The Future of Financial Innovation is Embedded

Yan Wu
Date Published
December 13, 2020
Read Time

The Future of Financial Innovation is Embedded

We're incredibly excited and humbled to announce that Bond has been selected by Tearsheet as the "Best New Embedded Platform".

Congrats, but what does that actually mean?

For the average customer, the term "embedded finance" might not ring a bell. That's almost by design. Embedded experiences are so seamless, so effortless, and so well-engineered that they function as a kind of invisible art. When they're woven into the services we use everyday, the apps we swipe through every few minutes, and the business we rely on — customers and companies both win.

Right now, the power to build new embedded financial products for industries from retail, to media, to social networking, rests in the hands of a few. That lack of access stifles innovation that could push entire industries forward, while limiting those companies' ability to deliver on their customer's preferences.

We can see how limits on financial innovation impact common experiences today. Let’s say you’re a barbershop owner managing all of your company's expenses through small business payroll software. When you're running payroll for all your barbers, that software seems miles away from your barber's bank accounts. Your barbers have to either wait on a direct deposit, or hope their check arrives on time. Those are the limits we've grown to accept. But, what if those barbers could get paid immediately and have their wages automatically loaded onto a debit card in their pocket, as opposed to searching for a check in their mailbox? With embedded finance and the right fintech platform, that's possible.

Bond's mission is to democratize the ability for brands to embed incredibly intuitive financial product experiences throughout their products. Bond's enterprise grade developer platform allows developers to access best in class bank partners and technology vendors, removing the barriers that typically prevent companies from delivering better embedded financial experiences. With our team of financial industry experts, world class engineers, and seasoned leadership team, we've designed a secure, seamless, and compliant platform for both banks and brands to build on.

The key to unlocking the next level of innovation is to ensure brands and banks are able to focus on what they are world class at. Brands know their customers inside and out. Banks know every granular detail of the financial industry. Bond ensures they can focus on what they're best at as opposed to spending inordinate amounts of time wrestling with regulation and compliance requirements themselves.

The average brand trying to take a new embedded financial product to market will spend 18 to 24 months on arduous tasks. After addressing compliance requirements with their partner bank, vetting dozens of financial vendors, and piecemealing together many disparate systems, that brand may have missed their window in the market. Even after that product is live, it might be a burden to implement changes or integrate backend systems because that brand had no choice but to use legacy technology.

Bond thinks there's a better way.

Bond helps brands get to market faster through our universal API platform with pre-integrated technology providers and banking partners. Now, instead of starting from scratch, brands can stand on the shoulders of Bond and deliver the financial products their company and their customers have dreamed of. Developers can get up and running quickly, coding in the languages they prefer and leveraging purpose-built tools like Bond OS, Bond Studio, and Bond Comply. Our suite of products offer everything needed to embed financial products, from APIs and SDKs to embed finance into existing experiences, to ensuring programs are compliant using machine learning.

The future of financial innovation lies in embedded finance, in perfecting that invisible art of customer experience. When we have the tools to anticipate and deliver on customer needs before our customers even realize we've done so, we raise the bar across industries precisely because fintech is tied to nearly every industry. Bond looks to be a force multiplier that can help banks and brands usher in a new era of embedded financial products and delight their customers, one experience at a time.