Tearsheet held its second annual Acquire Conference on February 22nd, a day-long all-digital event featuring some of the financial services industry’s most prominent figures.
As its name implies, the conference is focused on customer acquisition in the space and how increasing competition and emerging technology have changed the playing field. The series of one-on-one interviews was conducted by Tearsheet Editor-in-Chief Zack Miller.
Even CEO Phill Rosen joined Miller for a discussion titled “How Embedded Finance is the Future of Customer Acquisition.” The insightful convo delved into how traditional distribution tactics and channels aren’t cutting it in today’s personal finance market, and the solutions available through embedded finance.
“We know the big problem is that cost of acquisition is going through the roof… it’s becoming impossibly expensive to acquire customers,” said Rosen. “The problem is confounded with anything like credit and even insurance right now. Unlike selling shoes, when you’re selling a credit product, 70% of your consumers aren’t going to be able to buy it.”
To that point, Rosen went on to discuss the role of Even in optimizing customer acquisition through APIs that enable embedded finance marketplaces featuring financial products from a network of third parties, providing better optionality and approval rates than merely one first-party provider. By using powerful data to better match consumers with products, Even’s embedded finance solutions have the effect of creating more valuable customers and at a lower cost.
The two went on to discuss the state of prevailing marketing strategies in the personal finance space, and how aggregated data sets are inefficiently targeting consumers with offers that are not personalized or solving specific problems.
“The Even API ultimately isn’t there to deliver advertising to the consumer, we’re there to deliver a solution,” said Rosen. “It’s about presenting a product to the consumer that is highly personalized to meet the actual problem they have in that moment, wherever they are, when they need it most.”
Miller and Rosen also discussed the recently completed acquisition of Even by MoneyLion, and how it will allow the companies to synergize their technology and products to deliver a greater end result for consumers.
“We’re going to be doing much of what we did before, just better and faster,” said Rosen.
To watch the whole interview, click here.
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