Index

  • BaaS, see Banking-as-a-Service
  • Baidu, 127
  • Bain & Company, 46
  • Bakkt, 64
  • Banco Bilbao Vizcaya Argentaria, see BBVA
  • Banks. See also Neobanks
    • authentication of identity by, 190–192
    • Banking-as-a-Service at, 134–145
    • BNPL through, 84
    • customer data at, 24, 48, 71, 191–192
    • as data companies, 165–166
    • in embedded finance revolution, 5, 6, 113, 118
    • fintech companies as competitors of, 26–27
    • hidden fees at, 81
    • in Metaverse, 218
    • payment management by, 47–48
    • rebundling of, 34–35
    • revenue model of, 13–14, 26–27, 118, 140
    • trust in tech companies vs., 46, 46f, 53
    • unbundling of, 23–24, 28
  • Bank 2.0 (King), 31
  • Bankable, 125, 126, 149
  • Banking-as-a-Service (BaaS), 26
    • in Asia, 144–145
    • authors' experience with, 5, 6
    • at Banking Circle, 142–143
    • at BBVA, 139–141
    • at Checkout, 154
    • at ClearBank, 141
    • for cryptocurrency exchanges, 64
    • defined, 113
    • to enable embedded finance, 125–127, 134–145
    • in Europe, 139–143
    • fintech perspective on, 147–149
    • at Goldman Sachs, 135–137
    • at Marqeta, 154–155
    • at Moven, 32
    • at Railsbank, 148–149
    • for smaller banks, 137–138
    • at Solarisbank, 142
    • at Stripe, 150–153
    • in United States, 134–138
    • variety of platforms for, 149–155
  • Banking Circle, 142–143
  • Banking industry:
    • 2008–2009 financial crisis and, 14–15
    • Covid-19 pandemic and, 18–19
    • fintech and, 2, 9–14, 23–25
    • future of, 145–155, 220
    • mobile internet access and, 17–18
    • neobanks in, 28–35
    • sustainability in, 185–186
    • upskilling in, 182
  • Banking licenses, 33, 57, 81, 133
  • Banking transactions:
    • in embedded finance, 2, 3
    • in the future, 197–198
    • impact of fintech on, 12–13
  • Bank of America, 14, 27, 50
  • Bank of America Merrill Lynch, 153
  • Bankruptcy, 14, 108, 110
  • Barclays, 134
  • Barnes & Noble, 112
  • Barter systems, 10
  • BBVA (Banco Bilbao Vizcaya Argentaria), 29, 30, 56, 134, 139–142, 185–188, 207
  • Bear Stearns, 14
  • Beijing Co-operative Equity Investment Fund Management, 133
  • Belgium, 101
  • Bell Labs, 119
  • Benisty, Livia, 142–143, 205
  • Berlin, Germany, 91
  • Best Buy, 7, 73
  • Bialy, Adam, 129, 215
  • Bicycles, embedded insurance for, 99–100
  • Big Tech:
    • benefits of embedded technology for, 65–66
    • in customers' everyday lives, 51–55
    • in embedded finance ecosystem, 42
    • embedded finance revolution for, 45–48
    • Super Apps and, 41
  • Bill and Melinda Gates Foundation, 170
  • Bill.com, 25, 61
  • Billions (TV show), 204
  • Bills:
  • BIN sponsors, 137
  • Biometrics, 192–193
  • Birch, Dave, 31, 48, 79, 89, 163–164, 188, 190–193, 211–213
  • Bitstamp, 63, 64
  • BNPL, see Buy Now, Pay Later
  • BNP Paribas, 191
  • Bonobos, 85
  • Bought by Many, 100
  • BPC, 126
  • Brand affinity, 52
  • Brand loyalty, 50, 52, 54, 61, 66
  • Brazil, 16
  • Brick-and-mortar retail businesses, 69–103
    • Buy Now, Pay Later at, 80–88
    • checkout-free experiences in, 76–80
    • closed-loop cards at, 73–74
    • and connected vehicles, 92–96
    • cooperation required for embedded finance in, 113
    • customer data at, 71–72
    • embedded finance trends for, 72–103
    • financial services from, 98, 98f
    • future for, 205
    • and Internet of Things, 88–97
    • invisible payments at, 74–76
    • mobile internet access and, 18
    • and smart homes, 96–97
    • Super Apps for, 70–71
  • B2C (business-to-consumer) companies, 20
  • Bunq, 34
  • Businesses. See also specific types
    • in Covid-19 pandemic, 18
    • future of embedded finance for, 201–216
    • impact of failing to prepare for embedded finance on, 7–8
    • mobile internet access and, 17
  • Business Research Company, 65
  • Business-to-consumer (B2C) companies, 20
  • Buy Now, Pay Later (BNPL):
    • advantages of, for merchants, 82–84
