Railsbank launches a new category: embedded finance experiences
Updated: Apr 1
Railsbank used the Web Summit in Lisbon to usher in its new category, embedded finance experiences.
The company believes the new category is a step-change, a vital evolution of embedded finance which unlocks deeper engagement for consumer brands and is set to drive the next wave of innovation within financial services.
Embedded Finance Experiences represent the next phase of growth for embedded finance, moving away from basic banking, card, or financial products, to deeper and richer financial experiences that are seamlessly part of a brand’s customer journey.
The team at Railsbank believe that gone are the days where the consumer needs to visit a finance provider. Instead, embedded finance experiences deliver a financial product at a highly relevant moment to the consumer.
Research commissioned by Railsbank has uncovered growing demand for new and improved financial experiences and better rewards from consumers. It found that 39% of consumers are interested in accessing financial services like credit, loans or investments from brands they love and trust; rising to 51% of 18-24 year olds. At the same time, 41% would be interested in a credit card that offered early access to tickets, exclusive offers, or other high-value rewards from their favourite high-street brand.
Nigel Verdon, CEO and co-founder, Railsbank said: “People don’t buy a car loan, they buy a car. Consumer brands understand what banks and fintech never could: finance is not about the product, it is part of an experience. Pioneers like Uber have already started to embed finance into their customer journey by removing the hassle of paying to complete your journey and get out of the taxi. Your financial transaction is so deeply embedded, you hardly notice it.
“The opportunity here is vast and hugely untapped. What if your football team’s app not only enabled you to buy tickets or merchandise, but also away day hotel and travel deals, together with exclusive services such as car hire and insurance? Instead of thinking in terms of delivering banking or cards, Railsbank is empowering brands to build next level financial experiences they always imagined, at a pace previously unimaginable. Embedded Finance Experiences are the future of finance.”
To realise its vision, Railsbank is launching a global embedded finance platform and a new identity; its first significant brand update since it was formed in 2016. It is already working with brands including McLaren Racing team, Paceline and Status Money to design and realise embedded finance experiences.