The Fintech industry has brought Blockchain technology into a variety of markets so far, with varying degrees of success. From establishing record of authenticity to tracking solutions for inter modal freight, Fintech has reached beyond the financial world to find new ways of utilizing the impressive abilities of the technology.
Why Mobile telecoms?
Various trials and small-scale rollouts of Fintech have been managed in the business world. However, it is also true that blockchain and associated technology remain largely misunderstood, or simply unknown, to the broader public. For the industry to reach its potential, acceptance from as broad, an audience as possible is essential, and that is why the telecoms industry could prove so important.
If there is one piece of technology that dominates lives today, it is the smartphone. Whether for work, entertainment or communication, for so many, a smartphone is central to everything they do. With that in mind, finding ways to incorporate fintech solutions into mobile activity offers huge potential.
Bringing Fintech to SMS
Using accrued, secure data from consumers, Fintech could empower the SMS message system. It offers an enhanced service for a variety of usage scenarios.
Consider passengers waiting for a coach or railroad service they are booked on to. Staggered SMS alerts could be initiated to guide passengers to board, with the older, less mobile customers sent first, then those with children, and finally the rest. This would streamline boarding and improve the overall experience for all customers, while also increasing service efficiency and lowering the pressure for the on-site crew.
This innovative approach combines the best of telecoms with the data handling of fintech. And there are a lot of other ways to do the same. Another exemple would be a secure communication with banks that require neither an app nor the need to respond to an SMS.
Instead of inputting a code sent via SMS to confirm a transaction, a confirmation could be sent directly from SMS via fingerprint to confirm identity.
Secure ID Confirmation
Identity confirmation is another obvious area where fintech could integrate into the mobile market. From billing to usage statistics, fintech has the ability to secure and enhance data availability for both users and Operators alike.
By improving ID verification, fintech could significantly change how we interact with banking and other security focused apps. This will influence not just the telecoms industry, but our entire behavior towards apps, we take for granted today.
The telecoms industry, from smartphones and mobile apps to SMS, has an immense potential for the fintech industry. Increasing security and usability, fintech has the potential to transform the user experience for smartphone owners today. It’s not just an area where fintech could have an impact on, but a whole market! And with the help of the telecom industry this technology will reach its full potential.