Money transfers between two individuals is the most important business for Western Union and accounted for 84.6 percent of revenues in 2009. The vast majority of money transfers are cross-border transactions in which a customer in one country sends remittances to a recipient in another country. The business is heavily dependent on migrants who need to send funds to family members in their country of origin. As a result, transaction volumes can be sensitive to overall economic conditions in countries that have a high level of migrant workers.
The company has a network of exclusive agents for receiving and sending money across various geographies. When the sender of the money contacts the agent, the information is fed into a common data processing system. The sender has to pay a transfer fee for sending the money. Within minutes, the money is transferred to the receiver.
Money Services in non traditional banking sectors including remittances is the exchange of on demand cash from sender to recipients across national and international countries. The recipients is the beneficiary who welcomes the need of this cash for income subsidy, emergency cash , education and daily living expenses.
There is a High demand in development of non traditional banking services including bill payment and remittance location development focusing on International recipients’ due to the low wages in the country of the beneficiary in order to sustain decent standard of living condition.
Defined: a collaboration process between supplier and seller to the end user.
This type of collaboration is through B2B marketing strategies and brand management. These strategies focus on building relationships with and among the brand, owners and partners, intermediaries, suppliers and vendors, while implementing alignment of company or brand objectives and customer value, in order to increase and extend the client lifetime cycle.
Build partnership relationships to allow small business and corporations to develop partnership agreements with Grace Kennedy Western Union. Example: Mega Mart – partners with Grace Kennedy Remittances. Other food markets , wholesalers retail Stores with Grace Kennedy Remittances. Lime partners with Grace Kenney Remittances in a Lime Gift Debit card which can be used for purchases or credit top up as a promotional offer. Colleges and Schools partners with Grace Kennedy Remittances. Large Hotels partners with Grace kennedy Remittances. Insurance Agencies, Credit Unions and Travel Agencies. This is not a franchise, but yet a exclusive agent agreement, business development requirements the business must match the Western Union Business Model.
Cross Media Creative we focus on demand through media channels Strategic Planning we focus on the demographic areas of demand for locations Brand Stewardship where we position the re-seller as a go to location for services. Multimedia Production where we focus on creating brand awareness Web Development where we focus on enhancing customer value, Print Advertisement & Press Release Production Permission Marketing or promotions Search Engine Marketing and Optimization Corporate Identity Project b2b Marketing Planning
Survey marketing Public Relations Multi-language Communications Customer Promotions & Merchandising
Product Development Initiatives to Cross Sell to Financial & Lending Institutions
Product Development Initiatives to Retail Merchants
Location expansion and development: to include Business Centers such as mailboxes and business equipments.
The companies operating in the global remittance market face strong competition with few large competitors and numerous small and niche competitors. The leading money transfer organization like Western Union, Money Gram and Euronet, and other independent players compete on the basis of technology, price and quality of service offered to remitters.
World bank estimates show that economic growth is beginning to recover after the global slump that began in 2008. The decline in remittance flows to Latin America and the Caribbean appears to be bottoming out but still slow to recover with the unlikely event of returning to pre crises levels of 2008 even in 2011. - worldbank.org