Blockchain Press Releases
Cost-of-living pressures drive consumer adoption of embedded banking, fuelling brand loyalty
LONDON, July 17, 2023 /PRNewswire/ — A new independent survey from Vodeno/Aion Bank of 3,007 European consumers based in the UK, Belgium and Germany has found:
- Two in five European consumers will only stay loyal to brands that offer embedded banking products like Buy Now, Pay Later (BNPL)
- 37% are more likely to use BNPL and flexible payment options due to the cost-of-living crisis
- Embedded finance increased customer engagement with brands for over a third (36%), who said they return to that brand’s app or website between three and five times vs once a month
New research from Vodeno/Aion Bank has revealed how embedded banking adoption is significantly boosting brand loyalty for companies, with consumers more likely to use embedded banking products from brands as a result of the cost-of-living crisis.
The European Banking-as-a-Service (BaaS) provider’s study revealed that over a third (37%) are more likely to seek out brands that offer BNPL and flexible payment options due to the high cost of living, with this figure rising to 50% in the 25-34 age range. Competitive prices are cited as the most important factor to 44% of consumers when it comes to their brand loyalty, closely followed by a good selection of products (43%).
The results highlight that the availability of embedded banking products directly in the websites and apps of consumer brands are starting to make an impact on customer loyalty, with two in five (40%) consumers say they will only stay loyal to brands that offer financial benefits like BNPL and cashback, with this figure rising to 50% among 25-34-year-olds. When it comes to engagement with loyalty programmes, just under half (46%) said they are more likely to use a brand’s loyalty card to make purchases if it included BNPL. This figure was highest amongst the youngest consumers surveyed, rising to 53% for those aged 16-24 and higher still (65%) in the 25-34 demographic.
When consumers were asked how often they shop with their favourite brands, 19% of respondents said ‘monthly’ and a further 16% said ‘once every two or three weeks’. However, among those who have used a brand’s embedded banking product, 36% said they return to that brand’s app or website between three and five times a month, with this figure rising to 43% among the 25-34 age group.
Vodeno/Aion’s research highlights the commercial and loyalty benefits of embedded banking, with just under one quarter 23% saying they are more likely to recommend the brand to friends and family, while the same number (23%) said they are more likely to spend money with the brand over competitors.
Kim Van Esbroeck, Country Head for Aion Bank Belgium and Chief Revenue Officer for Vodeno/Aion said: “The benefits of embedded banking cannot be ignored, and our research offers strong evidence that consumers are not only using these products, but it is also positivity influencing their loyalty to BaaS-enabled brands.
Competition for the consumer has never been more fierce, particularly in these difficult financial times, and brands that offer flexible payment and lending options provide more choice, which can boost consumers’ spending power when they need it most. Embedded banking is also making an impact on brand loyalty, with 43% of 25-34 year olds saying they shop more at brands that offer an embedded banking product. We have already seen how BaaS-enabled embedding banking is helping to innovate customer journeys, and it is clear the next area of disruption will be to supercharge brands’ loyalty programmes.”
About Vodeno and Aion Bank
Vodeno combines a fully API-based, cloud-native platform with services based on an ECB banking licence and a team of banking experts via Aion Bank. Together, Vodeno/Aion are uniquely positioned to offer comprehensive embedded financial services for banks, lenders and merchants across multiple sectors. Covering all areas of the banking ecosystem, from ‘smart contract enabled’ core banking to accounts, onboarding, payments, cards, investment and lending solutions, Vodeno/Aion offer the ability to meet the demands of regulation while enabling innovation at speed. Vodeno and Aion Bank are separate companies and backed by global private equity firm Warburg Pincus LLC.
For more information: https://vodeno.com/
About the research
The market research was carried out from 16-22 May 2023 amongst 3,007 consumers in Europe by independent market research agency Censuswide. Censuswide is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage.
For more information, please contact Sian Bradshaw: [email protected].uk
Contact: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cost-of-living-pressures-drive-consumer-adoption-of-embedded-banking-fuelling-brand-loyalty-301876948.html
A Finiko executive has been sentenced to three years in prison by a Russian court for her involvement in what is described as the largest crypto scam in the post-Soviet era.
According to Izvestia, Liliya Nurieva, the former head of networks at Finiko, received a four and a half year sentence from a court in Vakhitovsky, Kazan on May 17. However, the court stated that it would take into account the time she had already spent in pre-trial detention as “time served.”
