HAMPSHIRE, UK AND SALT LAKE CITY–(BUSINESS WIRE)–New research conducted by Juniper Research in collaboration with Galileo Financial Technologies, a leading fintech company independently owned and operated by SoFi Technologies, Inc. (NASDAQ: SOFI), reveals that most U.S. B2B companies are not only familiar with integrated finance, but offer already an integrated financing solution. Today, the top three critical business problems solved by integrated finance are: customer retention, cash flow management, and revenue growth.
The research, published as Galileo Integrated Financial Report, highlights the inherent need for American businesses to offer integrated financing solutions to better enable payments, payroll, credit and lending, insurance, banking and other financial services in the B2B industry. Of the 63% of businesses using integrated finance today, the majority (78%) work with two or more vendors to enable their solution, with fintech being the primary preferred vendor.
“The dramatic increase in consumer and business adoption of digital payments has enabled individuals and businesses to do more with technology than ever before, paving the way for tremendous growth for integrated financial services,” said Seth McGuire, CRO of Galileo Financial Technologies. . “The market has moved at lightning speed and this new research confirms that forward-thinking B2B leaders are embracing integrated financing solutions as a key part of their growth strategies.”
The survey of 450 C-level executives at B2B companies across the United States asked business leaders about their attitude towards integrated finance, the types of financial services they offer currently or wish to propose, on the number of suppliers they use, who they prefer as an integrated finance partner. and what value integrated financing solutions bring to their customers. Key findings include:
85% of B2B companies are familiar with the concept of integrated finance
65% of those who do not currently offer an integrated financing solution now plan to offer one
68% would prefer to offer integrated financial services from a non-bank provider
Payments, employee/employer services, and credit and lending solutions are the top three use cases in the market today
“Customer retention, a major issue for businesses, can be dramatically improved with integrated financial tools. This is a critical differentiator that companies need to leverage or they will be left behind,” said Nick Maynard, study author and head of research at Juniper Research. “As the demand for digital services continues to grow rapidly, there are significant market opportunities for companies entering the market in efficient and scalable ways.”
The Galileo Integrated Financial Report also explores why companies are turning to embedded finance, new use cases for B2B embedded finance in the US, and how the B2B embedded finance market is catching up with B2C offerings. Use cases include offering third party payment options such as fixed rate installment loans or Buy Now, Pay Later (BNPL) options.
To learn more, Nick Maynard, Head of Research at Juniper Payments, will host a webinar around the survey results on Tuesday, October 4, 2022 at 11:00 a.m. MT / 1:00 p.m. ET. Register here to learn more.
About Galileo Financial Technologies
Galileo is a leading financial technology company whose platform, open API technology and proven expertise enable fintechs, emerging and established brands to create differentiated financial solutions that push financial boundaries. Galileo takes the complexity out of payments and financial services innovation by providing flexible, open API building blocks and a secure, scalable, and scalable platform. Trusted by digital banking heavyweights, early-stage innovators and enterprise customers, Galileo supports physical and virtual payment card issuance, mobile push provisioning and more, across all industries and geographical areas. Based in Salt Lake City, Galileo has offices in Mexico City, New York, San Francisco and Seattle.
About Juniper Research
Juniper Research provides research and analytical services to the global high-tech communications industry; providing advice, analyst reports and industry commentary.