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Byte-sized banking: Can banks create a true ecosystem with embedded finance?

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As payments, technology and e-commerce disruptors compete against banks with embedded finance solutions, banks must harness emerging technologies to create their own digital ecosystems and remain at the center of the banking universe.

  • New technologies will have the biggest impact on banks in the next five years—more than customer demands and evolving regulation.
  • More than 71% of survey respondents see unlocking value from AI as a key differentiator between winners and losers. While 75% expect generative AI to impact banking.
  • Banks see their business model evolving in the next 12-24 months, offering banking-as-a-service to brands and fintechs (20%).
  • However, twice as many (38%) banks foresee acting as a true digital ecosystem themselves.
  • Customer centricity is driving banks to offer more embedded ESG propositions to their customers (73%).
  • With the focus on lowering their carbon footprint, as well as the increasing use of data-intensive AI, banks are inevitably moving to the public cloud—51% of respondents agree that banks will no longer own any private datacenters after moving to the public cloud.

Download the Economist report today to find out more:

70% see unlocking value from AI as a key differentiator between winners and losers

20% see their business model evolving to offering BaaS

38% banks foresee acting as a true digital ecosystem themselves