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Unlocking Profit Potential: The Impact of Embedded Finance on ERP and Payroll Systems

Recent research from OC&C Strategy Consultants indicates that SaaS providers in the ERP and payroll sectors could experience a substantial EBITDA uplift of 20-30% over the next two to three years by integrating embedded finance products. This development represents a significant opportunity for these platforms to enhance profitability and deliver more comprehensive services.

Revolutionizing Financial Integration

Embedded finance, the integration of financial products into non-financial platforms, is transforming how ERP and payroll systems operate. The embedded finance value chain typically involves three key players: end customers (such as SMEs), non-financial software platforms (like ERP providers), and financial services enablers. A notable shift is occurring within this landscape as financial services enablers move toward acquiring full banking licenses and banks launch Banking as a Service (BaaS) platforms, making it easier for SaaS providers to incorporate financial solutions without building in-house fintech capabilities.

SaaS Providers: Seize the Opportunity

For SaaS providers, the process of offering embedded finance products is becoming more accessible, thanks to next-generation financial services enablers that simplify the delivery of financial products while reducing regulatory burdens. This allows ERP and payroll platforms to retain control over the customer experience while benefiting from additional revenue streams.

Key Embedded Finance Products

Popular embedded finance products gaining traction include payment automation, company cards for expense tracking, and business loans. Payroll providers can explore additional opportunities such as earned wage access, payments for temporary workers, and employee perks management. A prime example is Toast, a leading US provider of PoS software for restaurants, which generated approximately 80% of its FY22 revenue and gross profit through finance technology solutions, including payment processing and business loans.

Cost Considerations for SaaS Providers

The costs for SaaS providers to offer embedded finance products are primarily centered around three areas: recurring fees paid to financial services enablers, upfront technical integration costs, and customer service or training expenses. These costs are estimated to be around 30% of the incremental revenue generated from embedded finance products, with the potential for economies of scale as customer adoption increases.

Maximizing EBITDA Uplift

The research suggests a potential 20-30% EBITDA uplift for ERP and payroll providers that successfully scale embedded finance propositions. This estimate is based on conservative assumptions and could be even higher when considering additional benefits such as increased customer retention.

Strategic Implementation for SaaS Providers

SaaS providers can capitalize on the embedded finance opportunity through strategic partnerships with financial services enablers. These partnerships streamline the implementation process, mitigate regulatory challenges, and reduce balance sheet risks, allowing SaaS platforms to quickly integrate and benefit from embedded finance solutions.

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The Rising Appeal of Illiquid Assets in Uncertain Markets

Institutional investors have been steadily increasing their allocations to illiquid assets, a trend supported by recent research. In light of current economic conditions, these assets have become increasingly attractive as a hedge against inflation and market volatility.

A Response to Economic Turbulence

The recent global economic instability has driven institutional investors to seek assets that can provide protection against inflation and stabilize portfolios during uncertain times. A recent survey revealed that 92% of UK institutional investors have increased their investments in illiquid assets for this very purpose. Looking ahead, every respondent indicated plans to further boost their allocations, with nearly half planning to increase their investments by 10-25%.

This growing interest in illiquid assets is largely due to their potential for long-term capital appreciation and lower volatility compared to public markets. In the survey, 38% of institutions highlighted the expectation of higher returns, net of fees, as the primary reason for increasing their allocations.

Economic Challenges Persist

Although some economic indicators suggest that the worst of the recent turbulence may be over, significant risks remain. High interest rates have begun to temper inflation, but their full impact has yet to unfold. Economic warning signs include a marginally growing Composite Purchasing Managers Index (PMI), rising unemployment, and increasing corporate insolvencies. These factors contribute to uncertainty about how public markets will perform in the coming years.

Government bond markets reflect this uncertainty, with yields on ten-year UK gilts and US Treasury notes remaining high. The persistence of these rates can be partly attributed to fears of a resurgence in inflation and high levels of government borrowing. Volatility in bond markets further underscores the stability offered by private market investments.

Government Support for Illiquid Investments

Government policy is also playing a role in shaping institutional allocations. The Mansion House Reforms, announced by the UK Chancellor, signal a strong push for increased pension fund investment in UK businesses, including unlisted illiquid assets. Although more clarity is needed on these reforms, the direction is clear: there is a significant push towards private market investments.

Revisions to Solvency II rules in the EU and UK are expected to release more capital for insurers, incentivizing further investment in private markets. Additionally, recent government commitments to streamline planning processes, particularly for infrastructure, may unlock new investment opportunities. The upcoming general election could also influence policy direction, with both major parties advocating for relaxed planning regulations to facilitate infrastructure and property development.

The Growing Role of Private Credit

Another asset class gaining attention is private credit, which has expanded significantly since the Global Financial Crisis. As banks have scaled back lending due to regulatory changes, private credit has stepped in to fill the gap. With rising demand for credit from businesses needing capital or refinancing, private credit is offering attractive investment opportunities, especially in the current environment of higher interest rates.

For example, property finance, a key area of private credit, has seen substantial growth. Since 2017, significant capital has been committed to developments and bridging finance, with returns improving as lending terms have tightened.