    • at Affirm, 84–85
    • at brick-and-mortar retail businesses, 80–88
    • described, 3–4
    • in e-commerce, 62
    • financial health and, 189
    • impact of, 84–88
    • at Katapult, 85–87
    • at Klarna, 81
    • meeting consumer needs with, 51
    • and open banking, 124
    • at Shopify, 59
  • California, 90, 206
  • Capital One, 46, 153
  • Care By Volvo service, 94
  • Car loans, 3
  • Car manufacturers, 92–96
  • Carney, Mark, 188
  • Cart abandonment, 51, 78, 87, 88
  • Carvana, 61
  • Cash App, 2, 194
  • Cash transactions, 74, 82, 189, 193–194
  • CEEK city, 64
  • Central bank digital currency (CBDC), 133, 163
  • Central Bank of Lithuania, 131
  • Centre for Finance, Technology, and Entrepreneurship (CFTE), 128, 183
  • Chase, 87
  • Check-cashing services, 165, 177
  • Checkout, 150, 154
  • Checkout-free experiences, 54, 76–80
  • Child, Helen, 122, 125
  • Chile, 170
  • Chime, 34
  • China, 10
    • BaaS in, 126–127
    • biometric use in, 193
    • digital currencies in, 163
    • fintech in, 40–41
    • insurtech in, 104–106
    • manufactured goods from, 206
    • regulators in, 132–133
    • smartphone use in, 16
    • Super Apps in, 38, 70
    • sustainability efforts in, 187
    • upskilling in, 184
  • Citibank, 165, 183
  • Citibike, 91
  • ClearBank, 64, 141
  • Closed-loop cards, 73–74, 80
  • Coinbase, 63, 64, 163, 211
  • Collections agencies, 88, 107, 108
  • Colombia, 141
  • Commerce Cloud, 62
  • Communications, 94
  • Computers, in financial industry, 11–12
  • Conduent, 91
  • Connected vehicles, 92–96
  • Consumers. See also Underserved consumers
    • benefits of embedded finance for, 52–53
    • Big Tech in everyday life of, 51–55
    • in embedded finance revolution, 4, 42, 113
    • future of embedded finance for, 198–201
    • impact of fintech on expectations of, 2
    • interests of banks vs., 26–27, 27f
    • relationships between manufacturers and, 83–84, 95, 205
    • unbanked and underbanked, 16, 98, 162, 165
    • underinsured, 98
  • Consumer banking, 11
  • Consumer behavior, 17, 32, 35–40
  • Consumer credit, 15
  • Consumer Finance Protection Bureau, 131
  • Contactless payments, 31, 32
  • Convenience, 75–76, 90, 110
  • Cooperation, for embedded finance, 113
  • COP26 (United Nations Climate Change Conference), 185
  • Covid-19 pandemic:
    • bank tellers in, 182
    • brick-and-mortar retailers in, 69–71, 77
    • financial services in, 18–19
    • gig economy in, 176
    • small businesses in, 143
  • Creator economy, 176–177
  • Credit, access to, 86, 124, 164–166, 169
  • Credit cards:
    • banks and use of, 13
    • debt consolidation for, 26
    • hidden fees at, 81–82
    • in history of fintech, 9
    • issuing and processing of, at Marqeta, 154–155
    • technology investments by providers of, 150
    • at Tinkoff, 37–38
  • Credit Karma, 88, 189
  • Credit unions, 39–40
  • Cross-border payments, 50–51, 154
  • Cross River Bank, 137
  • Cross-selling, 38–39, 105
  • Crypto.com, 163
  • Cryptocurrency:
    • BaaS and, 149–150
    • defined, 63
    • digital wallets for, 63–64
    • financial inclusion and use of, 163
    • micro-investments in, 210
    • and Web3, 215
  • Cryptocurrency exchanges, 63–64, 129
  • Currency:
  • Customer acquisition, 35–36, 65, 121
  • Customer data:
    • access to, 96
    • and access to credit, 165–166
    • at banks, 24, 48, 71, 191–192
    • with BNPL, 82–83
    • at brick-and-mortar retailers, 71–72
    • in checkout-free stores, 79, 80
    • at Destacame, 170–171
    • in future of embedded finance, 202–203
    • and Internet of Things, 88–89
    • from invisible payments, 74–75
    • regulations related to, 132
    • at technology companies, 48, 53
    • at Tinkoff, 38
  • Customer deposits, 14
  • Customer experience:
    • artificial intelligence and, 119
    • in checkout-free stores, 78
    • data to improve, 71
    • digital wallets and, 49
    • in fintech, 12
