Consumers Interested in Embedded Finance Offerings

Embedded financial solutions — which offer accelerated wage access — have piqued consumers’ interest, according to a survey from Marqueta.

Marqueta, a global card issuing platform, found one in five (21%) US consumers would give up a full week of paid time off in exchange for daily access to their wages, as they believe it would help them keep up with rising interest rates and inflation.

The survey also found customer experience remains key for users. When purchasing from a brand, 85% stated that the checkout or payment experience is more important than a company’s corporate values or social positions.

Rachel Huber, Marqeta's market intelligence lead, said: “Today, there is no room for anything less than a stellar customer experience. Our report shows the opportunity for companies to think about how they can boost customer loyalty and offer embedded finance solutions that elevate their customer experiences and promote financial empowerment.”

Despite financial analysts downgrading the likelihood of a recession to 20% in the next year, 86% of consumers surveyed reported being concerned about an impending recession and the majority (67%) are changing their financial habits in order to cut spending.

The survey also revealed disparities in the attitudes of US customers compared to those in the UK, after surveying 3,000 customers across both countries.

US consumers reported being more open to generative AI tools than UK consumers, with 40% agreeing that they’re open, compared to 29% in the UK. 

Younger customers were also more likely to be open to using AI, with over 50% of the individuals under 50 interested in using AI to help with financial planning, including budgeting, investing and increasing savings.