Search BizReport
News by Topic
Marketing
- Advertising
- Search Marketing
- Email Marketing
- Loyalty Marketing
- Mobile Marketing
- Social Marketing
- Viral Marketing
- Trends & Ideas
- Internet Marketing 101
Beyond Marketing
BizReport : Ecommerce archives : August 11, 2017
Expert: Improve loyalty with money transfer
According to one expert, financial institutions and other money merchants can improve their customer loyalty by simplifying how money is transferred. Here's why.

Kristina: You believe customer loyalty and money transfer are linked - how so?
Josh Gordon-Blake, VP of Global Partnerships, Pangea: Cross-border money transfers are very personal acts for bank customers. More than 50 percent of senders say their primary reason for immigration to the U.S. is to make money to support family back home. Receivers depend on those transferred funds to cover essential costs such as food and utilities. Plus, with privacy concerns at an all time high, customers are increasingly selective about sharing their personal data. If a financial institution can earn a customer's trust to handle their most intimate financial decision, then that FI has the opportunity to maintain them as a customer across other products and services.
Kristina: What do banks/financial institutions need to do to better serve this area?
Josh: Remittance senders are looking for a premium digital experience and a simple money transfer process. This can be accomplished by offering preferred payment and acceptance methods, rapid onboarding and "know your customer" (KYC), and clear and transparent pricing. It's also important for banks to remember the various challenges faced by customers who send funds to other countries, such as language barriers, financial illiteracy and minimal credit history.
Kristina: How can banks discover what value-added offerings are the most important to their customers?
Josh: A 2016 survey from Accenture confirmed what we already knew -- bank customers are focused on value. This can mean everything from deals and discounts to a convenient banking experience that leverages digital technology. Customers care about price, but will pay for an improved user experience that saves them time and inspires trust.
Kristina: How can banks/financial institutions best develop a strategy to connect with these customers?
Josh: The rapidly changing technology landscape leaves banks with two choices to use remittances to differentiate and increase retention -- build an industry leading technology offering or partner with a technology provider. Either approach would provide the bank with a fresh pipeline to a new customer base and increase retention by allowing customers to access the best remittance experience without leaving the bank's ecosystem.
Tags: advertising, ecommerce, loyalty building trends, loyalty marketing, Pangea
Tweet
Subscribe to BizReport
Please enter your e-mail here:
Latest Headlines
- Top 3 tips to use performance data to improve campaign optimization
- Top tips for brands 'going wide' with email
- Deloitte: Retail, tech to break out in 2021
- Report: 11 billion hours spent on mobile
- Despite shipping delays, shoppers happy with 2020 holiday season
- Expert: How to improve email connection with shoppers
- 4 Data trends to watch in 2021
- How to expand into Latin American markets