- Abandonment:
- ABN Amro, 126, 142
- Accenture, 122
- Account aggregation, 123
- Acorns, 2
- ADIB Bank, 126
- Adidas, 64
- Affirm, 59, 84, 85, 124
- Africa. See also specific countries
- financial inclusion in, 171
- mobile phone use in, 16
- small businesses in, 168
- Afterpay (company), 145
- Agriculture, fintech and, 10
- AI, see Artificial intelligence
- Aion, 149
- ALDI, 80
- Alexa (virtual assistant), 96, 97, 199
- Alibaba, 41, 132, 184
- Alipay, 40, 70, 126, 127, 132, 143, 163
- Allen, Tui, 58–60, 143, 166, 184
- Alliant, 100
- Alloy, 125
- Alphabet, 48. See also Google
- Amazon, 45–47, 51, 53, 55, 62, 79, 96, 150, 180, 206
- Amazon Fresh stores, 77–79, 193
- Amazon Web Services, 75
- American Airlines, 85
- American Express (Amex), 137, 152
- Ant Forest (game), 187
- Ant Group, 132, 133, 187
- Antitrust laws, 132
- APIs, see Application programming interfaces
- APIX, 133
- Apple, 15, 45–47, 52–55, 65, 85–86, 134, 180, 191, 218
- Apple Card, 55
- Apple Music, 17, 111
- Apple Pay, 49, 55, 74, 192
- Apple Wallet, 32
- Apple Watch, 204
- Application programming interfaces (APIs):
- from banks, 118
- in China, 41
- defined, 41, 49
- to enable embedded finance, 121–122
- at Goldman Sachs, 135–136
- history of, 12
- for meeting consumer needs, 49–51
- standards for, 125
- at Wakam, 21
- Arkea, 149
- Armstrong, Brian, 163
- Artificial intelligence (AI):
- in checkout-free stores, 78, 79
- decision making with, 211–213
- for digital onboarding, 120
- and digital wallet, 209–210
- to enable embedded finance, 119–120
- ASEAN Bankers Association, 133
- Asia. See also Southeast Asia; specific countries
- BaaS in, 144–145
- regulators in, 41, 132–134
- Aspiration, 33, 111
- Astorya.vc, 20
- Atlas, 150
- ATMs, 10, 182
- Australia, 144
- Authentication, 120, 190–194
- Auto insurance, 102, 103, 174–175
- Automation, 12, 25, 180
- Autonomous purchasing transactions, 209–210
- AvidXchange, 25
- AWS, 144
- AXA, 100
- 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
- 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
- auto, 102, 103, 174–175
- defined, 19
- for gig workers, 179
- in Global South, 171
- health, 100, 204
- life, 100, 171
- in Metaverse, 219–220
- On-Demand, 20
- property, 220
- at Tinkoff, 37
- 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
- Kalifa, Ron, 130
- Kalita, Sanjib, 162, 203, 208, 214
- Kantar, 95
- Karkal, Shamir, 28–30
- Katapult, 85–87
- Kenya, 171, 172f
- Kindle, 17
- King, Brett, 28, 30, 31, 198, 211
- Klarna, 80, 81, 124, 152
- Know Your Customer (KYC), 124–126
- Kodak, 7
- Kodrič, Nejc, 63
- Kraken, 64
- Kuwait, 10
- KYC (Know Your Customer), 124–126
- 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 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
- 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:
- 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
- Value proposition, 61–64
- Vehicles, connected, 92–96
- Venmo, 2, 36, 138
- Verdon, Nigel, 95, 148, 164, 171, 219
- Vergara, Eduardo, 135–137, 166, 187, 207–208
- VIA-T system, 90, 91
- Vietnam, 171
- Virtual assistants, 96, 97
- Virtual worlds, 64, 216–220
- Visa, 73, 127–128, 142, 152, 154
- Vision, 145
- Viva Wallet, 141
- Volvo, 93–94
- Wakam, 20–22
- Wallets:
- Walmart, 66
- Walnut, 110
- Wayfair, 85
- Wealth gap, 206
- Weaver.io, 147
- Web3, 149–150, 209–210, 214–216
- WeChat, 50, 70, 126, 127, 132, 163
- WeChat Pay, 40
- Wells, H. G., 206
- Wells Fargo, 153, 191
- Westpac, 134, 144–145
- Whisker, 84
- Win-win-win model, 58–59, 166, 184
- Wirecard, 125
- Wise, 24, 49
- World Bank, 133
- Worldremit, 51
- Zayas, Orlando, 86–87
- Zelle, 2
- Zhang, Annie, 216
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