Leigh Pepper, Chief Product Officer at 10x Banking, moderated a panel at Fintech Week London (July 2022). They discussed embedded finance and how it can help both banks and corporates.
"Firstly, it can help create value-added services for corporate clients, and then for banks itself it can help transform their distribution channels, and the way in which they engage with customers."
There are different data standards and data architectures that exist in financial services and they need to become interoperable. Particularly with the ISO 20022 standard that's coming into the payment services industry, which is going to really transform financial services. Banks and fintechs need to have the latest technology because it's not just good enough to be able to ingest that data.
"You need to have an event-driven architecture that enables you to use that data to better service customers - whether that be small retail consumers or large corporate businesses."