The partnership means that Railsr’s customers will benefit from Elmore’s fintech insurance products which provide protection against operational risks and support contractual and regulatory requirements. Customers can also benefit from a range of embedded insurance solutions such as personal cyber protection for end users in both fiat and crypto.
With the growth of open banking and embedded finance, a wide range of financial products are being accessed in new ways. While digitalisation is transforming customer journeys and experience across consumer credit, payments, savings, and other financial services, pioneering fintechs like Railsr must ensure they protect their businesses and their customers. Elmore provides this protection and enables innovators to mitigate operational risks.
In a statement, Railsr’s officials stated that with Elmore’s fintech insurance products, they can ensure their customers worldwide are protected. This gives them peace of mind to mitigate operational risks within their business, as well as access to a range of embedded insurance solutions. Together with Elmore, they can continue to deliver deeper financial experiences that drive relationships, relevance, and rewards for their customers.
Brand transformation
Railsbank has recently changed its name to Railsr and launched a rewards offering. The company has built a platform, based on an integrated financial product set, that enables any brand or company to make finance an experience within their existing customer journey. In addition to banking, wallets, credit, cards, and data, Railsr has also launched a rewards offering, which completes its financial product set.
Research commissioned by Railsr has uncovered growing demand for new and improved financial experiences and better rewards from consumers. It found that 39% of consumers are interested in accessing financial services like credit, loans or investments from brands they love and trust; rising to 51% of 18-24-year-olds. At the same time, 41% would be interested in a credit card that offered early access to tickets, exclusive offers, or other high-value rewards from their favourite high-street brand.
Railsr has created a category within the financial services industry: embedded finance experiences. It has developed this to enable its customers to help the financial consumer, to deliver greater inclusion, and freedoms. Railsr is a pioneer of a new way of looking at how financial services can empower and liberate.
It offers a new approach for brands to harness the power of embedded finance through a low cost turnkey platform. It delivers embedded finance into a brand's digital journey, designed as a vertically integrated financial ecosystem, starting at the central bank, or payment scheme (e.g. Visa), and ending with a fully embedded digital experience.
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