    • in insurtech, 21–22
    • at neobanks, 33
  • Customer needs:
    • anticipating, 54–55, 71–72
    • BaaS platforms to meet, 149–155
    • financial services to meet, 14, 103
    • technology companies' focus on, 48–51
  • Customer segmentation, 34–35, 39
  • Cyber security, 219–220
  • Data security, 75
  • Dave (app), 138
  • Davies, Tracey, 187
  • Daylight, 35, 111
  • Decentraland, 64
  • Decentralization of finance (DeFi), 133, 163, 215–216
  • Decision making, 145, 211–213
  • Delinquent payments, 88, 189
  • Deliveroo, 17, 101
  • Deloitte, 16
  • Department of Transportation, 89
  • Destacame, 170–171
  • DFBs (digital full bank licenses), 133
  • Digital asset management, in Metaverse, 219
  • Digital banking, 13, 15, 16, 182
  • Digital currency, 63, 133, 163
  • Digital-first businesses, 18, 20, 35, 71–72
  • Digital footprint, 202
  • Digital full bank licenses (DFBs), 133
  • Digital onboarding, 120–121
  • Digital value, converting cash to, 193–194
  • Digital wallets, 49, 198–199, 202, 209–211
  • Digital wholesale bank licenses (DWBs), 133
  • Digitization, of financial services, 24–25
  • Direct deposit programs, 40
  • Dorsey, Jack, 219
  • Douyin, 127
  • Dunbar, Robin, 205
  • Duncan, Macgregor, 144
  • DWBs (digital wholesale bank licenses), 133
  • Earned wage access, 177, 178
  • eBay, 143
  • E-commerce:
    • financial services for, 18
    • for Plaid, 150
    • for Shopify, 57–60
    • for small businesses, 168
    • for smaller technology companies, 61–62
  • Egypt, 10
  • Electronic toll collection (ETC) devices, 90
  • 11:FS (consultancy), 126
  • Embedded finance (generally):
    • benefits of, for Big Tech, 65–66
    • cooperation required for, 113
    • defined, 3, 47
    • failing to prepare for, 7–8
    • historical context for, 7
    • and history of financial services, 41–42
    • impact of, 1–2
    • limits of, 188–189
  • Embedded finance, future of, 7, 197–221
    • for businesses, 201–216
    • for consumers, 198–201
    • convergence of online/offline lives, 207–208
    • and current revolution, 220–221
    • data exchange in, 202–203
    • and digital wallets, 209–211
    • and human decision making with AI, 211–213
    • in insurance industry, 203–204
    • in marketing and advertising, 205
    • for society, 194, 206
    • use of health data in, 204
    • in virtual worlds, 216–220
    • and Web3, 214–216
  • Embedded finance revolution, 1–8, 220–221. See also specific industries and companies
    • authors' expertise on, 5–6
    • BaaS for, 134–145
    • banking industry after, 145–155
    • for Big Tech, 45–48
    • for brick-and-mortar retailers, 72–103
    • consumer behavior enabling, 35–40
    • current conditions in, 1–4
    • factors enabling, 7, 117–157
    • impact of, 155–156
    • participants in, 6
    • preparing for, 7–8
    • regulators' contributions to, 127–134
    • technology for, 118–127
    • timing of, 4–5
  • Embedded insurance, 21, 97–106
    • customers targeted for, 99–100
    • market opportunities for, 97–98, 98f
    • from Ornikar, 102, 103
    • at Ping An, 104–106
    • from Qover, 100, 101
  • End customer, benefits for, 60–61
  • Entrepreneurs, Shopify's support for, 57–58
  • Environmental, social, and corporate governance (ESG), 185, 186
  • eSports, 95, 96
  • ETC (electronic toll collection) devices, 90
  • EU (European Union), regulators in, 128–129
  • Europe:
    • BaaS in, 126, 139–143
    • banking industry in, 11
    • BNPL in, 80
    • brick-and-mortar retailers in, 70
    • cryptocurrency exchange in, 63
    • health data in, 204
    • insurance in, 20, 99
    • Marqeta in, 155
    • neobanks in, 33
    • open banking in, 122–123
    • regulators in, 128–131
    • Super Apps in, 40
  • European Union (EU), regulators in, 128–129
  • Every Dollar, 124
  • Evolve Bank & Trust, 138, 149
  • EZPass, 90, 91
  • Facebook, 45–48, 51, 64, 191, 205, 217–218. See also Meta
  • Face ID, 192
