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Case Study : hyperREMIT

  1. 1. Case Study: hyperREMIT Background hyperREMIT is a start-up business with a disruptive business model. Based in Toronto, Canada and a subsidiary of “hyperWallet”, the company set out to change the way that remittances are transacted. The idea is to provide this service as a pure online service, with no storefronts like traditional businesses such as “Western Union” or “MoneyGram”. hyperREMIT also introduced innovative delivery services such as remittances being credited to the recipients credit card or cell phone. Their online business model translates into lower cost services, which means that customers can get more money to their destination, faster. This includes foreign workers getting more funds to their families. hyperREMIT had a website and also a small social presence on Facebook and Twitter that was not being used. Challenge hyperREMIT identified a large number of Filipinos living and working in Canada who remitted funds to their home towns. In fact, this group was identified as one of the largest group of foreign exchangers in the country. hyperREMIT needed to position its service in relation to more traditional remittance organisations, ensuring it connected with its target audience on a more emotional or value-based level rather than merely on a functional level. hyerREMIT then had to find the best method with which to communicate with the Filipino community in Canada, and show them how to register online for a remittance service. Strategy KINSHIP digital undertook an assessment of the remittance industry and the Filipino community in Canada. Which social channels they should focus on, what content and value they should provide and how to connect to the Filipino community. The research showed clearly that Filipinos in Canada favored Facebook as the primary channel to communicate with family at home, and so it presented itself as the main social channel for hyperREMIT. Research also indicated that integrating the social channels and providing ‘entertainment’ style content as well as informational content would be received well by the audience. Results • The business has successfully launched in Canada. • hyperREMIT has a unique ‘sign up’ page on their Facebook page which allows new customers to register seamlessly. • They now have more than 1,000 likes on the page (up from 12), who are active registered customers • hyperREMIT has successfully disrupted the traditional remittance business model in Canada. They are now considering other remittance corridors. Client Testimonial “We were totally happy with KINSHIP’s analysis and strategic recommendations. Once we had implemented the recommendations, our customer engagement levels increased by 45%.” Peter Burridge Board Member hyperWALLET Systems