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.
Abstract – A few years back, I had a fascinating discussion about Fintech. Today every 3rd if not 4th profile on LinkedIn is about FinTech Expert. Few days ago someone asked me a million dollar question “What is FinTech?” I was intrigued with such a small, simple question but found it difficult to answer this to a person who is not from those 4 people from linkedin. My simple briefing note to answer this question was, “Fintech is a technical tool to support financial services”, making it simple for everyone on this planet earth along with promoting idea of “Financial Services as a basic right for every human being”. Financial technology, also known as fintech, is an economic industry composed of companies that use technology to make financial services more efficient. Why it is so inherently difficult to define the concept of Fintech, is because definitions change over time. Alternatively, traditional banking organizations are hindered by legacy operating systems, capacity to innovate, agility and technology expertise.
Artificial Intelligence will boost info security through behavioural biometric intelligence in coming time. Mobile payments security will play the key role in the importance of info-security and privacy in payments. This industry is changing every day i.e it dynamic so why to relay on static method of security.
Technology is a friend/ helper not as tester or rocket science; MFS product use and accessibility needs to be simple for people to make them comfortable and pull out maximum benefits especially for unbanked who have not seen the real MFS. Study from google shows that globally, mobile money users transacted a total of USD 7.5 billion through 479.5 million transactions in the month of December 2014. If cash-ins and cash-outs are included, mobile money users performed 717.2 million transactions, total of USD 16.3 billion.
Telecom subscribers are getting smarter (so it’s not only the handset which is getting smarter haan!!!), demanding more and more and, at the same time many new players are entering the marketplace. To compete in this environment, operators have to not only maintain but also grow their part of the new value chain to gain loyal customers and adding new blended services which are ridding on their investment/infrastructure made during all those times.