Business leaders want more embedded finance schemes, poll shows  

The survey, shared with City A.M. on 9 March, independently polled 753 retail and eCommerce leaders.

It indicated most would back initiatives to integrate financial services in non-financial companies.

The poll was commissioned by banking-as-a-service company Vodeno and was conducted in February 2022 by research agency Censuswide.

It also found that 75% of retailers are offering several incentivisation products like loyalty schemes, cashback, credit cards, buy now pay later (BNPL) schemes and overdrafts. 56% intend to offer more schemes in the future.

British firms offering embedded finance products topped the poll at 82%, eight per cent ahead of the 74% average.

Wojciech Sobieraj, chief executive of Vodeno, said interest in banking-as-a-service was “rising rapidly among non-financial businesses”.

“Smart brands understand the value of embedded banking because they know that creating a better checkout experience will increase conversion and customer engagement,” he continued.