Financial technology is proving to be a significant disrupter in the financial sector. Similar to how Uber completely transformed the taxi industry, financial startups will have a real impact on the banking industry in the next few years.
In fact, such effects have already begun to take place. The Financial Times estimates that around 100,000 banking jobs were cut in 2015, including those from HSBC, Morgan Stanley, and Credit Suisse.
Banks must now compete on technology in order to stay relevant. According to a 2015 survey by software firm Temenos, 27% of senior bankers reported tech companies as the greatest threat to their business.
As mobile phone Internet use is becoming increasingly popular, mobile wallets are quickly becoming more utilized by consumers. Banks looking for new revenue streams should strongly consider building their own mobile wallets in order to compete with technology like Apple Pay and Google Wallets.
Companies looking to build their own mobile wallets can do so using mBeaconPay, a new mobile payment device that enables banks to both acquire new merchants and offer payment-processing services without going through credit card networks or the walled gardens of Apple or Google.
Using proprietary Smart Beacon Technology, mBeaconPay conveniently supports all wireless proximity technologies like BLE, NFC, QR, and Wi-Fi in a single unit and seamlessly integrates with all point of sale systems.
The mBeaconPay was recently nominated for Best Cash Innovation Award by PYMNTS.com.
Financial startups are quickly changing the banking landscape, and the industry must adapt in order to keep up with these new technological advances. For more information on how companies can build their own mobile wallets using mBeaconPay, contact us.