Episode 541: Get in the Game with Embedded Banking
Apr 25, 2024
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Booshan Rengachari, CEO of Finzly, discusses embedded banking with host Brett King. Topics include attracting corporate banking customers, handling KYC & KYCC compliance, and utilizing open APIs, virtual accounts, and ISO 20022 for success in embedded banking.
Embedded banking transforms traditional banking by integrating seamlessly into everyday activities, attracting more corporate customers.
Innovative solutions like Finzly's account Galaxy and virtual accounts revolutionize money movement in modern banking.
Real-time payments play a vital role in the evolution of financial services, enhancing customer experiences and driving financial inclusion.
Deep dives
Embedded Banking: The Future of Financial Services
Embedded banking is gaining traction in the fintech world as it offers a seamless way to integrate financial services into everyday activities. With a focus on embedded banking, the podcast explores the potential of AI technology and side-car cores in revolutionizing financial services. By discussing the concept of embedded banking as a lifestyle service that adapts to individual needs, the episode highlights how banking services can be seamlessly integrated into daily routines like making payments, receiving credits, and accessing financial tools.
Revolutionizing Money Movement: The Role of Finzley
Finzley, a pioneering money movement platform, is leading the charge in modernizing banking services. By offering innovative solutions that bypass legacy limitations with real-time and embedded capabilities, Finzley enables banks to connect directly with major financial services channels like Federal Reserve Service and Swift. Through its account Galaxy feature and virtual accounts, Finzley serves as a next-generation bank modernization platform with a focus on enhancing money movement capabilities.
Defining Embedded Banking as Lifestyle Banking
The podcast delves into the evolution of banking towards embedded finance, defining it as a lifestyle banking approach where financial services seamlessly integrate into daily activities. Highlighting examples like Uber's automatic payment system, the episode emphasizes the shift towards invisible banking where financial transactions become an inherent part of individuals' routines. By showcasing the convenience and simplicity of embedded banking, the discussion underlines the importance of aligning banking services with customers' lifestyles.
Real-Time Payments and Financial Inclusion
The episode emphasizes the significance of real-time payments and their impact on financial services worldwide. Drawing comparisons between real-time payment adoption in different markets like India, Brazil, and the US, the podcast discusses the challenges and opportunities presented by swift payment solutions. With a focus on reducing reconciliation issues and enhancing customer experiences, real-time payments are positioned as a key driver for financial inclusion and an essential component of the embedded economy.
Data Acquisition and KYC in Embedded Banking
Addressing the need for efficient data acquisition in embedded banking, the podcast explores the role of AI technology and customer data in enhancing KYC processes. By discussing the importance of digital identities and decentralized government-provided identity services, the episode sheds light on the future of KYC in banking. Highlighting examples like Alipay's facial recognition system and Apple's digital deposit acquisition strategy, the conversation underscores the importance of leveraging customer data for streamlined and secure financial services.
In This Episode
Embedded banking is reshaping the industry for those with the right approach. To succeed, banks of all sizes will need a strategy, tools, and technology.
Listen as host Brett King connects with Booshan Rengachari, CEO of Finzly, pioneering provider of modern money movement systems to financial institutions, as they uncover the opportunities and keys to success in embedded banking.
Attract more corporate banking customers with new advanced features, learn how to handle KYC & KYCC compliance for fintech partnerships, and how open APIs, virtual accounts and ISO 20022 nativity enable embedded banking.
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