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- Daily Deposit 3.8.2023
Daily Deposit 3.8.2023
Embedded winning 🥇
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GM. This is the Daily Deposit. The newsletter that helps bankers get better, not worse, everyday
he best part of waking up, is a Daily Deposit in your cup 🎶
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Today in Banking
Federal Reserve will continue to raise interest rates - In J-Pow we trust…
SoFi sues D.C. - SoFi is losing money and wants to know, “Hey gov, what’re you doing about my bottom line?”
Goldman profits fell 66% YoY, worst in a decade
Banking 101
How to win with embedded finance
What is embedded finance?
Embedded finance is the integration of financial services into non-financial products and services. Out-of-the-box example, Vergo, provides financial management of interior design, architecture, and build projects. Interior designers are often paid up front, potentially a large sum, to spend big bucks on furniture and décor. Offering banking products on their platform makes the financial management of these projects way more efficient and easy.
But it doesn't stop here, there's virtually unlimited use cases of niche Fintechs using this strategy. Banks that offer these non-financial companies financial products and services have a chance to prosper. It won't be easy though, and banks can win with embedded finance by adopting these strategies:
1. Collaborate with Fintech Startups: Partnering with fintech startups can help banks access new customers and markets, while also allowing them to offer innovative financial services that meet the changing needs of consumers. This can be done through strategic investments, acquisitions or collaborations.
2. Offer a Wide Range of Services: Banks can offer a wide range of financial services, such as loans, savings accounts, investment opportunities and insurance, through embedded finance. By providing a one-stop-shop for all financial services, banks can increase customer loyalty and retention.
3. Focus on Customer Experience: Banks need to focus on improving the customer experience by making financial services easily accessible and user-friendly. This can be achieved through digital channels, mobile apps, chatbots, and other innovative technologies.
4. Ensure Compliance and Security: Banks need to ensure compliance with regulatory requirements and maintain high levels of security to protect customer data and transactions. This will help build trust and confidence among customers. Don't sleep on the importance of this one. Regulators are postured to bring down the hammer on banks that get this wrong… cough… Blue Ridge Bank… cough…
5. Leverage Data and Analytics: Banks can leverage data and analytics to gain insights into customer behavior and preferences. By using this information, banks can tailor financial services to meet the specific needs of each customer, providing a personalized experience that drives customer loyalty. Insert AI/ML products here, and things can get weird… in the best way.
Overall, banks that adopt embedded finance strategies will be better positioned to win in the rapidly evolving financial services landscape.
LULZ
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1% Better
Create a unique talent stack
Talent stacking involves combining multiple skills and talents to create a unique set of abilities. “I have a very unique set of skills. I will find you. And I will kill you.” -Liam Neeson from Taken
Start with identifying your strengths. What are you a natural at?
Identify your interests. What would you enjoy working on in your free time to better yourself?
Combine and conquer. Look for unique ways to combine your skills and talents. For example, maybe you are a math major, but really enjoy comedy. Is anyone creating content about funny math? No. But you can!
The point is that combining unrelated talents and skills make you one of less. You can uniquely position yourself as the only opera-singing lion tamer. Imagine the possibilities…
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reply with a Cold Stone bowl score… did you:
a) like it
b) love it
c) gotta have it