more attractive to customers thanks to the streamlined experience. This improves customer retention and acquisition. It also increases revenue for a business by increasing its average order value and customer lifetime value.
No comments:
Post a Comment