Pareteum for the Financial Services Industry
Over the last couple decades, digitization has revolutionized the financial services industry. Online banking, neobanks, mobile wallets, commission-free trading apps, and “buy now, pay later” (BNPL) apps have all democratized finances for countless people the world over. Likewise, the rise of digital ledgers and blockchain technologies have facilitated numerous innovations in cryptocurrencies, digital coins, and non-fungible tokens (NFT).
2.5 billion people worldwide are expected to use online banking services by 2024 (Statista)
Companies deploying smart solutions in the insurance industry can reduce the application processing time by more than 99.9% (The Insurance Marketer)
75% percent of consumers have a rewards program attached to their preferred credit card (Business Insider)
The Rise of Digital Finance
Financial services are evolving rapidly. As a result, entrepreneurs and industry stalwarts operating in banking, insurance, fintech, and other financial sectors have begun looking for ways to diversify their offerings, launch innovative new solutions, and access new markets.
They’ve focused especially on:
- Creating durable relationships with clients, cardholders, policyholders, etc.
- Differentiating their brands from competitors.
- Leveraging data to identify competitive threats and business opportunities.
- Improving outreach via digital channels for promotional and communication purposes.
Pareteum's Products and Solutions
Pareteum offers a full suite of products and solutions for banks, insurance companies, fintech companies, credit card companies, and other financial institutions and organizations.
How Can Financial Services and Fintech Companies Leverage Pareteum?
Stand Out in a Crowded Market
Add New Products and Services to Diversify Business
By launching branded mobile services banks, credit card brands, insurance companies, and other financial services can leverage their industry recognition to access new markets and establish new revenue streams. They can build lasting relationships by converting clients, cardholders, and policyholders into subscribers. And the best part is, they don’t need to become telecommunications experts to get started!Create More Attractive Loyalty and Reward Programs
Credit card companies, insurance providers, and other financial services need loyalty programs that capture their customers’ attention, spur them to action, and deliver actionable metrics. Pareteum’s Incenti-Fi Promotional Wi-Fi vouchers offer a valuable benefit that can be used to incentivize specific actions, such as taking out an insurance policy or signing up for a credit card. They can also be used to generate actionable customer insights.Improve Customer Experiences
Enable Smart Kiosks and Other IoT Offerings
Smart kiosks can help banks and other brick-and-mortar businesses reduce lines, provide more efficient services, reduce labor costs, boost revenue, and, most importantly, improve customer satisfaction. The Pareteum SmartConnect solution can facilitate always-best-connected experiences for smart kiosks and other Internet of Things (IoT) devices.Improve Digital Security
With Pareteum’s SMS and Voice messaging solutions, companies can bolster digital security. For instance, SMS is a great option for two-factor authentication (2FA) and multi-factor authentication (MFA). It can also be used to alert customers when suspicious activity is detected on their accounts.Enable Real-time Promotions and Direct Customer Engagement
Pareteum’s SMS and Voice messaging solution also make it easy for businesses to engage with customers in real-time. They can be used to send account balance information, promote new services or offerings, generate interest in events, alert clients to updated store hours or service interruptions, and more.Identify Marketing Opportunities and Competitive Threats
By deploying Pareteum’s Incenti-Fi Promotional Wi-Fi Vouchers financial services can access anonymized, first-party location data via visual Wi-Fi dashboards. This means they can monitor which brands and services customers like best by identifying the Wi-Fi SSIDs they most frequently encounter. This can be used to address both competitive threats and affiliate, affinity, and cross-marketing opportunities.Related News
March 17, 2022