  • Faster Payments system, 131
  • FasTrack, 90
  • FBO (For Benefit Of) accounts, 138
  • FCA (Financial Conduct Authority), 130
  • FDIC, see Federal Deposit Insurance Corporation
  • Feature phones, 16, 120, 171
  • Federal Deposit Insurance Corporation (FDIC), 131, 137, 138, 165
  • Federal Reserve, 132, 173
  • Fedwire, 132
  • Fiat Republic, 64, 149–150
  • Fidor, 33, 112, 126
  • Financial Conduct Authority (FCA), 130
  • Financial crisis (2008–2009):
    • banking industry and, 12–15
    • debt in, 80
    • fintech and, 12–15, 22, 23
    • neobanks and, 28, 29
  • Financial health, improving, 163–164, 189, 211–213
  • Financial inclusion:
    • embedded finance to improve, 162–164
    • in the future, 206
    • in Global South, 16, 169–173
    • at Katapult, 85–87
    • at neobanks, 34
    • in Southeast Asia, 178–179
    • at Uber, 56
  • Financial literacy, 36, 49, 87
  • Financial services:
    • access to, 16
    • demand for skills in, 179–184
    • democratization of, 166, 171
    • digitization of, 24–25
    • future use of, 210
    • global market for, 65
    • layering, as part of value proposition, 61–64
    • from retailers, 98, 98f
    • from technology companies, 53–54
    • unbundling of, 23–24
  • Financial Services Global Market Report, 65
  • Financial services industry. See also Banking industry; Insurance industry
    • and 2008 financial crisis, 14–15
    • Big Tech in, 46
    • in China, 40–41
    • and consumer behavior, 35–40
    • embedded finance in, 41–42
    • in embedded finance revolution, 5, 6
    • fintech in, 9–14, 22–27
    • history of, 2, 9–42
    • insurtech in, 19–22
    • neobanks in, 28–35
    • and technology, 15–19
  • Financial Services Talent Strategy Report, 182
  • Financial technology (fintech):
    • APIs to enable, 121
    • in China, 40–41
    • described, 2
    • disruption by, 24–27
    • in embedded finance ecosystem, 41–43
    • financial inclusion and, 162
    • impact of, on the banking industry, 9–14
    • job opportunities in, 180–181, 181f, 183, 183f
    • maturation of, 54–55
    • rise of, 22–27
    • societal impact of, 156
    • and telecommunications industry, 112–113
    • in United Kingdom, 129–131
    • in United States, 131–132
    • views of BNPL in, 80
  • Finicity, 128
  • Finleap, 142
  • Fintech companies. See also Financial technology (fintech)
    • BaaS at, 125–126, 147–149
    • customer acquisition issues for, 35–36
    • as participants in embedded finance, 6, 47, 113, 118
    • partnerships between banks and, 146
    • unbundling of banks by, 23–24
  • Fintech Scalebox, 130
  • First State Bank, 138
  • Fiserv, 137
  • Fitbit, 100, 204
  • Flywire, 51
  • For Benefit Of (FBO) accounts, 138
  • Foreclosures, 26
  • Fortnite, 41, 217
  • Fountain City Fintech, 138
  • France, 90, 100, 103, 155
  • Fraud, 120, 134, 150, 208
  • Fresno, Calif., 9
  • Funding Circle, 24
  • Gardner, Jason, 60–61, 63–64, 154–155
  • Garmin, 204
  • Garza, Andres, 36
  • General Data Protection Regulation (GDPR), 132
  • General Motors, 92
  • Generation Z, 36, 50, 80, 126
  • Germany, 74, 90, 100, 112
  • GetGo stores, 79
  • Get Safe, 100
  • Gibson, William, 206
  • Giga Pets, 217
  • Gig economy, 56, 173, 175–179, 176f
  • Global Findex, 170
  • Global South, 16, 169–173. See also specific countries
  • Glyptis, Leda, 145
  • GoCardless, 124
  • Goldman, Marcus, 15
  • Goldman Sachs, 14–15, 55, 134–137, 187, 188
  • Good Doctor platform, 105
  • Good Driver application, 104–105
  • Google, 45–48, 53, 55, 150, 191, 205, 218
  • Google Cloud, 75
  • Google Pay, 32, 49
  • Grab, 56–57, 61, 133, 175, 178–179
  • Grab & Go technology, 77–79
  • GrabPay, 179
  • Graftieaux, Jean-Baptiste, 63, 129, 215
  • Graillot, Florian, 20–22, 99–101, 219
  • Greece, ancient, 10
  • Green Dot Bank, 178
  • Greenland Financial Holdings, 133
  • Grubhub, 60
  • Harris, Matt, 24–25, 66, 69, 76, 134, 137, 145–146, 203, 215–216, 218
  • Healthcare industry, 104–110, 201
