136 I NT E R V I EW Bringing tech expertise to banking Adyen’s new embedded financial products enable platforms and marketplaces to create tailored financial experiences, unlock new revenue streams, and increase user loyalty BY E L LY YAT E S - ROB E R T S “ There are more platforms, there are more SMBs on those platforms, and there’s an increasing appetite to bank in more innovative ways” When financial technology platform Adyen was founded in 2006, its goal was to improve the payments experience by building the entire payments flow onto one platform. “The idea of ‘one platform’ is now an industry buzzword in business technology,” explains Hemmo Bosscher, vice president of platforms and financial services at Adyen. “For us, it basically means that we take on the payment on one side, and hand it off on the other, and there’s no trail in between.” Since Adyen’s foundation in high-end enterprise payments, things have changed. “Shoppers’ expectations have changed quite significantly in the last decade,” says Bosscher. “When mobile phones became more integral to our daily lives about 15 years ago, I know that I expected very little from online interfaces. It was normal for them to be clunky and slow but if that happens now, I am very put off from ever returning to the website or application.” This evolution has unfolded in stores too. Not that long ago, it was nigh impossible for a customer to return items purchased online, in stores. Today, the majority of consumers expect it. “Luxury brands like Gucci or Prada were the first to offer these services to enhance the customer experience,” says Bosscher. “But quickly, these became business-critical in the mass market. It’s now what shoppers have come to expect.” This is how retail and financial services organisations have been able to deliver unified commerce and omnichannel offerings.” The oft-ignored back-end technologies used by businesses are critical to meeting customer expectations. “This can be seen with the success of the likes of Microsoft Dynamics 365, Toast or Lightspeed – and even platform businesses like eBay,” says Bosscher. He believes that these platform services have also democratised access to premium payments journeys: “Small boutiques are now able to offer a similarly personalised and seamless experience as Gucci.” The Covid-19 pandemic brought a further shift in the market. Not only were retailers and other brands forced to meet customer expectations in new and more innovative ways, but it has also driven an increase in entrepreneurs and small-business owners setting up shop. This reality is paired with the fact that these businesses are increasingly being run through platforms, which is a key reason why
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