Flying high with embedded services
One example of an innovative embedded finance solution that has created an improved customer experience has been developed by Nordea in collaboration with the airline Finnair.
A Consumer Finance API supports the issuance of a Finnair branded credit card that gives Finnair customers the chance to earn extra loyalty points when making purchases with the card. As well as providing the consumer financing, Nordea’s API enables Finnair customers to receive a response to their credit card applications within a couple of seconds. The previous manual and time consuming application process has been fully automated and digitised.
Ulrika says: “The financial services involved with the credit card application are embedded into Finnair’s platform and the process is conducted in real time. Finnair customers get a smooth experience because of the real time connection between Finnair’s systems and Nordea which can enable an immediate response with ‘yes, you get the credit that you applied for and here’s also a card’. By building the financing onto Finnair’s own offering they are able to attract more customers to their service and provide a much more satisfying application process.”
With the development of the Consumer Finance API, Nordea is also able to offer the same technology and capabilities to different types of cases where a consumer is making a purchase from a merchant. The Consumer Finance API can be integrated directly to different checkouts, web shops or other places where there is a need for consumer financing. The aim is to offer embedded financial services that enable the consumer to remain within the same online environment to support a seamless customer experience.