bankingciooutlook

How Digital Remittance Market is Taking Shape?

By Banking CIO Outlook | Monday, January 13, 2020

With the current state of economic unrest, the time is ripe for digital remittances to play a vital role in delivering enhanced financial opportunity.

FREMONT, CA:  Today, people have access to financial accounts more than ever. With this, new products and services are being developed to facilitate safe, convenient and affordable usage of financial accounts. Digital remittance today acts as a stepping stone to accessing an array of financial services online. Digital remittance brings celebrated speed and convenience into financial transactions.

There is a new wave of players and a renewed push toward digitalizing remittances. Firms are launching user-friendly apps and new processes to onboard clients, intelligent ways to connect to domestic payments and new business models. The first online-only remittance provider appeared some fifteen years ago with the widespread use of the internet. A digital channel for remittance could potentially avoid the need for costly physical location-based operations. Digital remittances are also less expensive than cash-to-cash services, and most remittance customers seem happy with digital ways.  

Technology can aid in reducing the time and effort required to send and receive remittances. Today, money-transferring companies are collaborating with money providers for remittance payouts. Companies using technologies like machine learning and remote digital identity verification offer more efficient ways to comply with the regulatory requirements that characterize the industry and deliver better service to customers.

The opportunity presented by digital remittance is vast. Increasing access to the internet, innovations in online and offline banking, raising awareness, and understanding of digital tools can help extend the reach of digital remittances farther.

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