'Embedded finance" is disrupting the global banking order as non-finance companies are eating into traditional banks' market share. The threat to the traditional finance sector is significant, according to the international consultancy PwC.
Banks and insurance businesses risk losing customers and revenue to more innovative companies -- from airlines to super-apps -- that are embedding financial services and products into the non-financial services they already offer consumers.
To stay relevant, banks must embrace and develop their digital platforms to expand their service offerings. This could help them to maintain their customer base, create new revenue streams and improve customer experience.
