Five essentials for offering financial products

Fundamentally, offering financial services through embedded finance is about giving customers more value, and more reasons to interact with your company. It can also reduce payment fees and headaches for both your customers and the company. There are countless use cases, with benefits for extending loyalty programs, reaching a new, untapped customer segment, and creating more seamless and cost-effective payments.

It’s all possible, but it’s more than just technology. You can’t simply turn on financial services. Providing financial products requires a thoughtful and educated approach. 

At Alviere, our company is built to design, implement, and drive success for our clients’ programs that include financial products. Meeting strategic goals through financial solutions can include cross-border money movement, P2P remittance, loyalty wallets, co-branded debit cards, and any combination of those functions.

Here are the key elements of any financial program.

Trusted

When offering financial services, consumers are becoming more comfortable with the brands they trust. An, when money is involved, it requires a different level of trust. Has the company exhibited a clear and understandable offering? Do I, as a consumer, have a good experience with the company? Are the benefits worth the effort?

Companies trusted with handling consumer funds are those that adhere to applicable regulations, maintain consistent and clear communication, and reflect their customers’ financial wants and needs. Giving customers alternatives for payments, adding powerful incentives to loyalty programs, and streamlining purchasing are natural extensions for a company that has built a legacy of trust.

Compliant

Launching a financial product can seem daunting, but it is approachable when the embedded finance provider is licensed and regulated, with an expert compliance team. At Alviere, we don’t delegate compliance oversight to our clients, or simply provide a regulatory caution checklist. Alviere experts work with our clients throughout the life of the program to ensure regulatory compliance to reduce risk and ensure smooth customer adoption.

We’re thorough in our approach to configuring solutions because we know that the upfront work will pay dividends for compliance certainty and long-term program success.

Integrated

Providing financial products encompasses a broad range of functions, including FX, global payouts, identity verification and KYC, KYB, fraud prevention, deposit and account linking, and payments processing. While it’s possible to identify and contract with each provider for these services, build integrations, and stay up to date with all releases and functionality, it’s better to work with a provider, like Alviere, that has a single integration to access 17+ critical capabilities. This provides implementation assurance and keeps your teams focused on core business priorities. 

Customized

What sets Alviere apart is the expert guidance from our team. There’s no single way for an enterprise to launch new financial products, so there’s a distinct advantage to working with a provider that offers technical, compliance, and go-to-market consultation throughout the program lifecycle. Alviere takes a strategic approach to client partnerships by configuring embedded solutions and focusing on profitable growth throughout the program lifecycle. 

Our Launch Guide: Expert guidance for enterprise embedded finance programs offers insights into the key phases and milestones involved in launching financial services with Alviere.

Final consideration: Look beyond price

With Alviere, every brand can offer financial products. But it’s not a decision to be taken lightly or based on technology or price alone. Cost is a significant factor, but one of many. Will my program be supported? Monitored? Optimized? Will we be able to instill trust in our customers with certainty? Are we engineered for long-term success?

Working with an embedded finance provider that is a licensed, regulated entity providing complete program coverage and a comprehensive technology platform changes the discussion from “can we do this?” to “what do we want to do.” 

For more detail on each of these elements, read the Buyer’s Guide: Key considerations in selecting an embedded finance provider.