Powens Newsletter - July 2024
This July, we’re turning up the heat with not one but six exciting product updates, more on our leadership spotlight series, the hottest industry trends, and our most-read resource from the blog. Keep reading as we continue to lead the way in Open Finance and Embedded Banking!
Get ready! We have a host of new summer product updates designed to enhance financial aggregation and improve B2B services:
🆕 Updates to Bank Advanced: LCR connectivity
Last winter, we released Bank Advanced. Now, it’s even better! With added LCR (exchange statements) connectivity, our business software customers can retrieve users' transaction attachments and invoices from neobanks and PSPs, taking bank reconciliation to the next level.
🆕 Wealth enters the B2B space
Previously only for B2C platforms, our Wealth product is now available for ERPs and accounting software companies. Wealth Pro lets SMEs connect their savings and loans to business management software banks, optimizing cash management and accounting.
🆕 Joint account readings via Account Check
Did you know Powens is the only provider in French markets offering identity check solutions for co-jointed accounts? This new update enables all account parties to authorize account readings and information retrieval, as well as frictionless onboarding and verification for lenders in use cases like BNPL.
🆕 New status page in the Powens console
This new feature is a game-changer, allowing you to monitor the success rate of each connector and empowering support teams to streamline communications and resolve issues faster.
❗️Stay tuned for more updates coming very soon, such as the ability to view the success rate of specific accounts and tier organization for easier performance review.
🆕 QR code payments for desktop users
We took on your feedback and are excited to share that our Webview feature now supports QR code payments for desktops, enhancing user experience with biometric verification and simplified payment processes.
Explore all the updates and how they can benefit your business over on the blog.
Spotlight: The Leadership Behind Powens Group
In part two of our new series spotlighting the great minds of the Powens leadership team, we feature Benoit Fillon , our Group CTO.
What’s the most valuable lesson you have learned in your career so far?
“Hard work pays off, but not only 🙂 Teamwork, teamwork, teamwork”
How are you currently training yourself and your team?
“Reading and newsletters such as TLDR.”
Recommended by LinkedIn
Outside work, how do you stay busy?
“Sports, NGOs, and family.”
Share a quote, book or podcast you really like
“For business, The Goal: A Process of Ongoing Improvement" by Eliyahu M. Goldratt and Jeff Cox.”
Industry insights
Report: The rise of Embedded Finance
Europe’s embedded finance market is experiencing rapid growth, driven by increasing consumer demand and technological advancements. Banks, merchants, and customer platforms must engage with this trend to remain competitive and capitalize on new opportunities.
According to a recent McKinsey report, Europe's Embedded Finance market could surpass €100B by 2030, accounting for 10-15% of banking revenues. Another interesting insights are:
👉 70% of consumers are willing to pay more for integrated financial services that provide a seamless experience.
👉 Advances in APIs and electronic identification have reduced integration costs by up to 80%.
👉 Companies integrating embedded finance see a 5-20% increase in conversion rates and a 10-30% increase in average basket sizes.
Summer readings
Guide to Open Banking, Open Finance, BaaS, & Embedded Finance
Our most viewed article this month delves into the differences (and synergies) between. Open Banking Open Finance, Embedded Finance and Banking as a Service (BaaS). Check out this complete guide to learn how these models can optimize financial services, drive innovation, and enhance customer experiences.
You’ll also be able to find out which model best suits your business needs.
Let's connect
At Powens, we’re not just about innovation; we’re about elevating your entire financial ecosystem. Talk to one of our experts and let’s tailor a solution that propels your business forward.
Stay tuned for more updates and insights, and don't forget to follow us and subscribe for the latest developments in the Open Finance and Embedded Banking industry.