- 20 years experience in the money transfer and remittance business, both in Latin America and in the US.
- Since 2001, consultant for Companies and Banks on Money Transfer issues in Latin America, USA, Spain and the United Kingdom. He routinely gives lectures and seminars on subjects related to money transfer, remittances and financial inclusion.
- Since 2010, Director of IMTC Conferences, developing Conferences, Seminars, Trade Fairs on International Money Transfers, such as IMTC Miami, IMTC West, IMTC Mexico & IMTC Brasil.
- Specialties: Market Development, Strategic Advice, Mergers & Acquisitions
- All 7 Best Practices
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- One-on-One Call with Expert
- Session Summary Report
- Post-Session Engagement
- Money transfers keep growing steadily.
Global money transfers keep increasing steadily at a rate of 10 percent to 15 percent per year, and forecasts suggest that this trend will continue. But not every market is showing gains. The growth is mostly confined to Asia and Africa. Money transfers developed in Europe and the United States, but now there are new corridors opening up, such as the corridor between Brazil and Bolivia, or between outh Arabia and India.
- The industry is moving to online and mobile transactions.
The money transfer industry is moving from agent or cash based channels to online and mobile channels. As cell phones and smart phones become the central device for all communications, transfers are moving to these ubiquitous platforms. The pace of this shift varies from one market to another, more slowly in some channels, but very quickly in others.
- Money transfer is more than just migrant-based transactions
Money transfers have been dependent on migration. When many Mexicans were emigrating to the United States, money transfer grew along with the pace of immigration.
Now, money transfers are used for much more than migrant workers sending money home. People are paying bills through money transfer channels, either because they have a second home, or because they are paying bills for their children who are students. These financial services are moving outside of traditional banking.
As life becomes more mobile and more financial transactions are moving online, the traditional profile of money transfer companies and their customers is changing.
- Telecommunications companies are moving into the industry
Telcos are moving into money transfer due to the use of mobile phones as payment devices. One telecom company in Canada is even seeking a banking license. Although others may not follow this trend because some dislike the banking regulations, expect non-traditional players to continue to enter the financial services market. Many telcos want to move into the payment space in some capacity and this trend is likely to produce some very interesting partnerships.
- Technology companies are also partnering with financial services firms.
- Traditionally, financial services companies have developed their software systems in-house. Rapid changes in technology have influenced some such companies to look to outsource their technology needs.
This trend brings on a host of difficulties from security issues to the fear of losing the customer to an outside provider. As technology becomes more complicated and security threats become more dangerous, the technology aspect of the financial services game will become a major focus.