Today's consumers are comfortable making payments online thanks to advances 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 non-financial services are integrated into digital solutions, expectations for services available through a single app are increasing. Businesses must innovate and prioritize user experience to meet consumer expectations and maintain trust at the same time.
Around a quarter of bank customers worldwide already have a digital-only bank account, and this is expected to reach 70% in the next few years. Businesses offering online payments and membership experiences, such as sports clubs, venues, and mobility apps, can adapt by incorporating embedded financial solutions like Andaria into their services. Andaria allows non-financial institutions to integrate financial services directly into the platform, reducing dependence on third parties. This will revolutionize the way UK and EU businesses operate and engage with their members, unlocking strategic benefits and driving revenue growth.
Source: Andaria
Traditional payment solutions can limit a company's agility and cause it to lose out to competitors offering faster, simpler products. Owning a complete payments ecosystem allows businesses to significantly reduce transaction costs and increase revenue while attracting new customers. Andaria automates tedious processes and reporting so you can focus on delivering a great customer experience.
By integrating Andaria into a company's payments ecosystem or app, customers can create new accounts, generate statements, access personalized products, make purchases in multiple currencies, and use virtual or physical payment cards. It will be possible. Through the Andaria platform, the company accesses features such as account and product management, customer onboarding, and branded card issuance. Further processes and actions will be available through his web client, such as opening and managing accounts, accessing customer statements, and facilitating cross-border payments.
One of the key strategic benefits of Andaria's services is its ability to foster customer loyalty. Through innovative savings schemes such as branded debit cards, multi-currency accounts, and 'save now, buy later' (SNBL), businesses can create lasting relationships with their audiences by incentivizing spending and rewarding loyalty. You can build strong connections. Specifically, SNBL works by allowing users to set aside funds towards specific goals and purchases, regardless of their credit score. This could be a season ticket, a dream product or a club exclusive benefit. SNBL and other incentives drive repeat business and strengthen overall brand affinity and customer engagement. Discounts and savings schemes are especially appreciated by consumers affected by the cost of living crisis. In fact, a KPMG survey found that 58% plan to cut back on “non-essential” spending in 2024.
Andaria's solutions unlock the value of data insights, providing businesses with valuable information about their customer base's spending habits, preferences, and behaviors. Armed with this knowledge, companies can create customized packages to meet customers' specific needs, increasing overall value proposition and satisfaction.
Andaria's closed and open-loop payment accounts facilitate global transactions. Accounts create a shared ecosystem between businesses, suppliers and customers, for example through dedicated multi-currency IBANs and bulk payment processing. The flexibility of these accounts allows companies to tailor financial services to the specific needs of their members.
Andaria offers deep regulatory expertise, global partnerships, and a strong B2B2C focus. Therefore, businesses can take advantage of the solution, knowing that they have a trusted partner who can handle complex financial transactions around the world.
Andaria provides reliable and comprehensive solutions for companies in the sports, membership, and mobility industries. Embedded finance and the streamlined customer experience it provides is transforming from a luxury to a necessity to meet customer expectations. To find out how Andaria can improve your financial ecosystem and unlock new opportunities, contact our team of experts today.
