Almost three in four businesses are planning to launch embedded finance solutions as companies globally continue to adapt to consumer behaviour changes.
That is according to a newly-published report by OpenPayd which suggests adoption rates of the financial solution are set to surge. The ‘Embedded finance in 2023’ whitepaper delves into how the sector is evolving revealing that only 9% of businesses currently have an embedded finance offering.
Yet, of those, 57% have upgraded their existing offering in the last two years, while 29% are looking to expand their offering, despite the economic downturn. This infers a high level of general satisfaction among bsuinesses that have already adopted the solution.
The report adds that 15% of respondents are already in the process of implementing an embedded finance offering while the key leaders in embedded finance are most likely to be in Payroll, B2B Fintech and SaaS.
It also divides respondents into three main categories. First, there those who have already launched embedded finance offerings to their users, or are currently in the process of launching, which makes up about a quarter of all respondents. Next, there are companies who have definitive plans for launching embedded finance services but are yet to formally do so.
Finally, there is the largest group, approximately 50% of respondents, who have not yet launched embedded finance offerings, and have as yet no concrete plans to do so, even though they may well be considering it.