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Scarlett Sieber (Chief Strategy and Growth Officer at Money20/20) and Sophie Guibaud (Co-founder & CCO at Fiat Republic) explain how consumers have realized that banking, payments and lending don't necessarily has to be done with a bank and are increasingly trusting alternative financial providers.
In Sophie and Scarlett’s view, embedded finance is experiencing payments and banking via brands, products and services we use on day-to-day basis. Embedded Finance offers convenience to the users, higher conversation and opportunity to cross-sell for the platform and the financial services provider. Sophie & Scarlett think that traditional banks should embrace embedded finance to expand their addressable market, enhance their profit margins and boost financial inclusion. However, embedded finance is not for every bank – its success will depend on the individual bank’s capabilities.