  • Healthcare Now: Pay Later plans, 110
  • Health data, 204
  • Health insurance, 100, 204
  • HelloFresh, 17
  • Henderson, Matt, 151–153, 167–168, 215, 219
  • Her Majesty's Revenue Collection (HMRC), 122
  • Hertz, 18
  • Hippo, 204
  • H&M, 64, 81
  • HMRC (Her Majesty's Revenue Collection), 122
  • Home Depot, 73
  • Housecall Pro, 167
  • HSBC, 139
  • Hubuc, 147
  • Identity, 124–125, 190–194, 214
  • IFC (International Finance Corporation), 133
  • Inclusion, financial, see Financial inclusion
  • India, 10, 16
  • Indonesia, 16, 169–170
  • In-house payment plans, from healthcare providers, 108–109
  • Innovator's dilemma, 47
  • InstaCart, 17
  • Insurance. See also Embedded insurance
  • Insurance industry:
    • embedded finance in, 97–106
    • future of, 203–204
    • insurtech in, 19–22
  • Insurance technology (insurtech), 97–103
    • customers targeted for, 99–100
    • history of, 19–22
    • at Ornikar, 102, 103
    • at Ping An, 104–106
    • at Qover, 100, 101
  • International Finance Corporation (IFC), 133
  • International money transfers, 49–51
  • Internet, 12, 17–18, 121
  • Internet of Things (IoT), 88–97
    • connected vehicles in, 92–93
    • defined, 88
    • and embedded finance for auto manufacturers, 93–96
    • future of, 207–208
    • in smart homes, 96–97
    • in transportation sector, 89–91
  • Into the Metaverse NFTs, 64
  • Inventory tracking, in checkout-free stores, 77–79
  • Investment banks, 14–15
  • Invisible finance, see Embedded finance (generally)
  • Invisible payments:
    • at brick-and-mortar retailers, 74–76
    • children's use of, 96–97
    • defined, 3
    • and role of bank, 147
    • at Uber, 56
  • IoT, see Internet of Things
  • iPhone, 1, 12, 15, 30, 49, 52
  • Iraq, 10
  • Italy, 10–11
  • Jackson, Michael, 94
  • Japan, 16, 74
  • JC Penney, 18
  • J Crew, 18
  • Jenkins, Antony, 144–145
  • John Lewis & Partners, 139
  • JP Morgan Chase, 11, 14, 27, 87, 153
  • Jumia, 62, 125, 194
  • Juniper Research, 76
  • JustEatsTakeaway, 17
  • Just-in-Time insurance, 20
  • Larsen, Jonathan, 104–106, 111
  • Latin America, mobile phone use in, 16. See also specific countries
  • Lehman Brothers, 14
  • Lemonade (company), 102, 204
  • Lending Club, 22, 23, 25
  • LendingTree, 4
  • Lenovo, 85
  • Levchin, Max, 85
  • Level 1 data, 72
  • Level 2 data, 72
  • Level 3 data, 72, 82–83
  • Liber-t, 90, 91
  • Licenses, banking, 33, 57, 81, 133
  • Life insurance, 100, 171
  • Linden Dollars, 218
  • LinkedIn, 21, 180
  • Linklogis Hong Kong, 133
  • Lithuania, 129, 131
  • Loans:
    • from banks, 13–14
    • car, 3
    • fintech and, 10, 22–23
    • future of, 200–201
    • from healthcare providers, 109
    • micro-, 132, 219
    • for online advertising, 205
    • payday, 165, 174, 175, 211
    • at Peachy Pay, 108–110
    • personal, 22–23
    • point-of-purchase, 2–3, 83
    • to small businesses, 166–168
    • from tech companies, 48, 62
    • to Uber drivers, 56
  • Loews, 73
  • London, England, 77, 91
  • Loyalty, brand, 50, 52, 54, 61, 66
  • Luko, 100
  • Lütke, Tobias “Tobi,” 57–58
  • Lydia (app), 139, 155
  • Machkovech, Sam, 79
  • McKinsey, 53, 54, 98
  • McLaren, 95
  • McWilliams, Jelena, 6
  • Macy's, 73
  • Manchester United, 95
  • Manufacturers, consumers' relationships with, 83–84, 95, 205
  • Marcus (digital bank), 15, 135
  • Marketing, 205, 212–213
  • Marks & Spencer, 139
  • Marqeta, 60, 63–64, 147, 154–155
  • Mastercard, 55, 73, 128, 152, 154
  • Media industry, 111–112
  • Memphis, Tenn., 138
  • Menon, Ravi, 133–134
  • Merill Lynch, 14
  • Merlak, Damijan, 63
  • Mesopotamia, 10
  • Meta, 48, 64, 216–218. See also Facebook
  • Metaverse, 64, 216–220
  • Metropolitan Bank, 137
  • Mettle, 126
  • Mexico, 56, 140, 141, 186
  • MiCA (Regulation of Markets in Crypto-assets), 129
  • Microloans, 132, 219
  • Microsoft, 180, 218
  • Microsoft Azure, 75
  • Minimum viable product (MVP), 136, 145, 148
