According to research by MarketsandMarkets, the global mobile money market with be worth $78 billion by 2019. This represents a whopping 45% compound growth per year. With such an incredible growth rate, there will no doubt be a shortage of talent in the mobile money market and companies in this area will be forced to look at their attraction and retention strategies along with alternative staffing solutions.
A great deal of the forecast growth is expected to come from the Middle East and Africa where a large proportion of the population don’t have access to more traditional means of banking. Achieving growth in these geographies will require mobile money providers to set up and build significant operations in these countries. This will result in increased hiring in local areas and increased opportunities for experienced mobile money professionals to move to these geographies to help set up and build these business areas.
As the telecoms industry grows into new areas like mobile money, businesses are finding themselves competing for talent with companies that they wouldn’t previously have considered to be competitors. In this case telecoms companies looking to break into mobile banking will be competing with established banks both for mobile banking professionals and more traditional banking professionals whose skills and experience will be useful for creating a meaningful offering to customers. With banks being notorious for the remuneration packages, traditional telecoms companies may need to consider how they will lure staff away from their high paying jobs.
Currently the majority of mobile money transactions are processed using SMS. As the market grows however, companies will start to introduce new ways of processing payments to meet the demands of their users. As competition heats up in this market area, we expect companies to invest more money in research and development to stay one step ahead of their competitors. This will increase demand for R&D professionals and those working in the more innovative areas of telecoms and mobile money.
What will this mean for telecoms professionals?
As the market grows, so too will demand for workers. With the mobile money market still in its infancy, there is a limited supply of professionals with experience in this area. In the coming months and years we expect to see increased opportunities for telecoms workers to cross train and gain experience in mobile money. This will give them experience in a new and growing market which will stand them in good stead in the future as the market continues to grow.
In addition to cross training professionals, companies looking to move into the mobile money market may be forced to accept workers from other backgrounds with transferable skills. This will allow workers who are disillusioned with their current market segment to move into a brand new market and carve out a place for themselves with real opportunities for growth as demand grows.
The mobile money market represents a great opportunity for banks, telecoms companies and telecoms professionals. While banks and telecoms companies may be able to claim a good sized market share of this growing industry, telecoms professionals can use the growing demand as an opportunity to upskill, cross train and move into new areas to progress their careers in this new and exciting market.