Banking's 'Uber Moment': Keeping Up in the Era of Fintech

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.

Making the Shift to a Cashless Society

According to an article from PYMNTS.com, Denmark is the next country making the transition toward a cashless society. During the transition, retail locations such as restaurants and clothing stores will have the option to refuse any sort of cash payment, while supermarkets and post offices will still continue to accept cash. 

Denmark is only a recent example of a global trend toward abolishing physical currency. Other countries that already have begun shifting toward cashless alternatives include Sweden and Canada.

What are the benefits of a cashless society?

Cashless alternatives to payment make transactions more quick and efficient. Through the use of participating devices, such as smartphones, funds can be transferred instantaneously, streamlining the payment process. Any individual's payment information is linked directly to their device, eliminating the need for pocketfuls of cash, credit cards, and debit cards. A cashless society also means that money no longer has to be printed, saving valuable resources, such as the paper, chemicals, and metals that go into the production of physical currency.

Businesses can also benefit from cashless societies. Cash places a heavy administrative burden on retail locations, which can save time and money through the switch to cashless alternatives.

How can Netclearance help your business go cashless?

At Netclearance, we are proud to provide our clients with mobile payments technology solutions. Danske Bank MobilePay POS, which is spearheading Denmark's transition to a cashless society, is powered by our very own mBeaconPay technology, which works with and operates on a wide variety of POS and smartphones, allowing customers and retailers to exchange payment information in a quick and efficient manner.

It's never too late to take advantage of the worldwide trend toward cashless societies. Contact us today to help your business transition to cashless mobile payments.