Business consultancy project

Bank and Financial Institutions.

Traditionally all money transactions have been proceeded by financial institutions and banks. However, the rapid changes in technological innovations and consumer preference also affected the bank and FI services. With the evolution of high-tech companies and mobile operators raising interest to the financial services urge the traditional market players sedulously strength their market position. New players in the business area mitigate banks position by providing alternative services and disintermediate banks from some money transactions process. (Omarini, 2018)
Banks also are enlarging their product portfolio through different assets. Now, most of the banks are establishing retail banking systems and are chasing technological development by trying to sustain consumer retention through different features. Almost all banks are trying to adopt digitalized services by providing mobile banking and considering the implementation of Artificial intelligence features in their product portfolio. Modern digital banking is becoming key competitiveness in the financial business area as well. (Ovum Decision Matrix: Selecting a Digital Banking Platform, 2019)
Despite all innovative efforts, banks are remaining the foremost institute in the significant money transactions, and the new players are not able to replace their functions completely. However, in the time of rapid progress, in addition to refining the product portfolio and implementation of digitalization, banks can make a win-win solution agreement by making a cooperation with wireless telecom companies. (Rosingh, Seale, & Osborn, 2001)

3. Smartphone Companies

Today Android and iOS devices are serving the online payment services, like Apple Pay, Google Pay, and Samsung pay. The usage of these services is straightforward, and within a short period, these online services get a significant user consumer profile. The users’ number is sharply increasing especially in the developed countries. (Apple pay and the Benefits for You, 2015)
According to the study from Juniper Research, the mobile payment contactless users will exceed 760 million by 2020, which will be two times higher than estimated in 2018. It is also predicted that the original equipment manufacturer (OEM) pay services Apple Pay, Samsung Pay, and Google Pay, will reach 450 million by 2020. (Study: Apple Pay to reach 200M users by 2020, 2018) All 3 OEM pay services are integrating their hardware system, and the availability of POS payment solutions makes them highly compatible in the mobile payment industry. (Donkin C. , Apple Pay hits multiple new European countries, 2019)