Adrian JohnsonTLDR:
- The global fintech market is expected to exceed $225 billion by 2027, and mobile technology is playing a crucial role in driving growth and innovation.
- Mobile technology has introduced new possibilities through 5G, AI, cloud services, and platform models, making the industry faster and more trusted.
Mobile technology has become integral to the fintech industry’s growth and ability to tackle new risks. With the global fintech market projected to surpass $225 billion by 2027, mobile network operators are at the forefront of this digital transformation. The use of mobile technology has brought about tremendous potential for innovation, driven by 5G capabilities, artificial intelligence (AI), cloud services, and new platform models. These advancements have spurred competition, lowered barriers to entry, and accelerated growth within the industry.
To take advantage of this opportunity, stakeholders must fully understand the technologies involved and establish the right partnerships. The Connected Industries event in Hall 4 at MWC Barcelona 2024 offers a platform for collaboration, bringing together innovative organizations and thought leaders in mobile financial services. Attendees can make high-level business connections necessary for successful collaboration in the industry.
Despite the benefits of mobile technology in fintech, there are challenges to address, particularly in response to fraud. The US Federal Trade Commission reported losses of nearly $8.8 billion to fraud in 2022, with phone fraud accounting for the highest losses per person. Attendees at the event will explore the preferred attack vectors used by fraudsters and discuss the industry’s best response strategies. Building trust in voice calls through identity authentication solutions and more sophisticated know-your-customer (KYC) methods is a crucial step in combating fraud. The GSMA’s Open Gateway project, which provides network insights on a global scale, is a key resource in fighting fraud.
Operators are leveraging new technological capabilities such as AI and platform models based on application programming interfaces (APIs) to launch disruptive fintech solutions. For example, insurtech is thriving in the mobile ecosystem, and operator data is used for decision-making in lending. Additionally, the rise of mobile wallet-based solutions has transformed everyday payments, displacing traditional cash transactions. The focus on digital currencies, including central bank digital currencies (CBDCs), has further driven the mobile adoption of payments and enabled conversational commerce through chatbots and embedded finance.
Connected Industries in Hall 4 at MWC Barcelona serves as a premier opportunity for mobile fintech players to establish partnerships and shape the future of the industry. With a diverse audience comprising of industry leaders, decision-makers, and ministerial delegations from around the world, the event offers a platform for cross-pollination and collaboration. It remains a fixture among leading decision-makers, making it an essential event for those looking to stay at the forefront of mobile fintech.
