Embedded Options Handle Heavy Lifting for CX
Summary
They want to be addressing front-end challenges, giving their customers wonderful customer experiences and not worrying about how to accept the latest version of the Google digital wallet, for example.” In fact, he went as far as to say the goal of embedded payments is to “free up ISVs to do what they’re good at, which is providing great customer experiences by taking away their payment problems.” He added, “There are up to 70,000 [ISVs] in the U.S. alone, so even if you don’t consider yourself an ISV, if you take payments, you’re the hero of this story. There really is a requirement to provide a full unified and integrated commerce experience that allows the consumer’s experience to be the same, independent of the channel they come in on.” This is where ISVs excel, and sticking to their expertise while using partners like Worldnet to manage the payments part is where the rubber meets the road on embedded. “If you bring joy to the customers, they’ll return that in the form of repeat business, driving improved profitability,” he said. Noting that the number of consumers and merchants enjoying deep relationships with banks is on the decline, Clarke said that’s really what embedded finance ideally addresses. Financial institutions need to be the black boxes that provide these products through the channels to the touch points that the consumers have chosen to engage with.”
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