Millenials drive the need for innovation in the remittance industry" Says Xpress Money COO, Sudhesh Giriyan

~Digital natives want physical transactions to be complemented by digital channels~

Xpress Money is doubling down on its efforts to create new digital channels and augment existing ones as research shows Generation Y “ or millennials “want to be able to conduct financial transactions online and through their smartphones.

“Generation Y “ or the millennials “ are holding their financial providers at arm’s length and want to consume services online and on mobile. This creates tremendous opportunities for a slew of new services to cater for this demographic. In parallel, many of our demographics continue seeking direct face to face contact and interpersonal connections. We are therefore innovating new digital channels while also investing in bolstering our physical presence through new outlets, collaborations, partnerships and round the clock support, says Xpress Money COO Sudhesh Giriyan.

Traditional bonds between service providers and young consumers are loosening, with Generation Y showing more willingness to switch providers for better service. The millennial generation is also keen to consume financial services online and via smartphones “ with some 43% of respondents globally listing online services as the most important aspect of their financial experience.

“Research has pinpointed the powerful drivers currently shaping financial service provision for a younger generation. First, traditional bonds have loosened, with young customers more willing to switch to a better customer service experience “ in terms of fees, time, flexibility, support and online service provision. They also want to be able to consume products and services online without physically visiting branches. Generation Y is nomadic, and also used to getting products and services delivered to meet their needs wherever they are. From car hailing apps to flexi-accommodation to food deliveries via a smartphone, millennials are digital natives that want to access services wherever they are. These people already pay their bills online, find their tribes online through social media, and shop online. Financial services are the inevitable next step, adds Giriyan.

Xpress Money is preparing for a digital future by seeking partnerships in the fintech space to boost service delivery and create new digital channels.

“The millennial experience is about first and last mile fulfilment, i.e. ease of requesting services, and ease in transaction fulfilment. This opens up the field for collaboration between fintech startups and conventional operators to enable a seamless end-to-end transaction that starts with the smartphone. The transactions in the middle of the value chain are still powered by the powerful treasury functions and well-regulated processes that remittance providers bring to the table, adds Giryan.

This hybrid financial service provision model combining fintech and conventional treasury functions is something that Xpress Money is investing in. Not only is the brand curating partnerships with fintech providers to create new remittance channels but has also innovated an open API to enable transactions for banking partners. Xpress Money’s API is plug and play, and lets banks and financial institutions tap the brand’s processing power to fulfil international

About ‘Xpress Money’:

Incorporated in 1999, 'Xpress Money' is a global money transfer brand with a thriving presence in more than 170 countries across the globe through partnerships that have a network of over 200,000 locations. It is one of the most dependable and renowned international money transfer brands across the globe. 'Xpress Money' provides customers convenient, simple and secure ways to transfer money across geographies. Its widespread network is strengthened by collaborations with renowned organizations that include international money transfer operators (IMTOs), banking as well as non-banking institutions, retail chains, online remittance players and fintech companies. Xpress Money's state of the art compliance and security policies ensure customers a secure and hassle-free money transfer process.

Xpress Money is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With deep regulatory know-how, technology expertise and industry leading partnerships, Finablr companies provide a broad array of tailored and trusted financial solutions for consumers and businesses. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.

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