  • Mint, 124
  • Mobile banking, 30, 31, 140–141, 169, 182
  • Mobile internet access, 17–18
  • Mobile payments, 53, 74
  • Mobile technology:
    • banking and, 11
    • to enable embedded finance, 120
    • in Global South, 169–170
    • global use of, 15–17
    • and M-Pesa, 172
  • Modulr, 147
  • Monese, 35
  • Monetary Authority of Singapore (MAS), 133
  • Money:
    • consumers' relationship with, 53
    • in digital wallets, 210
    • invention of, 10
    • movement of, in embedded finance, 2–3
    • open discussions about, 36
  • Moneydance, 124
  • Money service businesses (MSBs), 129
  • Money20/20, 162, 165, 174, 187, 203, 208
  • Monzo, 33
  • Morgan Stanley, 14–15
  • Morrisons, 80
  • Moven, 25, 28–32
  • M-Pesa, 113, 171–172, 172f, 194
  • MSBs (money service businesses), 129
  • MUFG Bank, 15
  • Music industry, 111
  • Musk, Elon, 92
  • MVP, see Minimum viable product
  • N26 (neobank), 33
  • National Society of School Scholars, 50
  • Nationwide Building Society, 141
  • NatWest, 122, 126
  • NBKC, 138
  • Needs, customer, see Customer needs
  • Neobanks. See also specific neobanks
    • BaaS providers for, 125–126, 138
    • credit unions and, 39–40
    • embedded insurance from, 100–102
    • in financial services industry, 25, 28–35
    • industry-specific, 111
    • open banking at, 124
    • Tinkoff case study, 37–39
  • Nerve (neobank), 111
  • Netflix, 17, 51
  • New York, N.Y., 91
  • New Yorker, 97
  • New York Times, 108
  • Nexus, 144
  • NFTs (non-fungible tokens), 64, 210
  • Nguyen, Tram Anh, 128, 183
  • Nike, 52, 64, 81
  • Nium, 147
  • Non-fungible tokens (NFTs), 64, 210
  • Non-sufficient funds (NSF) fees, 27, 27f
  • North America, banking industry in, 11. See also specific countries
  • NSF (non-sufficient funds) fees, 27, 27f
  • NuBank, 34
  • Nuri, 142
  • Nutmeg, 24
  • Oaknorth, 141
  • Office of the Comptroller of the Currency, 131
  • Ogden, Nick, 141
  • Oiler, Lex, 107–110
  • OnDeck, 25
  • On-Demand insurance, 20
  • Onfido, 125
  • Open banking, 91, 122–125, 211–212
  • Open finance, 163–164
  • Optimization, 202–203
  • Ornikar, 102, 103
  • O2 program, 112
  • Overdraft fees, 27, 27f
  • Panacea, 33
  • Paperchain, 111
  • La Parisienne Assurances, 20
  • Parkin, Ark., 138
  • Partnerships:
    • with Affirm, 85
    • with Banking Circle, 142–143
    • between banks and fintechs, 146
    • with BBVA, 139–140
    • with Goldman Sachs, 135–137
    • with Marqeta, 60, 63–64
    • with Peachy Pay, 109–110
    • with Qover, 100–102
    • with Railsbank, 148–149
    • with Shopify, 59
    • with Standard Chartered, 144
    • with Stripe, 152
    • with Westpac, 144
  • Passporting, 129
  • Patient Financing Powered By Walnut, 110
  • Patreon, 111
  • Payday loans, 165, 174, 175, 211
  • Payments:
    • Big Tech's management of, 51–52
    • cross-border, 50–51, 154
    • delinquent, 88, 189
    • fintech in, 22
    • in-house plans, from healthcare providers, 108–109
    • invisible, 3, 56, 74–76, 96–97, 147
    • mobile, 53, 74
    • tech companies' management of, 47–48, 60–61
  • Payment apps, 36, 40, 55
  • Payment networks, 83
  • Payment Service Directive 1 (PSD1), 128–129
  • Payment Service Directive 2 (PSD2), 129
  • Payment Service Directive 3 (PSD3), 129
  • PayNearMe, 194
  • PayPal, 22, 36, 85, 88, 138, 211, 215
  • Paysafe, 143
  • Paystack, 168
  • Peachy Pay, 107–110
  • Peer-to-peer payment apps, 36
  • Peloton, 85
  • Pennsylvania Turnpike Authority, 90
  • Penta, 142
  • Personal Capital, 124
  • Personal financial management (PFM), 123–124
  • Personal loans, fintech for, 22–23
  • Peru, 141
  • Pettet, Zach, 165, 174, 175, 208, 214
  • PFM (personal financial management), 123–124
  • Ping An, 104–106, 112, 190
  • Pinterest, 59
  • Plaid, 85, 123, 128, 153, 191
  • Pocket products, embedded insurance for, 99–100
  • Point-of-purchase loans, 2–3, 83
  • Political extremism, 182
  • Populism, 182
  • Portugal, 90
