Verizon faces challenges like poor customer experience and stiff competition from other service provider companies like AT & T. Therefore, to remain relevant and survive in the industry, Verizon needs to restrategize and find a new segment of business to invest in. However, before it does so the company requires engaging with its customer better by giving them a better experience with their services as well as attending to their queries.
Mobile Money
A viable business venture Verizon can invest in to capture a greater percentage of its business is investing in mobile money (Chatain et al., 2011). The fact that the company provides internet services to mobile devices suggests that its clients can have access to a load of information from any point so long as they have their smartphones or tablets with them. With the same concept of mobility, providing mobile money services would help customers have access to their money from the comfort of the gadget. Verizon can come up with an App that the client can install free of charge and use it to deposit and withdraw cash as well as make payments with. The service would allow people to have less baggage in carrying credit cards or cash while making transactions. The service would require internet access, which Verizon already provides. The mobile money service will give clients ease of transacting and moving around with cash. Mobile money would help Verizon grow its market share in the industry as well as serve its customers more.
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Mobile Banking
The mobile money App is a gateway to mobile banking. Customers have a hard time going to the bank to make transactions, and so with the help of debit and credit cards, they have been able to make transactions at places of business and withdraw cash from ATMs. However, the cards do not provide an interface for customers to get their balances and view their transactions unless they get to the bank. A link between the money app and bank accounts can be instrumental in providing an interface for people to move money from their bank accounts to their mobile money account and vice versa. The opportunity is another way for Verizon to realize growth.
Tap and Go Communication
Verizon’s advancement in mobile money and mobile banking technology will ensure an aspect of growth. However, another opportunity exists in the amount of time people take to complete a transaction. Near field communication (NFC) technology enables the touch and go payment methods, therefore, allowing customers to spend less time transacting. All they will need to do is open the App and tap at the counter for the payment to be reflected. NFC is another opportunity for growth.
Reference
Chatain, P.-L., Zerzan, A., Noor, W., Dannaoui, N., & Koker, L. D. (2011). Protecting mobile money against financial crimes: global policy challenges and solutions . World Bank.
