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| Mobile Technology |
How can the fintech sector take on new risks and continue to grow strongly with the support of mobile technology?
By 2027, the value of the worldwide fintech business is expected to surpass US$225 billion, with mobile network operators playing a vital role in this digital revolution in the financial services industry. With 5G, AI, cloud services, and new platform models, mobile technology has created a wealth of innovative opportunities that will encourage competition, reduce entry barriers, and accelerate growth quickly. Since mobile technology makes the industry faster and more reliable in what it does, there are clear commercial opportunities for operators and their partners. However, in order to take advantage of this opportunity, those looking to participate must fully understand the technologies involved and establish the proper relationships with the organisations that support them.
Any fintech project's partner selection process is rarely simple, but fortunately there is a way to make decisions on this with as little uncertainty or delay as possible. Some of the most creative and powerful companies in the world are together at Connected Industries in Hall 4 at MWC Barcelona 2024 to shape the direction of mobile fintech. The Fintech and Mobile Commerce Summit, an occasion for investors, top decision-makers, and thought leaders from mobile financial services organisations as well as more horizontally focused digital companies like cybersecurity, will be the culmination of this. This is the ideal setting for establishing the high-level commercial relationships required for teamwork.
There are a number of significant obstacles to overcome, especially when dealing with fraud. According to the US Federal Trade Commission, there were around $8.8 billion in losses to consumer fraud in the US alone in 2022—a 30% rise from the year before—with phone fraud having the largest losses per individual. Participants will discuss how the industry can best respond to the attack vectors that scammers are now using, such as "social engineering" schemes.
There has been significant progress in establishing trust in voice calls, but there is still more work to be done as identity authentication solutions spread throughout the mobile fintech ecosystem. These solutions rely on increasingly complex KYC procedures during the onboarding process and use AI to combat false identities. The Open Gateway project by the GSMA is crucial in this situation since it provides global access to network insights that can be used to combat fraud.
It's also critical to comprehend how operators are launching innovative fintech solutions and making sure they can scale quickly by fusing new platform models based on APIs with cutting-edge technology capabilities like artificial intelligence. For example, insurtech is currently flourishing throughout the mobile ecosystem, and the established model of loan decision-making based on operator data is expanding quickly.
We'll talk about how the reality of how we make regular payments has changed due to the recent development of mobile wallet-based solutions. Payments are now mobile by default as mobile technology replaces cash with seamless point-of-sale transactions and as interest in digital currencies like CBDCs (central bank digital currencies) increases. This creates the possibility of conversational commerce through chatbots, GenAI, next best action, and embedded finance becoming widely adopted. Mobile is now genuinely at the centre of everyday commerce, with 200 million active mobile business users on WhatsApp alone each month and 52% of enterprises selling through social media by 2023.
The greatest chance for mobile fintech companies to network and form alliances in order to capitalise on this dynamic industry and define its future is at Connected Industries in Hall 4 at MWC Barcelona. With 56% of attendees from related verticals, last year's participation from non-telco businesses was the highest to date. This presents the best chance for cross-pollination across related interests where mobile technology can be useful. Leading decision-makers now often participate; in 2022, more over 50% of participants had director-level positions or higher, and 161 ministerial delegations from 124 nations also attended.
Please express your interest if you would like to attend the Summit. Anyone having a MWC pass can enter Connected Industries in Hall 4.
Please go to https://www.mwcbarcelona.com/passes to register for MWC Barcelona 2024.
Accenture and Tonomus Neom are the sponsors of the Connected Industries stage located in Hall 4.
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