  • Poverty, 156, 169–170, 193, 206
  • PPRO, 143
  • Predictive analytics, see Artificial intelligence (AI)
  • Pricing transparency:
    • with BNPL, 81
    • and Dash buttons, 97
    • future of, 209
    • in healthcare, 107
    • at Uber, 75
  • Privacy issues:
    • in checkout-free stores, 79
    • with embedded finance, 188, 190–194
    • with Internet of Things, 89
    • with peer-to-peer payment apps, 36
    • for technology companies, 53
    • using cash to avoid, 74, 193
  • Product distribution, 111–112
  • Project Innovate, 130
  • Property insurance, 220
  • Prosper, 22
  • PSD1 (Payment Service Directive 1), 128–129
  • PSD2 (Payment Service Directive 2), 129
  • PSD3 (Payment Service Directive 3), 129
  • PubG, 41, 217
  • Public, 2
  • Public transit, 89
  • PYMNTS, 82
  • Qover, 100–102
  • Quadpay, 124
  • Radius Bank, 23
  • Railsbank, 147–149
  • Raisin, 50
  • Rampell, Alex, 83
  • Rapyd, 141
  • Razorpay, 219
  • Rebundling, of banks, 34–35
  • Regragui, Yassine, 40, 70–71, 126, 127, 132, 184, 187
  • Regulation of Markets in Crypto-assets (MiCA), 129
  • Regulators, 127–134
    • in Asia, 41, 132–134
    • and digital onboarding, 120
    • in embedded finance ecosystem, 42, 113, 118
    • in Europe, 128–131
    • in United States, 131–132
    • upskilling required for, 184
  • Reich, Josh, 28–30
  • Remitly, 50
  • Renaissance, 10–11
  • Retail banking, 11
  • Retail businesses, see Brick-and-mortar retail businesses; E-commerce
  • Revenue model:
    • of banks, 13–14, 26–27, 118, 140
    • of technology companies, 52, 65–66
  • Revolut, 34, 35, 101–102
  • Robinhood, 2
  • Roblox, 217
  • Rome, ancient, 10
  • Root, 174–175
  • RTFKT metaverse, 64
  • R3, 134
  • Rudden, Jennifer, 19, 99
  • SaaS (software-as-a-service), 42, 62
  • Safaricom, 171
  • Safe to Spend feature, 29, 30
  • Salesforce, 62, 121
  • Samsung, 53, 81, 96
  • Sandbox, 64, 133
  • Santander Bike, 91
  • Savings accounts, 49–50
  • Saxo Bank, 142
  • Saxo Payments, 142
  • Sea (company), 133
  • Second Life, 218
  • Securities trading, 11
  • Shakepay, 64
  • Shevlin, Ron, 33, 66, 146
  • Shopify, 57–61, 66, 143, 150, 151, 166, 184, 211
  • Signature cards, 190
  • Sila Money, 138, 149
  • Simple, 25, 28–31
  • Singapore, 74, 91, 133–134
  • Singapore Life, 148–149
  • Single-purpose cards, 73–74
  • SingLife card, 149
  • Singtel, 57, 133
  • Skinner, Chris, 34, 147, 193, 218
  • SKU-level data, 83. See also Level 3 data
  • Small businesses:
    • BaaS for, 137–138
    • credit card fees for, 82
    • digital banking for, 13
    • e-commerce for, 61–62
    • embedded finance for, 55–60
    • in embedded finance revolution, 5, 166–168
    • tech companies influence on, 48
    • YouLend for short-term lending to, 143
  • Smart cities, 91
  • Smart homes, 93, 96–97, 198, 210
  • Smartphones, 1. See also Mobile technology
    • embedded insurance for, 99
    • and financial services, 15–17
    • fintech and, 12
    • prevalence of, 120
  • Social clout, 214–215
  • Social media, 35–36. See also specific platforms
  • Societal impact of embedded finance, 161–198
    • access to credit, 164–166
    • and data as force for good, 162–164
    • financial inclusion in Global South, 169–173
    • and future of embedded finance, 194, 206
    • in gig economy, 175–179
    • identity and privacy issues, 190–194
    • and limits of embedded finance, 188–189
    • on small businesses, 166–168
    • sustainability, 185–188
    • for underserved populations, 173–175
    • and upskilling for future employment, 179–184
  • Société Générale, 139
  • Sociolla, 144
  • Socure, 125
  • Software-as-a-service (SaaS), 42, 62
  • Software Products Global Market Report, 65
  • Solarisbank, 142
  • Soler, Javier Rodriguez, 139–141, 185–186, 207
  • Sopra Banking Software, 126
  • Southeast Asia. See also specific countries
    • financial inclusion in, 178–179
    • fintech in, 148–149
    • mobile phone use in, 16
