Giving fans the experience they deserve: Embedded finance from Andaria

Today’s consumers are comfortable making online payments, thanks to advancements in technology and increased trust in secure payment systems. With the convenience of online shopping and digital transactions, people have embraced the ease of completing purchases with just a few clicks or taps. Indeed, as more financial and nonfinancial services are embedded into digital solutions, expectations have become higher for services available through a single app. Businesses must innovate and prioritise user experience to meet  consumer expectations and maintain trust at the same time.

Around a quarter of banking customers worldwide already have a digital-only bank account, and this is forecast to reach 70 per cent in the next few years. Businesses that offer online payments and member experiences, like sports clubs, venues and mobility apps, can adapt by incorporating embedded finance solutions like Andaria into their offerings. Andaria allows non-financial entities to integrate financial services directly into their platforms, therefore reducing third-party dependencies. It revolutionises how businesses in the UK and EU operate and engage with their members, unlocking strategic benefits and driving revenue growth.

Legacy payment solutions can limit a business’s ability to be agile, losing out to competitors who offer faster, simpler products. By owning the full payments ecosystem, businesses can considerably reduce transaction costs, improving the bottom line while attracting new customers. Andaria automates tedious processes and reporting, allowing users to focus on delivering exceptional customer experiences.

With Andaria integrated into a company’s payment ecosystem or app, customers can create new accounts, generate statements, access personalised products, make purchases in multiple currencies, and use virtual or physical payment cards. The business accesses functions through the Andaria platform, including account and product management, customer onboarding and issuing branded cards. Further processes and actions are available through the web client, like opening and managing accounts, accessing customer statements and facilitating cross-border payments.

One of the key strategic benefits of Andaria’s offering lies in its ability to foster customer loyalty. Through branded debit cards, multi-currency accounts and innovative savings schemes like ‘Save Now, Buy Later’ (SNBL), companies can incentivise spending and reward loyalty to build lasting connections with their audience. SNBL, specifically, works by allowing users to set aside funds towards a specific goal or purchase, regardless of their credit score. This could be a season ticket, dream merchandise or an exclusive club benefit. SNBL and other incentives drive repeat business and strengthen overall brand affinity and customer engagement. Discounts and savings schemes are particularly valued by consumers impacted by the cost-of-living crisis. In fact, a study by KPMG found that 58 per cent are planning to cut down on ‘non-essential’ spending in 2024.

Andaria’s solution unlocks the value of data insights, providing businesses with valuable information about their customer base’s spending habits, preferences and behaviours. Armed with this knowledge, companies can create customised packages tailored to the specific needs of their customers, enhancing the overall value proposition and satisfaction.

Andaria’s closed and open-loop payment accounts facilitate global transactions. Accounts create a shared ecosystem between companies, suppliers and customers through, for example, dedicated multi-currency IBANs and bulk payment processing. The flexibility of these accounts allows businesses to tailor financial services to meet the specific needs of their members.

Andaria brings to the table a wealth of regulatory expertise, global partnerships and a strong B2B2C focus. Businesses can, therefore, tap into the solution’s benefits, knowing they have a trusted partner to navigate the complexities of financial transactions globally.

Andaria provides a reliable and comprehensive solution for businesses in the sports, memberships and mobility industries. Embedded finance, and the streamlined customer experience it provides, is changing from a luxury to a necessity for meeting customer expectations. To discover how Andaria can improve your financial ecosystem and unlock new opportunities, contact the expert team today.