A new Decta study highlights the importance of integrated finance functions in today’s fintech world. At a time when online shopping and digital payments are becoming more prevalent, the study points to some key factors for a seamless customer experience.
Integrated finance is a new type of software distribution that works with financial infrastructure providers to embed financial services into existing product ecosystems. The most common integrated finance offerings include banking, loans, insurance, payments, and brand name credit cards.
According to the study, fast payments and the availability of a certain payment option are the most crucial elements for a successful online shopping experience. The lack of a preferred payment option or friction during the checkout process are the main reasons for a bad shopping experience, and almost 49% of those surveyed say they would probably stop buying if they encountered these problems.
Personalized offers have become one of the key features of integrated finance, which are valued and can be improved by targeting different demographics. For example, 54% of Americans preferred built-in add-ons like financing and insurance. Gen X participants were more satisfied with personalized offers, while Gen Z and Baby Boomers rated the offers they received lower.
Loyalty rewards, seamless checkouts, and same-page payments were other preferred built-in features that garnered approval from respondents.
As cryptocurrency companies slowly try to integrate financial functions, be they credit cards or loans based on crypto assets, the study offers information on targeting and customer acquisition. Cryptocurrency companies have been exploring loyalty rewards and helping mainstream businesses to incorporate these integrated financial services using Blockchain technology.
The cryptocurrency ecosystem experienced an influx of institutional investment during the last bull market. Some of the largest Fortune 500 companies and traditional hedge funds jumped on the cryptocurrency bandwagon, giving a glimpse of the mass adoption of cryptocurrencies.
However, there is still a long way to go, with the main goal of making cryptocurrency an everyday driver for retail users. The study around integrated finance could help cryptocurrency companies take a cue from the mainstream and implement it with cryptocurrency-linked products to offer a better customer experience.
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