Swift remit a users perspective on the benefits
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This was a brief approach on the SWIFT Remittances Platform's benefits to the challenging Remittances Market. It's terse look at the issue, but my "take" goes beyond a simple one: How could banks address the challenge when they had not prepared for this? The growing flow of remittances isn't short of extraordinary, especially if you consider the "slide" inside that "By 2040 developed countries will be COMPETING FOR MIGRANTS"...We'd better prepare!
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Swift remit a users perspective on the benefits
- 1. A User’s Perspective on the Benefits of SWIFTRemit Presented at: SWIFTRemit Business Day Miami, Florida Octubre 11, 2011 By: José Payano Head of Innovation & Channels Banco BHD, S. A.
- 2. SWIFTRemit Overarching BENEFIT… Now that SWIFT has put in place a Global Remittances Platform I will devote this presentation to consider the remaining problems…
- 3. SWIFTRemit Overarching BENEFIT… • How to create «Social and Economic Value» for the constituency markets? • How to deal with the inability of banks to handle the «new» problem?
- 4. Remittances effect better wealth distribution… 800 800 Million 600 200 Source: World Bank
- 5. Remittances effect better wealth distribution… http://www.torre.nl/migrantsmovingmoney/
- 6. The sender and Receiver are usually non-banked! Sender Receiver Agent MTO Agent The First Mile The last Mile Both senders and receivers of remittances tend to remain outside the OECD – Competition and Remittances y LA formal financial sector Lenora Suki, Columbia University
- 7. Banks aren’t really partaking… Depository institutions have only a small participation in the Remittances market of 5%- 10% of the total depending on the country. OECD…
- 8. How Remittances contribute to Development? Day-to-Day Livelihood Health Productivity Care Income Decile Human Education Upgrade Capital Remittance Use Small Scale Build Assets Investments Small Savings Small Jobs Bussiness The Impact of Remittances In Development/ MasterCard
- 9. Cutting Remittances costs is one of the biggest challenges… 2-5% Cost reduction 350 Billions 338 Billion 2008 12 Billion Growth in 10 years… This might certainly create an impact in the lives of many households…
- 10. Shrinking Population…Increasing demand for migrants?
- 11. How should we pursue innovation?
- 12. Creating value with “The Financial Inclusion Model”… To sell dreams… We must create value, of Social and Economic kind: WE shall think of how to better the lives of people through our Technology innovations!