Despite prosecutors’ requests for a six and a half year sentence, the judge rejected them. Nurieva, who had faced a possible 10-year imprisonment, reached a “pre-trial agreement” with prosecutors.
Nurieva’s defense attorney announced her intention to appeal the verdict. She was convicted of fraud and organized crime-related charges.
Finiko, initially presented as a crypto “investment fund” in 2018, allegedly defrauded citizens of around $1.1 billion, according to the country’s Central Bank. Much of this sum remains unrecovered.
The unraveling of the project began in 2021, leading to the flight of many Finiko figures abroad. After an international manhunt, Interpol detained co-founder Edvard Sabirov in the UAE in late 2022, while co-founder Kirill Doronin was arrested in mid-2021.
However, Nurieva is the first Finiko executive to be convicted and sentenced.
Finiko promised investors an “automated profit-generating system” with returns of “up to 30%” on investments of $1,000 or more. It also offered various lending and financial services with lucrative terms.
The company allegedly employed Ponzi scheme tactics, using funds from new investors to pay off older ones. By mid-2021, its platforms became unstable, with customers reporting delayed payments. In June of that year, payments ceased entirely, the value of its cryptocurrency plummeted, and Finiko offices nationwide abruptly closed.
During its peak, Finiko enjoyed popularity on social media, and initial estimates suggested nearly 10,000 individuals invested in its platforms.
Nurieva’s defense argued that she was unaware of Finiko’s fraudulent nature upon joining and had invested her own money in the company. It wasn’t until later interactions with senior executives that she realized the scheme’s illegitimacy.
Some Finiko investors attended the trial, with one, Lyudmila Yamshchikova from Kazan, expressing disappointment over halted payments, which she had relied on for mortgage payments and other financial obligations.
Source: cryptonews.com
The post Russian Court Jails Finiko Crypto Scam Exec for Three Years appeared first on HIPTHER Alerts.
Hong Kong’s launch of its first Bitcoin and Ether ETFs in late April aimed to capture part of the $55 billion US market. However, the ETFs have experienced investor outflows, perplexing analysts. Experts attribute this to concerns over China’s strict crypto stance and high management fees compared to US products.
Despite initial setbacks, some analysts remain optimistic. Bloomberg’s Rebecca Sin notes that total assets under management (AUM) exceed $250 million, indicating potential growth to $1 billion within two years. Hong Kong’s crypto journey is still unfolding, facing challenges from regulatory uncertainties and regional competitors like Singapore and Dubai.
On the Flipside
High Management Fees: Hong Kong’s ETFs have higher fees than similar US products, potentially deterring investors.
Regulatory Uncertainty: The evolving regulatory landscape in Hong Kong may create hesitancy among investors.
Institutional Adoption: Established financial institutions in Hong Kong may be slow to embrace crypto, limiting market growth.
Source: dailycoin.com
The post Hong Kong’s Crypto Ambitions Hit Snag: Can ETFs Steer the Ship? appeared first on HIPTHER Alerts.
In a bid to offer its users more opportunities in the Decentralized Finance (DeFi) space, Binance Web3 Wallet has introduced two new ways to earn: ‘Yield Plus’ and ‘Simple Yield’. These new features will be accessible right within the Binance Web3 Wallet Earn section.
About Yield Plus Zone
The Yield Plus Zone is a unique feature designed to showcase projects with potential airdrops or additional yield opportunities. This feature will give users easy access to projects that offer multiple levels of rewards. The initial projects that will be included are Eigenpie, Kamino Finance, Lista Dao, Marinade, Ondo Finance, Renzo, StakeStone, and SolBlaze. Binance Web3 Wallet plans to announce exclusive campaigns in future updates through the Binance Web3 X account.
About Simple Yield Zone
The Simple Yield Zone allows users to earn an Annual Percentage Rate (APR) with stablecoins and other tokens by providing liquidity to lending protocols. When providing liquidity, users may receive both the Supply APR and Distribution APR, depending on the protocol chosen.
More on Binance Web3 Wallet
Developed with a commitment to innovation, security, and seamless user experience, the Binance Web3 Wallet is a secure, self-custodial crypto wallet integrated within the Binance App. It serves as a bridge between the Exchange and Web3, enabling users to interact with multiple blockchains, trade thousands of tokens, earn yield, and explore a selection of the best decentralized applications (dApps) all in one wallet.
Source: blockchain.news
The post Binance Web3 Wallet Introduces Yield Plus and Simple Yield appeared first on HIPTHER Alerts.
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