    • SaaS in, 126–127
    • Super Apps in, 40
  • Spain, 90, 141
  • Splitit, 124
  • Spotify, 17, 111
  • Square, 25, 61, 177, 194
  • Standard Chartered, 134, 144
  • Starbucks, 73–74
  • Starling, 33, 34
  • Strange, Angela, 69
  • Stripe, 59, 137, 143, 150–153, 167, 168, 219
  • Stripe Capital, 153, 167–168
  • Stripe Issuing, 153
  • Stripe Treasury, 151, 153
  • SumUp, 143
  • Super App(s):
    • at BBVA, 141
    • for brick-and-mortar retail businesses, 70–71
    • in China, 40–41, 70–71
    • Grab as, 56–57
    • in history of financial services industry, 34–35
    • Tinkoff as, 38–39
  • Sustainability, 185–188, 206
  • Swan, 147
  • Sweden, 74
  • Tamagotchi, 217
  • Tan, Kelvin, 144
  • Tan, Queenie, 36
  • Taobao, 40
  • Target, 75, 85, 119
  • Technology. See also specific types
    • in China, 40–41
    • for embedded finance revolution, 118–127
    • financial services industry's use of, 11–12
    • and history of financial services, 15–19
    • at Tesla, 92–93
  • Technology companies, 45–68
    • benefits of embedded finance for, 65–66
    • customer data at, 48, 53
    • in customers' everyday lives, 51–55
    • embedded finance for Big Tech, 45–48
    • embedded finance for smaller, 55–60
    • end customers as focus of, 60–61
    • and fintech in China, 41
    • meeting customer needs at, 48–51
    • neobank partnerships with, 33
    • strengths of, 24
    • trust in banks vs., 46, 46f, 53
    • valuation of Tesla vs., 92–93
    • value proposition of, 61–64
  • Telecommunications industry, 112–113
  • Telefonica, 112
  • Telegraph, 10
  • Tencent, 41, 50, 132, 184
  • Tesco, 79
  • Tesla, 92–93
  • TFL (Transport For London), 91
  • Theft, in checkout-free stores, 78–79
  • Tide (company), 141
  • TikTok, 36, 59, 127
  • Tink, 123, 128
  • Tinkoff, 34, 35, 37–39
  • Tinkoff Bank, 37, 126
  • Tinkov, Oleg, 37
  • Tokenization, 192
  • Tollardo, Neri, 38, 39
  • Tomorrow (fintech), 142
  • Tower Records, 112
  • Traditional industries, embedded finance in, 92–112
    • car manufacturers, 92–96
    • cooperation required for, 113
    • healthcare, 106–110
    • insurance, 97–106
    • media, 111–112
    • telecommunications, 112–113
  • Transferwise, 49
  • Transparency, in pricing, see Pricing transparency
  • Transportation sector, IoT in, 89–91
  • Trash collection, 206
  • Treacher, Marcus, 141
  • Treezor, 139, 147
  • Trulioo, 125
  • Trust, 46, 46f, 53, 75, 208
  • Turkey, 10, 141
  • Twitter, 191
  • TxB platform, 15, 135–137
  • Uber, 54, 56, 60, 75, 140, 150, 175, 178
  • UK, see United Kingdom
  • Unbanked and underbanked consumers, 16, 98, 162, 165
  • Unboxing videos, 52
  • Unbundling, of banks, 23–24, 28
  • Underinsured consumers, 98
  • Underserved consumers:
    • BNPL products for, 85–87
    • cash transactions by, 193
    • in embedded finance revolution, 4, 173–175
    • financial inclusion for, 162–164
    • in gig economy, 56
    • at neobanks, 34
    • telecommunications and banking for, 112
  • United Kingdom (UK):
    • insurtech startups in, 100
    • number of bank branches in, 13
    • open banking in, 122–123
    • regulators in, 129–131
  • United Nations, 188
  • United Nations Climate Change Conference (COP26), 185
  • United States (US):
    • BaaS in, 126, 134–138
    • BNPL in, 80
    • brick-and-mortar retail sales in, 70
    • cash transactions in, 74
    • credit card use in, 82, 150
    • ETC devices in, 90
    • financial services industry in, 145
    • gig economy in, 175–176
    • insurtech in, 102, 103
    • mobile phone ownership in, 15
    • Moven customers in, 32
    • number of bank branches in, 13
    • regulators in, 131–132
    • Super Apps in, 40
    • time spent driving in, 89
    • underserved consumers in, 165, 173
  • Upskilling, 179–184
  • Upwork, 176
  • US, see United States
  • USAA, 28
  • Xero, 62
  • Zayas, Orlando, 86–87
  • Zelle, 2
  • Zhang, Annie, 216
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