Looking Forward

While the economic outlook is gradually improving, uncertainty persists, particularly in public markets. Private markets, with their resilience to short-term fluctuations and potential for higher returns, are increasingly seen as a valuable diversification tool for investment portfolios. In this context, the appeal of illiquid assets continues to strengthen.

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Today’s Meme

GenZnomics: 10 Beliefs and Behaviors Shaping the Global Economy

Understanding the economic mindset of GenZ is crucial for industries aiming to establish best practices in a rapidly changing global market. This generation, defined by its unique set of beliefs and behaviors, is increasingly influencing key economic sectors. Below are 10 key GenZ trends that are driving the global economy, particularly in the realms of social media, artificial intelligence, Web3, and sustainable energy.

Social Media Economy: A New Frontier

GenZ's deep engagement with social media has redefined the digital economy. This generation is not only highly active online but also acutely aware of the power of influencer marketing and the significant role these platforms play in shaping public opinion. Studies show that GenZ is 59% more likely to connect with brands online compared to other generations, positioning them as both key influencers and consumers in the burgeoning $15 billion global influencer marketing industry.

Artificial Intelligence (AI): The Future of Work

GenZ is highly invested in the AI industry, recognizing its potential to transform sectors like healthcare, education, and transportation. A growing number of GenZ individuals are pursuing careers in technology, with degrees in computer and information sciences rising by 38% from 2015 to 2019. As AI is projected to create 58 million new jobs by 2023, GenZ is well-positioned to capitalize on these opportunities and shape the future of this rapidly evolving industry.

Web3: Decentralizing the Internet

With a strong interest in the Web3 industry, GenZ is championing decentralized technologies such as blockchain, cryptocurrency, and smart contracts. This generation envisions a more transparent internet where users, rather than tech giants, control their data. Surveys indicate that 64% of GenZ have owned cryptocurrency, significantly higher than the 22% of millennials who have done so. With the business value of blockchain expected to reach $3.1 trillion by 2025, GenZ is set to be a pivotal force in the Web3 revolution.

Sustainable Energy: Leading the Charge

Environmental concerns are at the forefront of GenZ's economic decisions. This generation is deeply committed to transitioning to a sustainable energy economy powered by renewable resources. A majority of GenZ respondents express concern about climate change, and with renewable energy sources potentially accounting for 90% of global power generation by 2050, GenZ is poised to lead this crucial transformation.

Consumerism and Motivation: Financial Security Over Immediate Gratification

GenZ is more focused on achieving financial security than previous generations, often prioritizing long-term career and financial goals over immediate gratification. Material success and an upper-middle-class lifestyle are key aspirations for this generation, despite the challenges posed by stagnant wages. Surveys indicate that 45% of GenZ consider material goods a major priority, compared to 34% of millennials.

Slow Living: Balancing Health and Work

Health and well-being are top priorities for GenZ, who value a slower pace of life and emphasize the importance of living in the present. This generation distinguishes between "quiet quitting," where effort is matched to compensation, and "slow living," which involves setting healthy boundaries between work and personal life. A significant portion of GenZ is concerned about their physical and mental health, driving their approach to work-life balance.

Multiple Income Streams: Diversifying Financial Risks

GenZ is more likely to pursue multiple income streams, such as part-time jobs, freelancing, or side hustles, to mitigate financial risk. This generation understands the necessity of diversifying income sources in an economy characterized by stagnant wages. A survey found that 62% of GenZ have a side hustle, compared to 55% of millennials, highlighting their entrepreneurial spirit and financial pragmatism.

Financial Savvy: Budgeting and Credit Awareness

Having witnessed the aftermath of the 2008 financial crisis, GenZ is notably more financially savvy and responsible than previous generations. They excel in budgeting and have a strong understanding of credit management. GenZ's average monthly savings significantly surpass those of millennials, reflecting their cautious approach to financial planning and their focus on long-term stability.

Trade School and Specialization: Practical Skills Over Traditional Education

GenZ places a high value on practical skills and specialized knowledge, often opting for trade schools or specialized degrees that offer clear career paths and high earning potential. This generation is more cost-conscious regarding higher education and is willing to weigh the benefits against the rising costs and potential debt. Trade schools have seen an increase in enrollment, reflecting GenZ's pragmatic approach to education and career planning.

Employer Loyalty: Earning Trust Through Respect

Loyalty for GenZ is a two-way street, with this generation valuing respect and appreciation from employers over long-term tenure. They prioritize meaningful recognition in their work environments and expect employers to earn their loyalty through mutual respect. Surveys reveal that GenZ expects to stay with a job for an average of 3.7 years, reflecting their focus on job satisfaction and personal fulfillment over traditional job stability.

Why FX Risk Management Must Be a Business Priority

Market volatility has been relatively subdued this year, but signs indicate that the tide may be turning. In recent weeks, foreign exchange (FX) markets have seen a resurgence in volatility, underscoring the importance of robust FX risk management for businesses of all sizes.

Volatility Returns to FX Markets

While 2024 has generally been a quiet year for FX markets, recent global events have sparked renewed volatility. April saw a significant increase in Bloomberg's gauge for hedging swings, driven by ongoing geopolitical tensions and speculation that the Federal Reserve may maintain tight monetary policies for an extended period. This sudden shift has brought FX risk management back into sharp focus for many businesses.

