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by James Robert Lay on March 7, 2023
Brief Summary of Episode #277
Embedded fintech and embedded payments are transforming the banking world, but the technology still has folks in traditional finance scratching their heads.
That means they’re leaving a lot of money on the table.
Joe Keeley, CEO and Co-founder at Justifi, says these leaders need to change their perspective on fintech, but first, they have to understand it.
“If you don’t know where you want to be and what’s possible, it’s pretty hard to build a plan to get there,” Joe said.
Traditional institutions have to shift their mindset and go all in if they want to harness the full potential of embedded finance.
“A lot of times, companies have a high level of aspiration, but they’re doing this off the side of their desk,” Joe argued. “So they have the head of product and engineering, and then they involve their finance team. That is not a fintech team.”
And for those wondering if they’re too late to the party, remember that the best time to plant a tree is always today.
“Just commit and get started on it,” Joe said. “It doesn’t have to disrupt the whole business.”
By stepping back and gaining perspective, you’ll be able to see past the roadblocks and find exciting opportunities in embedded finance.
Key Insights and Takeaways
- The need for a widespread mindset shift toward fintech (4:34)
- Inefficient data collection processes in traditional banks (10:22)
- Optimizing payment platforms and expanding services (17:14)