How mobile technology can help the Fintech industry

How mobile technology can help the Fintech industry

The global fintech market will exceed $225 billion in value by 2027, and mobile network operators are at the heart of this digital transformation in financial services. Mobile technology has brought with it a huge potential for innovation through 5G, AI, cloud services and new platform models – driving competition, lowering barriers to entry and accelerating growth rapidly. The commercial opportunities for operators and their partners are clear, as mobile technology helps make the industry ever faster and more reliable at what it does – but to seize this opportunity, those looking to play a role must fully understand the technologies involved. and establish appropriate relationships with the organizations behind them.

Choosing the right partner for any fintech project is rarely without complexity – but thankfully there is a way to make informed decisions about it with minimal uncertainty or delay. Related industries in Hall 4 at MWC Barcelona 2024 brings together some of the world’s most innovative and influential organizations shaping the future of mobile fintech. This will culminate with Fintech and Mobile Commerce Summit – an event for investors, senior decision makers and thought leaders from organizations in mobile financial services as well as more horizontally focused technology firms such as those working in cyber security. This is the perfect place to make the high-level business connections needed for collaboration.

There are some significant challenges to address, particularly in response to fraud. The U.S. Federal Trade Commission reports consumer losses to fraud in the U.S. alone of nearly $8.8 billion in 2022, a 30% increase over last year — with phone fraud accounting for the highest losses per person. Participants will consider the attack vectors now favored by fraudsters, such as ‘social engineering’ scams, and how the industry can best respond.

As identity verification solutions continue to scale across the mobile fintech ecosystem – relying on more sophisticated KYC methods at the point of entry and using AI to combat fake identities – there has been significant progress in building trust in voice calls, but a lot of work remains to be done. The GSMA’s Open Gateway project is key here, unlocking access to network knowledge on a global scale to help fight fraud.

It is also essential to understand how operators are combining new technological capabilities such as AI, and new API-based platform models, to launch disruptive fintech solutions – and ensure they can scale rapidly. For example, Insurtech is now booming across the mobile ecosystem, and carrier data-driven lending decision-making is an established model that is growing rapidly.

We’ll cover how the recent explosion in mobile wallet-based solutions has transformed the reality of how we make everyday payments. As mobile technology displaces cash with seamless POS transactions and the focus on digital currencies such as CBDCs (central bank digital currencies) increases, payments are now mobile by default – opening up mass adoption potential for conversational commerce through chatbots, GenAI , next best action, and integrated finance. With 200 million monthly active mobile business users on WhatsApp alone and 52% of businesses selling through social channels in 2023, mobile truly is now at the heart of everyday commerce.

Connected Industries in Hall 4 at MWC Barcelona is the single best opportunity on the calendar for mobile fintech players to meet the right people and form the right partnerships to make the most of this exciting space and to shaped her future. Last year we attracted our largest participation ever from non-telco industries, with 56% comprised of adjacent verticals, making this the richest opportunity for cross-pollination between compatible interests in which mobile technology can play a role. It is now an established place among key decision makers – in 2022 over 50% of all our participants were at director level or above, joined by 161 ministerial delegations representing 124 countries.

If you are interested in attending the Summit, please register your interest – access to Connected Industries in Hall 4 is open to anyone with an MWC pass.

To register for MWC Barcelona 2024, please visit: www.mwcbarcelona.com/passes

The Connected Industries stage in Hall 4 is sponsored by Accenture and Tonomus Neom

Leave a Comment

Your email address will not be published. Required fields are marked *