Anyone watching Fintech over the last decade has recognized an increasing shift of power from product manufacturers to the platforms where those products are sold. In the case of Amazon, Google, and Facebook — finance is just a feature among thousands of others. I’ve made this point since 2017, when Amazon launched lending into its platform. Brett King has been a bit more generous in the categorization, calling the shift “embedded banking”. This means that banking products are built into you life’s journey, not accessed in a separate customer center location. The financial API trend is a tangible symptom of this vector.
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