According to recent studies, Italian consumers are highly enthusiastic about using embedded financial services from transport providers. Specifically, 61.8% of respondents expressed willingness to use payment cards (e-money or bank accounts), or credit products. Among millennials in the 25-34 age range, this figure climbs even higher at 68.9%. Spain follows closely behind with 51.3% of its population open to such services.
Germany and France Show Lower Interest
In contrast, Germany and France showed slightly less interest in these products: 36.1% and 33.3%, respectively. Yet, millennials in both countries were still more open to the idea. These findings are based on a comprehensive research report by Solaris, titled “On the move: The embedded finance opportunity in the mobility sector,” supported by Handelsblatt Research Institute and YouGov Deutschland.
Link Between Trust and Adoption
Officials from Solaris noted that there is a strong correlation between consumer trust and willingness to try new financial products. Higher ratings for safety and reliability of transport brands significantly increase the likelihood that consumers will use related financial services.
The report also highlights that Italian and Spanish respondents are more inclined towards credit products, which could partly explain why 33% of Italians and 22% of Spaniards would consider an embedded loan from Volkswagen Financial Service. For German and French respondents, these figures drop to 13% and 11%, respectively.
Moreover, a significant portion of Italian (22%) and Spanish (21%) respondents would use credit cards from Easyjet or payment cards from AirEuropa. Europcar also ranked high in both countries; with 25% of Italians and 21% of Spaniards willing to use a Europcar credit card.
Benefits of Embedded Finance
Solaris emphasized that well-designed embedded finance solutions can strengthen customer relationships, streamline transactions, and generate new revenue streams. However, such offerings must provide added value for customers; otherwise, they are unlikely to accept them. Although this research focused on mainland European markets, it underscores the potential revenue opportunities being missed by UK businesses through the non-utilization of embedded finance.
About Solaris
Solaris is an embedded finance platform that enables businesses to provide innovative financial services to their customers. By utilizing smart APIs, partners can quickly and compliantly integrate financial solutions into their offerings, enhancing customer experiences.
