Authored by Kris Hansen, Co-Founder, CTO at Synctera
Exciting times are upon us in Canada’s financial sector.
Canada is ready for financial services innovation in a huge way.
There’s something bigger afoot, though.
The macrotrend that I’m tracking (and you should be, too): the increasingly active involvement of non-banking entities in the banking value chain, marking another milestone in the expansion of embedded finance.
Who’s participating, and why? I’m glad you asked.
Retailers are strategically leveraging their brands to minimize payment friction and reduce costs. Concurrently, manufacturers are adopting innovative ways to streamline their supply chains with the aid of financial products.
The common goal? Gaining a deeper understanding of customer behavior, and accelerating the pace of financial transactions. More seamlessness, less friction, easier experiences.
…..getting a credit card with your morning coffee
…..receiving a loan with your purchase of an Apple Vision Pro
…..arranging a payment plan for your rent deposit
……not offering just financing but financial accounts for suppliers
Banking is rapidly evolving, no longer existing as a distinct suite of standalone products and services. Instead, it has become a companion activity, deeply integrated within our daily transactions and activities.
The transformation has begun – are you (US + Canada) ready to be a part of it?