SEB Embedded enables companies to monetise financial services under their own brand without becoming a bank. The concept was born out of SEB’s innovation studio, SEBx. Automated data collection through Roaring ensures regulatory compliance and enables a fast onboarding process.

As part of the SEB Group, SEBx is a strategic initiative to redefine what banking can be by exploring new technology and new customer offerings. With SEB Embedded, they are among the first established banks to launch within the Banking-as-a-Service (BaaS) space.

Leveraging experience and new partnerships

SEB Embedded enables companies to integrate financial services into their own operations and user journeys in order to create an excellent customer experience and exciting business opportunities. They can do this by combining the flexibility and legacy-free infrastructure of a start-up fintech company with the experience and expertise of an established player.

“Banking-as-a-service is a fascinating area that is developing very rapidly right now. For us, it is about leveraging our strengths as a full-service bank and building new technology around that,” says Christoffer Malmer, Head of SEB Embedded.

“But it is also about finding the right partners who can help build strong products and services. Our experience is that Roaring is a good partner when it comes to data collection and real-time subscriptions.”

Customer data in real time provided by Roaring

Automated collection and verification of customer data helps meet regulatory compliance requirements and create a strong user journey through fast onboarding.

“We wanted to take a completely new approach to customer onboarding in the banking sector by making use of new technology and new partners,” explains Emelie Magnusson, CPO & Deputy Head of SEB Embedded.

There are several advantages to automating data collection and verification.

“By collecting and paying only for the data we actually use, instead of buying bulk data, we can reduce both costs and data handling,” continues Emelie Magnusson.

SEB Embedded also uses Roaring’s monitoring services to ensure compliance over time.

“The monitoring services are excellent. They not only ensure that we always have accurate and up-to-date data, but also help us work proactively with customers, confirm any changes immediately and help customers avoid fraud or irregularities affecting their business,” says Emelie Magnusson.

SEB Embedded enables companies to integrate and monetise financial services under their own brand without becoming a bank. The concept was born out of SEB’s innovation studio, SEBx.

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