Fintech Innovation: Breaking Eggs to Bake Success

Tyler Seydel, chief fintech officer of US community bank, explains how embedded finance innovations will change the experience banking and drive financial inclusion for everyone. 

How are fintechs revolutionising banking?

I see fintechs breaking many eggs to innovate. They're reimagining value propositions and creating exceptional customer experiences. Banking is no longer a chore. Fintechs are developing mobile platforms that generate excitement like a carnival or amusement park.

What's key to fintech success?

Building an experiential platform is crucial. As capabilities consolidate, the customer experience becomes the key differentiator. Fintech partnerships allow us at Sunrise Banks to support this differentiation.

What's embedded finance?

Embedded finance is part of an omnichannel experience. The big wins occur when banks deliver trust, equity, and money movement alongside fintech reach and capability. It creates value within another experience, often fulfilling needs customers didn't realise they had.

How does Sunrise Banks approach innovation?

We focus on being a social engine for good. This guides our innovation and growth with partners. Embedded finance reinforces our commitment to value-based banking, enabling long-term growth while maintaining social responsibility.

What's the impact of embedded finance?

It makes financial products more accessible and convenient. This can bring millions into a more secure, transparent, and ever-present financial landscape. It's about creating value for people and lifting more individuals up.

What's the regulatory outlook?

Regulation will continue as in any innovative industry. Regulators are more actively monitoring bank health. Success hinges on product strategy, informed design, risk mitigation and compliance.

What's next for embedded finance?

Future innovations will come through open banking, generative AI and enhancing omnichannel experiences. Banks' role in facilitating services and money movement will grow and become more fluid.

How might social media impact finance?

The intersection of open banking, embedded finance, and social media platforms is worth watching. With large active user bases, social media platforms could significantly disrupt traditional market players as open banking regulations evolve.

What's your advice for innovation?

Iteration is constant. When you stop iterating, you stop innovating. I spend my days building innovative solutions that create value for people. If you're a fintech wanting to break eggs and bake a cake, give me a call.