At Fintech Week London (July 2022), Leda Glyptis, Chief Client officer at 10x Banking, spoke in her keynote about embedded finance, what it is, why it is all of a sudden top of mind for everyone, and what the difficult decisions are that we as an industry need to make next.
"Embedded finance seems to have emerged fully formed out of nowhere. About a year ago nobody was talking about it, and within the space of six to eight months it's top of mind for everyone and used interchangeably with Banking-as-a-Service or open finance."
Unpacking this: why has it become flavour of the month all of a sudden? The executive level summary is that we've spent 10/15 years as an industry maturing all the capabilities, both technological and regulatory, that are required for open finance to even be possible.
The players are beginning to understand how to monetize; how to actually turn these capabilities into a business.
"There are some interesting choices to be made by all the businesses around the table in their business financial decisions - not technological ones, because technology has matured over the last 15 years."