The Popular Shift Towards Savings Accounts Marketplaces
- George Toumbev, Chief Commercial Officer at NatWest Boxed
- 29.11.2024 11:30 am #SavingsAccounts #Marketplaces
In 2025, we’ll no doubt see a popular shift towards savings accounts marketplaces. As individuals seek better ways to plan for retirement and build their savings, the convenience of keeping their money within one ecosystem is becoming difficult to ignore.
Some insurers have already responded to this demand by offering savings accounts to help individuals manage their finances easily, in one place. Once in the marketplace, customers can access a range of savings products without having to re-register multiple times with different providers.
The proliferation of embedded finance means we can expect to see insurers building on these marketplaces in the year ahead. Complementary and longer-term savings vehicles such as Lifetime ISA accounts, Fixed Term Savings and pensions will be incorporated to offer value-adding services for clients.
Brands that have built trust with their customers will look to solidify these relationships by offering a convenient entry-point for various needs. To maintain this trust, these insurers will be looking to work more closely with embedded finance providers that have their own banking licence and compliance experience.’
