Fintech is booming – why don’t you take part by offering a relevant service?
Fintech is booming but it seems that telcos are not capitalising on the opportunity they represent. In particular, regulations demand that mobile calls in the financial services industry are recorded, creating a huge opportunity for telcos to provide a solution. But, recording is only part of the requirement – to capitalise on this, you need to do more. Find out how.
Across Europe the Financial Technologies, or Fintech, industry is booming. Populated by start-ups, as well as established enterprises and organisations, there has been massive investment in the provision of digital financial services, products and related offers.
And yet, to date, the market has not been well-served by telcos, at least not according to a report by analyst firm STL Partners, as part of its regular research notes. “Telcos have found only mixed success in financial services”, notes the report, which rather sets the tone.
Despite this, there are significant opportunities for telcos in financial services markets, whether we refer to them under the fashionable label Fintech or otherwise. For a start, new legislation that applies to markets within the EU mandates the recording of calls made via mobile phones (whether supplied by an organisation to its employees, or whether provided by a contractor). Of course, there are many solutions that are available to record conversations on a fixed phone but few that can seamlessly provide such capabilities to mobiles.
In the UK alone, this could apply to as many as 300,000 business users – and this figure is probably on the low side, neglecting as it does the growing involvement of fintech start-ups entering the industry. Taking the EU as a whole, that’s a significant population to address and a sizeable market opportunity, not least because of the potential to add other services.
That’s because recording alone, while necessary, is not sufficient to ensure compliance. Recordings have to be stored. They have to be protected, they have to be secure, it must be possible to correlate records across different dialogues, it must be possible to provide administration so that users cannot arbitrarily delete records, and so on. In fact, a truly compliant mobile recording solution is complex and has to be sufficiently robust to meet both current and emerging regulatory requirements.
Happily, we can help. We’ve developed long experience in the delivery of secure mobile call recording, working with optimised storage solutions that ensure full compliance with relevant legislation, ensuring that you don’t just offer a recording service, you offer a compliance solution to a proven problem for which there is likely to be significant demand. If you are interested in launching a service that commands a valuable monthly premium and significant ongoing revenue potential, then why not get in touch?