In today's globalized economy, even small businesses engage in international trade, often making them vulnerable to currency fluctuations. However, many companies still treat FX hedging as an afterthought, only addressing it when problems arise. This reactive approach can be costly, as businesses are exposed to various risks that can impact their bottom line.

The Hidden Costs of Ignoring FX Risk

Regardless of size, businesses are exposed to the effects of geopolitics, trade issues, and tariffs, all of which can influence currency values and the costs of goods and services. The latest currency impact report from Kyriba revealed that in 2023, the total annual currency impact for large corporates with hedging programs reached $95 billion. For businesses without such programs, the impact is likely even higher.

To protect against these risks, CFOs and treasury professionals must prioritize regular assessments and implement strong FX hedging strategies. However, they should be aware of potential pitfalls in the FX landscape.

Challenges with Traditional Banks

Historically, businesses have turned to traditional banks for FX hedging and currency risk management. A large majority of SMEs (83%) rely on banks for their FX needs. However, as these businesses expand internationally, they face significant challenges when depending solely on banks.

Nearly half of SMEs (48%) report difficulties with FX pricing, as large corporations typically enjoy better rates due to higher transaction volumes. In contrast, SMEs often face inflated costs due to banks' higher margins. Additionally, 45% of SMEs experience delays in FX execution, a critical issue given the fast-paced nature of currency markets. Relying on banks, many SMEs lack access to the necessary technology for swift and effective hedging.

A significant pain point for 30% of SMEs is the difficulty in comparing suppliers. Many SMEs work with only one or two banking partners, making it challenging to ensure they are getting the best rates. Furthermore, SMEs that rely on banks often struggle with transaction reporting, inadequate customer support, and a lack of automation.

The Importance of Formal Hedging Programs

Formal hedging programs allow businesses to lock in exchange rates ahead of time, safeguarding their profit margins. These programs can vary in complexity, but simple products like forwards and basic options are often the most popular. Most businesses opt for shorter-term hedging, providing flexibility to adapt to changing market conditions.

Macroeconomic events, such as elections or central bank decisions, can significantly impact currency markets. Businesses that anticipate such events are better positioned to implement effective hedging strategies, protecting their financial performance.

Adapting to FX Volatility

As FX market volatility increases, so does the urgency for businesses to act. Preparation is essential, and companies that failed to hedge during previous periods of volatility now recognize the critical importance of doing so.

Modern FX hedging solutions, particularly those offered by fintech companies, are stepping in where traditional banks fall short. These solutions often integrate with other services such as payments, cashflow management, and forecasting tools, giving treasurers real-time visibility into cash positions and aiding in decision-making. By moving away from the traditional banking model, businesses can build greater resilience, ensuring long-term growth despite market fluctuations.

Modern Aspen Masterpiece with Panoramic Views Listed for $20 Million

Nestled in the secluded enclave of Starwood, just five miles north of downtown Aspen, Colorado, lies a remarkable residence that blends contemporary design with the rugged beauty of the Rocky Mountains. Starwood, a community once beloved by the iconic John Denver, offers an exclusive mountain lifestyle, complete with security and close proximity to Aspen’s premier attractions, including world-class skiing and a private jet-friendly airport. As one of Aspen’s few gated communities, Starwood provides residents with unparalleled privacy, its own fire department, on-call property managers, and a 24-hour guarded gatehouse.

Architectural Innovation in the Rockies

Perched on a high ridge and currently on the market for $19.888 million, this modern dwelling challenges Aspen’s traditional log cabin aesthetic. Designed in 1973 by an architect inspired by the legendary Frank Lloyd Wright, this nearly 6,900-square-foot home is celebrated as one of Aspen’s most iconic modern residences.

The home’s design features a striking geometric fusion, with unique angles and asymmetrical thresholds that set it apart. The living room, for instance, takes on a triangular form, while the kitchen’s six-sided design flows seamlessly into the dining area. Throughout the residence, strategically placed windows frame stunning views of the surrounding landscape, with the fireside living room offering an expansive cross-valley mountain panorama through a floor-to-ceiling glass wall.

Luxury Meets Functionality

This residence is as functional as it is beautiful. It includes a back kitchen for meal preparation, a spacious lower-level family room with a minimalist fireplace and wet bar, and a recreation room large enough to accommodate a pool table. Each of the six bedrooms features direct access to a bathroom, ensuring privacy and convenience for residents and guests alike. Additionally, the home includes a couple of powder rooms for visitors.

Outdoor Oasis with Unmatched Views

The outdoor spaces are equally impressive. A shaded patio adjacent to the living room overlooks a sleek swimming pool with an integrated spa, perfectly positioned to take advantage of the property’s elevated location. The 180-degree views from this vantage point offer a breathtaking Aspen experience, blending modern architecture with the natural beauty of the Rocky Mountains.

This residence represents the pinnacle of luxury mountain living, offering an extraordinary opportunity for those seeking a unique and elevated lifestyle in Aspen.

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