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The Rise of Embedded Finance: Why SMBs are Turning Away from Traditional Banks

Small businesses (SMBs) are increasingly turning away from traditional banks in favor of embedded finance. Embedded finance is the integration of financial services into non-financial products and services. This allows SMBs to access financial services without having to go through a bank.

There are a number of reasons why SMBs are turning away from traditional banks.

First, traditional banks are often seen as slow and bureaucratic. SMBs need access to capital quickly and easily, and traditional banks often cannot provide this.

Second, traditional banks often have high fees. SMBs are often charged high fees for services such as loans, credit cards, and checking accounts. Embedded finance providers often offer these services at a lower cost.

Third, traditional banks are often not able to meet the needs of SMBs. SMBs often have unique financial needs that traditional banks are not able to meet. Embedded finance providers can tailor their services to the specific needs of SMBs.

The rise of embedded finance is a major trend that is changing the way that SMBs access financial services. Embedded finance is more convenient, more affordable, and more tailored to the needs of SMBs than traditional banking. As a result, it is likely that even more SMBs will turn away from traditional banks in favor of embedded finance in the years to come.

If you are an SMB, you should consider using embedded finance to access financial services. Embedded finance can save you time, money, and hassle. To learn more about embedded finance and how it can benefit your business, call Fundingo toll-free at (877) 227-7271 or visit Fundingo.com.