Wells Fargo: Enabling Partners to Offer Financial Products

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9 March 2021

Winner of Celent Model Bank 2021 Award for Embedded Finance


Modern banking is increasingly open and delivered through financial services embedded in various customer journeys where those services are required. Customers discover their need for financial services, such as payment or financing options, in the context of other experiences, such as shopping or booking a service. The embedded finance business model enabled by Banking-as-a-Service (BaaS) offerings is a big opportunity for many brands, regardless of industry, as well as their banking partners.

Wells Fargo is capitalizing on the embedded finance opportunity by building an SDK and a set of APIs to enable partners to embed the credit card application in their transaction flow. The co-brand credit card SDK makes it easy for merchant partners to integrate and offer credit seamlessly in their digital experience at the point of need, for example, during shopping cart check-out.

We believe this is an innovative approach demonstrating how to make it easy for partners to integrate financial products in their context. It’s a win-win-win solution for all parties: customers are given an option to apply for and start using credit easily when they need it; merchant partners can look to increase their sales and reduce cart abandonment; and the bank acquires a new customer.

In the coming years, we expect to see many more examples of banks seeking to embed financial services into the experiences offered by partners. As one of the pioneers in this field, Wells Fargo is a deserving winner of the Celent Model Bank 2021 award for Embedded Finance.

Click on the video link below to listen to a conversation between Imran Haider, EVP of Open Banking at Wells Fargo, and Zil Bareisis, Celent's Head of Retail Banking, and download the PDF of a detailed case study.