Embedded Finance and the Next Wave of Customer Experience
Embedded finance is reshaping how businesses enhance their core offerings. Companies can now integrate financial services directly into their products, improving customer engagement and creating new revenue streams.
To explore this rapidly evolving field, we spoke with Kunal Galav, VP of Product at Toqio, a pioneering platform making embedded finance accessible through user-friendly, fully configurable solutions.
As part of Toqio’s executive team, Kunal is building tools that empower companies to create financial services experiences that genuinely matter. With experience at both major corporates and scale-ups, including HSBC and Credit Suisse, Kunal brings a unique perspective on how embedded finance is moving from concept to value-driven reality, and the broader challenges shaping today’s technology and financial services landscape.
Defining Embedded Finance: Building Competitive Advantage
Kunal sees embedded finance as a powerful strategy for companies seeking to differentiate themselves by adding tangible value to their customer offerings.
“Embedded finance has been a buzzword for years, but now we’re seeing business cases where it truly impacts the bottom line,” he explains.
“What Toqio does is enable companies to offer financial services that support their primary product offerings, creating a competitive edge.”
He illustrates the practical application through a simple example.
“Imagine a large beverage supplier offering its merchants access to cash flow visibility, financing options, or flexible payment terms. This not only supports the merchants operationally but also builds loyalty and trust, which are essential for customer retention.”
According to Kunal, Toqio’s platform has helped clients achieve up to a 20 percent increase in revenue by integrating financial services that directly support their customers’ needs.
Navigating Market Challenges and the “Unicorn Effect”
Beyond product innovation and partnerships, Kunal highlights the ongoing challenges companies face when sourcing skilled technology talent.
“The tech talent market is still competitive, even amid economic challenges,” he says.
Professionals with expertise in data engineering and artificial intelligence are particularly difficult to find.
“Candidates with AI skills are almost seen as unicorns. It’s not just about technical expertise anymore. There needs to be alignment with a company’s innovation agenda and customer focus.”
Kunal also notes that top talent increasingly wants to work on projects that have real impact.
“Top candidates are looking for roles where they can be product innovators, not just coders. Companies need to empower engineers to tackle significant, customer-centric problems.”
Creating Customer-Centric Products
At the heart of Kunal’s approach is the belief that engineers are most effective when they are empowered to think like product developers.
“Engineers are happiest when solving complex, impactful problems,” he explains.
“When you reduce repetitive tasks and give them the right tools, they can focus on driving innovation that aligns with customer needs.”
This philosophy underpins the culture Kunal is helping to build at Toqio.
“Engineers and product teams need to stay closely connected to the customer journey,” he says.
“By empowering them to think like product designers, we’re not only meeting market needs but also fostering a culture of continuous innovation.”
Commercialising Embedded Finance
While embedded finance has been widely discussed across the industry, Kunal believes the sector is now moving into a phase where its value is becoming measurable.
“The goal is to help companies move from an innovation project in embedded finance to implementing solutions that deliver real business results,” he explains.
Toqio’s strategy has been to focus on practical implementation and measurable return on investment.
“We’re making embedded finance work by focusing on real-world applications and measurable outcomes,” Kunal says.
“It’s about enabling companies to build financial service ecosystems that serve their specific business goals.”
The Future of Embedded Finance
Looking ahead, Kunal is optimistic about the role embedded finance will play in reshaping customer engagement.
“The opportunities are enormous,” he says.
However, successful implementation will depend on maintaining a strong focus on customer experience.
“It’s crucial to implement these solutions in a way that genuinely enhances the customer experience.”
For Kunal, the long-term opportunity lies in creating seamless integrations between technology, finance, and customer journeys.
“It’s about offering financial solutions that feel natural to the user, where the added services support the customer journey rather than complicate it.”
“For those working in strategy and product development, the future will be defined by how well we can deliver that balance.”
About Kunal Galav
Kunal Galav is a McKinsey alumnus with extensive experience in strategy, product development, and partnerships.
He has led global teams across organisations including HSBC, Credit Suisse, Mambu, and Toqio, helping drive growth through customer-centric strategies and analytically driven decision-making.
Known for his hands-on approach to scaling new ventures, Kunal continues to shape the fintech landscape with a focus on sustainable growth, product innovation, and customer value.
