How eSIM Service Application Can Benefit Individuals and Businesses in the Financial Sector

How eSIM Service Application Can Benefit Individuals and Businesses in the Financial Sector

Time Stamp: July 13, 2023 11:34 AM
How eSIM Service Application Can Benefit Individuals and Businesses in the Financial Sector PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The topic itself is quite intriguing, and as practical experience shows, it continues to gain momentum and remains relevant. I’m ready to share practical cases we have encountered and discuss pricing.

The fintech and banking industry profoundly relies on seamless communication and reliable connectivity to deliver efficient financial services. 

Any service provider is highly interested in increasing its customer base while at the same time lowering retention costs and increasing customer loyalty. By expanding its portfolio of services, including through partner integrations, a provider presents its clients with the opportunity to receive a variety of services from one channel.

eSIM is an innovative technology that is gaining momentum in the telecommunications industry, but the financial sector is still in the process of considering and estimating its advantages. Meanwhile, this is an opportunity for bank customers to always stay in touch anywhere in the world, without limitations or overpayments. For a financial institution, in the case of integration with an eSIM provider, it is the growth of customer involvement in the banking brand and services, competitive recovery, and the increase of the average purchase size.

While travelling the world, bank clients can use their bank applications on the go due to digital SIM cards activated in their smartphones through the app. They won’t have any issues with purchasing a local SIM card in each new country, hunting for unsecured Wi-Fi spots, or overpaying for the roaming service from their home operators. By using a SIM card, they will have a choice of local mobile providers. The partner offers a global eSIM card to be used in 125 countries for affordable prices and with a seamless, reliable internet connection.

In terms of its partnership programs, companies offer customized white-label solutions to fintech companies so they can offer telecom services to their clients. In a nutshell, the company sells data traffic to its non-telecom partner for wholesale tariffs. This partnership model provides a company with the opportunity to resell GBs of internet traffic to its clients with a minimum 30% margin.

Pay as You Go Data Plan for Cost Optimization

To be more specific, let’s consider the example of the company Yesim and its pricing plan.

The company offers various data plans depending on the data traffic volume and duration of a plan’s usage. But the most efficient option is a universal Pay as You Go plan, which offers flexibility and cost optimization for data usage in the fintech and banking industries. Key features of this plan include:

  • Cost Control: The Pay as You Go plan allows users to monitor and manage their data usage effectively, ensuring they only pay for the data they consume. This is especially valuable for individuals who travel frequently, as they can avoid excessive roaming charges.
  • Seamless Connectivity: With the Pay as You Go plan, financial professionals can enjoy uninterrupted data connectivity in 125 countries. This is particularly advantageous for people who frequently travel for business purposes, ensuring they stay connected at any time and can access critical financial systems and services.
  • Flexibility: Pay as You Go provides the flexibility to activate or deactivate the data plan as needed. Financial professionals can easily adjust their data usage based on project requirements, travel schedules, or other business needs.

Virtual Number for Secure and Dedicated Communication

In the fintech and banking industries, privacy and security are paramount. The virtual number feature enables users to rent private virtual phone numbers. A user can choose one or a few virtual phone numbers to protect his connection privacy more effectively. With such a phone number, mobile users can receive SMS messages without having to give their actual phone number.

Virtual phone numbers are supportive in situations when some services are inaccessible or it is essential to protect confidential data better. They don’t require a SIM card and are not tied to a specific physical location. As well, virtual numbers allow a user to register on platforms such as WhatsApp, Amazon, or Tinder in a foreign country where it’s not possible to make verification with your local phone number. So, you can easily receive an OTP from any service, and make sure your main phone number is secured and not related to this service.

This feature offers several advantages:

  • Dedicated Communication Channels: Financial professionals can have a dedicated virtual number for specific purposes, such as client interactions, secure communication, or departmental communications. This ensures efficient and confidential communication channels, improving overall operational effectiveness.
  • Enhanced Privacy: With virtual numbers, users can keep their personal and business communications separate, maintaining privacy and confidentiality. This is particularly beneficial for banks, financial institutions, and fintech startups that handle sensitive customer information.
  • Global Accessibility: the virtual numbers can be used internationally, allowing financial professionals to establish a local presence in different countries. This enables seamless communication with international clients, partners, or remote teams, without the need for physical SIM cards or additional roaming charges.

An everyday case. The user is going on a business trip to Israel. Having a home country phone number, he faces a problem getting registered in an Israel taxi app since they accept only local phone numbers. Consequently, he buys an Israeli virtual phone number to fix the issue. Moreover, having a local number will always be beneficial for any registration in a foreign country, as for sure a user can avoid touristic taxes and margins that services put on top of the local price.

The app Additional Product Features

  • Dual SIM Functionality: eSIM technology enables devices to have dual SIM functionality, allowing users to have two separate lines from different cellular providers on a single device. This is particularly useful for individuals who wish to keep personal and business communications separate, providing better work-life balance and efficient management of client interactions.
  • Secure Connectivity: the app ensures the security of virtual SIM cards’ credentials, protecting sensitive financial information from physical SIM card theft or cloning. The embedded chip securely stores the SIM credentials, providing an additional layer of protection.
  • Easy Activation and Switching: simplifies the activation and switching process for eSIMs. Users can activate their digital SIM cards during device setup or later add or transfer an eSIM using various methods.

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