BOSS – Blue Ocean Shift Strategy can actually help and create vision to focus on areas such as AI, blockchain for education, health & agriculture, create ecosystems using BigData analytics and IoT. To capture a quick snapshot of this strategy, certainly, Big Data appears to be most effective and efficient driver for Blue Ocean Strategy. Based on a limited set….
infrastructure of the payment solution without having to worry about the currency or country I am in, the amount in my payment instrument, the service provider, the recipient, the time zone, the language, the nature of the transaction, or the payment amount. The consensus among experts is that this factor plays a significant role in the market’s growth over both the short and long term. Incorporating the category of payments made through mobile devices.
The elimination of physical cash from economy is feasible is purely a technological perspective or assumption. Our hard earned money and investments disappear into a labyrinth of financial instruments so mysterious that “money” almost becomes more of an idea than a tangible reality.
Similarly American insurance companies are coming up with insurance technology or Insurtech based on this childhood joke basing business cases on same concept, offering dental insurance and mouth insurance based on data taken from toothbrush tracking. Security & privacy is gone if security does not match the speed and pace. In the start of the post I mentioned technology is good and will happen without a doubt but other critical factors should also come along not only technology.
BaaS and BaaP are founded on the fundamental concepts of providing open banking services and APIs that are favorable for developers. One of the most significant issues regarding security in e-commerce is ensuring the employment of appropriate and trustworthy payment methods such as Internet banking, mobile payments, card payments, or instant payments.
Almost all players who entered into payments in arena of FinTech domain are actually coming out of this game park with zero or no knowledge. This is giving too much innovation to put idea on table but takes longer to make it reality. Technical companies entering financial domain and making it interesting by doing technical integration, or “fintegration”, of fintech services, the latter interfacing directly to bank customers for
M-banking, also called mobile banking, enables individuals to perform financial transactions on their bank account utilizing a mobile device. Bank patrons with an authorized mobile device will be able to undertake primary transactions, including replenishing their mobile airtime, transferring funds, reviewing their account balances, settling outstanding debts, and making exclusive appeals.
Mobile Money, Mobile Payments, Mobile Banking and Mobile Commerce can be termed Mobile Financial Services. The magic word known as “Pay” has gone viral in today’s time and every day we have 1 or 2 new startup’s entering the payment industry, specifically into the Mobile Payment domain. Mobile phones can be used to deliver a range of banking services. Not from Banks, I am separating banking and banks. Banking services dont need banks any more. Transaction data can be used to develop customers’ credit histories to offer other top-up services.
Established players are constantly anxious about protecting their hard-earned franchises, thereby confirming the emergence of the ‘new normal’. To further discussions on how to play the ‘new normal’, we analyzed the activities of a range of players and unearthed ‘8 core traits’ of likely winners. We believe embedding these core elements in the proposition, operating, and delivery models will enable players to ‘play to win’ in these turbulent times.
It would be beneficial for the world to transition into a society that primarily operates without the use of physical currency. It’s evident that my thoughts and dreams are not unique, and countless individuals have already expressed similar sentiments. In the near future, the combination of mobile payments, data science, and machine learning is expected to revolutionize the FinTech industry, with recent advancements prompting a focus on these key factors.
As on date the most common use for sensors is telematics, which allows devices installed in cars (car tracking devices) to transmit location data to owners and insurers. This also includes ability to track-stolen vehicle and help in recovery, automatic crash notification, and vehicle data recording force full actions by controller over telematics infra. Telematics also extends to tracking ships, car and trucks for fleet management and route optimisation. IoT merged with mobile financial services can ensure you can get fuel
Financial payments and banking started in a very inefficient and traditional way, which was slow but still acceptable to the customers due to the stage of the information age. Initially, almost all the fun and joy in terms of one double zero percent in the shape of activities in the financial services (Except Non-Banking Services) space was attributable to banks, with all the revenue being collected by the same entities.