Published on November 10th, 2019 | by Sunit Nandi0
Recent Advancements in Mobile Business Technology
From high-speed internet to secure cell phone lockers, technology has grown by leaps and bounds for the business professional on the go. On top of that, mobile advancements have almost eliminated the investment and effort that was previously required to set up an office space or storefront. This has allowed more inspiring entrepreneurs to take a leap and start their dream business on a remote basis.
As we begin to turn the corner towards 2020, new advancements are coming out into the open, and their existence could change the way that professionals do their business. This new tech provides better security and communication and improves the way that paperwork is exchanged with customers and associates alike.
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Security of Fintech
Financial technology, or fintech, will continue to evolve into 2020 and beyond as new tech is improving the way that companies collect money from customers and pay for necessary services. However, customers and business professionals still have reservations about the true security of these online money transfers.
Enter blockchain technology. As an improvement on existing mobile website security, blockchain uses cryptography to store data into interconnected blocks that come with a timestamp and access that is granted only to authorized individuals, so whenever the data is tampered with, the owner will know and can take required actions. Already used with financial institutions, this technology will be tied with mobile apps, allowing the business and its customers to know that all funds and information are stored securely.
Securing payment information is incredibly important, especially as fintech also improves the way that businesses collect money with mobile payment squares and bitcoin wallets. Advancements in bitcoin are also making it easy to send electronic payments that are not directly tied to credit cards or cash for added security. Ongoing advancements in the security of fintech apps will continue to allow your business to operate more fluidly and may make going to a brick-and-mortar institution obsolete.
While existing mobile technology already makes it easier for you to contact an employee or customer at the touch of a button, new technologies are improving many other forms of communication while almost negating the need to ever be in the office. As it is now, the need for in-person business meetings has become unnecessary with the advancement of mobile meeting apps that allow coworkers to have face-to-face meetings from anywhere around the globe. In addition to video, many of these apps include everything you would have in your boardroom, from digital whiteboards to file sharing.
For many years, businesses have depended on fax machines to get important paperwork to clients and customers, but new tech advancements are making that easier as well. There are several new electronic faxing apps that allow entrepreneurs to conduct business on the go with scan functions that create digital copies of physical paperwork on the spot along with the ability to print electronic records on any available printer. You can then save that information to your cloud storage account, which keeps a record and a backup in case your mobile device is lost or broken.
As we head into 2020, entrepreneurs should take full advantage of cloud technology because secure data storage is only one of the many perks. In fact, advancements in cloud computing can help your mobile website as the lack of physical hardware creates faster loading times, lower maintenance costs, and increased speed for the customers. This quick access will not only lead to satisfied clients but can also help your ranking on search engines.
Another advancement that will lead to quicker communication is the deployment of 5G technology across all mobile devices. The implementation of 5G will make our networks exponentially faster, so businesses won’t face delays when setting appointments and contacting customers. This speed will also improve the potential capabilities of the internet of things (IoT), which allows devices to work together for increased productivity and customer engagement.
The advancements of mobile business technology present a double-edged sword. While they allow entrepreneurs to grow their business on the go, they also present more opportunities for cyberthieves to break into your device and steal private business and customer information. As the years go by, hackers continue to find ways to take advantage of small businesses with malware, viruses, and theft. In fact, recent studies show that 43% of cyberattacks happen to small businesses, and that, on average, a cyberattack can cost a small business an average of $200,000 to resolve. Luckily, mobile technology is also advancing to meet these threats.
One advancement that is quickly gaining steam is the evolution of facial recognition software. When used, this security feature captures your face and transforms it into digital data that then unlocks your device, which aids in eliminating the possibility for hackers to steal passwords and passcodes. On the other side of the coin, businesses are currently testing the ability to require customers to also log in to online portals using facial recognition. This advancement is key because when a customer’s data is compromised while using your service, it reflects poorly on your company, so it is best if everyone is protected.
More businesses are also turning to virtual private networks to protect their devices from unwanted eyes. This system sends all outgoing traffic through a secure and encrypted service so hackers cannot steal your data. In addition to security, many VPN services can also improve your bandwidth efficiency so you can assist your customers quickly and without worry.
The advancement of mobile technology is very exciting, and businesses are thriving as a result. Making sure to test the quality of your mobile products will only enhance their value going forward. And only time will tell where this mobile tech revolution will lead us next.