The global economic environment headed into 2018 is about “as good as it gets,” says Goldman Sachs Research’s Chief Economist Jan Hatzius. He believes that the global growth will reach 4% next year, thanks to development across the developed and emerging markets. Technology and particularly mobile technology is on an upward trajectory for a while now. According to the annual GSMA report, at the end of 2016 there were more than half a billion registered mobile money accounts available across 277 live services in 92 countries. Today, mobile money reaches approximately 66 percent of low and middle-income markets. Developing countries have been major contributors to the popularity and customer base of mobile money. This upward trend has left the telecommunication companies asking for more. For telcos, it’s not only about calls or even the data, it encircles much more in order to stay relevant in the busy marketplace.
Here we will talk about the measures the telecom companies should undertake to ensure they are not lost in the increasing competition between the numerous mobile wallets today.
Security
Undoubtedly the foremost factor any user looks for when making a financial transaction. For mobile money to further gain momentum, the providers must focus on security and setting up a robust ecosystem. A secure integrated electronic payment infrastructure adds to the competitive advantage for the operators looking to be a market leader.
Innovation
Innovation is the backbone of any successful business and mobile wallet solutions are no exception. Today there are no dearth of mobile wallet solutions across the world. What sets you apart? That is the big question. Are you able to offer a unique service for your market? Are you offering the best-in-class UI? Or is it your top-notch service? You have to be a pioneer in one aspect or the other to be a game changer.
Panamax focuses on innovation and that forms the foundation for any product formulation. While remittances have mostly been synonymous with money, Panamax’s MobiFin provides efficient remittance services for airtime, gift cards and even goods making it a pioneer in the domain.
Customer engagement
Engaging in new ways with a widening set of ecosystem partners and stakeholders is essential to ensure that value chains are incentivized. This isn’t restricted to the customer engagement but includes the merchants and vendors which in turn enhances the experience for the end user.
Campaign Manager is a popular module provided by MobiFin. This platform allows the banks and fintech companies to increase penetration of Digital Financial Services by orchestrating a unified omni-channel delivery of complex marketing campaigns.
Wider service offering
The story does not end once your product is sold, impeccable service is what completes a product cycle. It is important to keep a tab on maintaining a fresh portfolio of offering and upbeat services. However, while highlight the relevance of new services it must be ensured that privacy and security credentials are not compromised.
Financial inclusion
Traditional banking has been restrictive to several sections of the society. The reasons may range from accessibility, literacy or sheer ignorance, but the fact remains that a large chunk of population is still devoid of benefits of banking. Mobile banking has filled this gap and can be referred to as the flag-bearer when it comes to financial inclusion. It therefore becomes imperative for the operators to consider every strata of users in their offering. This should be evident in not only the product offerings but also the interface and services. Operators should include a greater range of financial services while also combining payments with related functionalities in location-sensitive marketing and advertising for consumers, businesses and partners alike.
Microcredit services from Panamax’s MobiFin - Integrated & Modular Mobile Finance Solution, focus on providing services in order to facilitate financial inclusion. With MobiFin, banks and telcos can create, manage and deliver instant unsecured microcredit products to large diversified segmented consumers based on self-service and assisted model.
Utilizing Customer Base
Most major telecom companies have been in the business for a couple of decades now and have managed to establish a considerably large customer base. This number is the biggest strength for the companies and if utilized with structural planning, can prove to be the biggest strength.
