The 6 questions everyone will be asking at FinovateFall 2015
Q: What is the ‘Internet of Finance’?
A: You’ve probably heard of the Internet of Things (IoT) — the idea that even the most mundane of items will soon be accessing the internet and talking to each other. The Internet of Finance is RedCloud’s answer to the IoT, creating a vast network of connected finance devices and nodes that can create new trading possibilities and bring the unbanked and underbanked into the global marketplace.
Q: Are mobile payment platforms a threat to established banking firms?
A: Only if the established players fail to adapt and respond to the huge demand for innovative and more efficient payment solutions, particularly in developing economies where banks find it difficult to deliver banking services through traditional channels, new players like MNO sees opportunities and are trying to fill the gaps. But the opportunity is still there and there is still a lot of room for innovation.
Q: Is fragmentation of platforms likely to be a problem?
A: Fragmentation of platforms is the problem. There are hundreds of vendors out there, but often they only offer small elements of what organisations are looking for. Also, there are multiple examples of relationship break-downs between finance firms and mobile providers.
The market is changing rapidly, especially with the development of smartphone markets. The RedCloud 1 Platform is breaking these interoperability issues, offering an open and configurable ecosystem that allows for any connected object to make payment through the internet.
Q: How is RedCloud 1 different?
A: We feel that RedCloud 1 is the most powerful digital financial services platform available today.
The platform has been built with configurability in mind. It provides one platform that allows the development of any transaction workflow and any business model in few days our APIs can be leveraged to build a truly connected global payments ecosystem to integrate with pre-paid and post-paid billing, e-commerce websites and know-your-customer (KYC) databases.
With MyRedCloud, organisations can make changes on-site in near real-time, eliminating the need for change requests or costly consultants to make changes to the platform. What’s more, we are mobile network operator agnostic, can integrate with card systems and have a bank-led wallet strategy that enable a wide range branchless banking scenarios through an agency network.
Q: What’s new in the payment platform space?
A: The current buzz is around blockchain and how to leverage this powerful technology to make more secure and efficient transactions. It's an interesting proposition that RedCloud is following very carefully, it is different to anything that has come before. That is why RedCloud is soon to launch RedCloud 1.
Q: What will the world of finance look like in five years’ time?
A: Very different to today. Technology is the driving force, and so often we see how technology can change how people live and behave in just a few years.
The smartphone has already done this, and it’s happening in other spaces too; automobiles, home appliances, and fitness. The key is not so much to accurately predict the future, but instead to ensure your business has the tools that can facilitate the new directions that the future may hold.