Mobile and digital channels offer a huge growth opportunity for international money transfer organisations (IMTOs) as the industry still remains still 94 per cent 'brick and mortar', an expert said.

Digital channels provide a tremendous opportunity to tap new audiences and deliver additional value to existing consumers, said Xpress Money COO, Sudhesh Giriyan.

Giriyan’s comments came during a high-powered panel discussion on e-banking and digital transformation at the recent Banking and Innovation Summit 2016. He also noted that stronger partnerships between banks and money transfer brands can create value for both parties while benefitting global audiences.

“Xpress Money has always welcomed collaboration, not only with financial institutions, but also other IMTOs that share the same objective -  to better serve the end customer. Partnerships between financial institutions not only help cater to the unbanked population but also deliver a seamless money transfer experience to the banked customers,” Giriyan noted.

Xpress Money is partnering with renowned banks in the UAE to give its customers the option of seamlessly transferring money online, to their beneficiaries across the globe. The brand has also partnered with M-Pesa mobile wallet in Kenya, MTN in Ghana, Gcash in the Philippines and Telenor in Pakistan to enable convenient remittances through mobile wallets.

“There is growing recognition of the potential of digital and mobile channels to serve new audiences, reach unbanked customers, and create added value. While many customers like the option of physical outlets they can touch and visit, the industry should capitalise on the immediacy, convenience and potentially lower costs of digital channels,” Giriyan said. - TradeArabia News Service