Running a Successful and cost efficient Remittances Business

Over the last few years, the remittance business has grown in importance to commercial banks. While remittances were originated almost exclusively by money transfer agents, today banks are strategically leveraging their payments capabilities and extended distribution networks to tap into an industry that generates $23 billion in revenues. Banks have been launching new initiatives that allow a more varied blend of networks and consumer-facing technologies. The ability of banks to provide low priced solutions on a relationship basis, to form alliances with local banks, and the scale and efficiency to manage costs, among others, are important operational factors that determine the competitive advantages in a business that has seen a proliferation of offline and online players.

This report is part of the Consumer Banking Competitive Benchmarking Series and presents The Asian Banker??s composite view on the key elements and drivers that shape the remittances business.

Report highlights:

• 1. This report captures important benchmarks players need to be aware of in running the business.
• 2. It provides key operational insights into macro, market and street level fundamentals from which banks are able to build their own benchmarking templates and capabilities.
• 3. It identifies operational best practices among fi nancial institutions in developing a cost-efficient remittance system.
• 4. It also identifies emerging strategies in growing remittance business and competing eff ectively.
• 5. It outlines key success factors of an integrated business architecture and its processing system.
• 6. It also outlines key quality management and service tools.
• 7. It identifi es technical advancements and their applicability in growing remittance business.

Why should you buy this report:

• 1. Build your own performance management monitoring capabilities in the remittances business.
• 2. Gain insights into the key drivers of the remittance business.
• 3. Understand core functionalities and operational insights in growing and running a successful remittance business.
• 4. Learn of extended challenges and solutions in the area of processing and registration.
• 5. Facilitate building up your own scope of comprehensive products, services and solutions.

Who should buy this report:

• 1. Heads of consumer banking, retail payments, remittance business, strategic planning, research and marketing.
• 2. Non bank remittance institutions and online players who wish to improve their understanding of a commercial bank's remittance business.
• 3. Research analysts in banks and non-banking fi nancial institutions.
• 4. Director of sales, senior sales managers, product and service developers and other sales personnel with responsibility of remittance products and services.
• 5. Vendors and service providers targeting the fi nancial services.