Global digital transformation was catalyzed by the COVID-19 pandemic, with almost every industry tasked with catching up to rising innovations to stay competitive and advance game-changing initiatives. In a recent interview with Fintech Magazine, Mariquit Corcoran, Group Chief Innovation Officer of Barclays, outlined how the financial institution is leading the charge for embedded finance in the future of fintech. Embedded finance refers to the integration of application programming interface (API), driven banking or payments software within other commercial services, such as retail or social media. The goal of such embedded technology is to make customer experiences seamless by incorporating fintech within platforms like ride-sharing apps, e-commerce hubs, and other non-finance-based services.
Embedded finance, according to Corcoran, is capable of impacting industries with unaddressed fintech needs, like agriculture and live music, innovating solutions that allow businesses to focus on their specialties while trusting their financial services to a reliable third-party vendor. As long as financial service institutions can collaborate with fintech developers to pursue innovative embedded finance solutions, the market could see major growth in the next five years, according to Forbes. Barclays established Rise in 2015 as a collaborative community of global innovators in fintech and financial services to guide startups and growing enterprises toward creating the future of fintech.