IMTC Miami Conference - Social Media and Remittances - Michael Kent

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Social Media, Remittances, Money Transfer

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IMTC Miami Conference - Social Media and Remittances - Michael Kent

  1. 1. Social Media and Remittances Michael Kent, CEO - Azimo November 7th, 2013
  2. 2. Azimo is the Re-Imagination of Cross Border Consumer Payments Then Expensive, Slow, Inconvenient and High Exception, Now Low Cost, Fast, Easy, and Efficient
  3. 3. Automated low costs, fast, convenient and secure transfers, any-time, any-device to 190+ countries Top Corridors SWIFT Cardless ATM
  4. 4. “There’s going to be an opportunity over the next five years or so to pick any industry and rethink it in a social way… we think that every industry is going to be fundamentally re-thought and designed around people.” Mark Zuckerberg – October 2010
  5. 5. UK Money Transfer Customer Survey – Jan 2012 2,000 respondents • 43% have internet enabled Smart Phone • 67% have Facebook account • 59% would try an internet / mobile service
  6. 6. There are 1.1bn+ Facebook users with huge populations in both send and receive countries Send 1 6 9 10 11 13 15 17 19 20 Country United States United Kingdom France Germany Italy Canada Spain Japan Malaysia Taiwan FB Users Millions 166 33 26 25 23 18 18 17 14 13 Receive % Pop FB Users 53% 52% 39% 31% 38% 53% 37% 14% 47% 57% 3 4 5 7 8 12 14 16 18 Country Brazil Indonesia Mexico Turkey Philippines Argentina Thailand Colombia Bangladesh FB Users Millions 63 59 51 38 32 30 20 18 17 % Pop FB Users 5% 30% 21% 33% 40% 29% 48% 26% 38%
  7. 7. World Map of Social Networks – 06/13
  8. 8. Social Networks Adoption Lifecycle Q-Zone Facebook 1.1bn users March13
  9. 9. 33% sign up with Social
  10. 10. Marketing New Channel Broadcast Social Media Engage Social Proof Beneficiary KYC
  11. 11. Social for Marketing but there is much more • Great targeting • Use existing customer info • Conversion and ROI remains shakey
  12. 12. Social for KYC and Compliance Velocity Examples Blacklist / PEPs/ Sanctions Blacklist / PEPs/ Sanctions Device ID Social Profile YES MAYBE NO
  13. 13. Social as a Inbound Communication Channel – embedded Apps and customer support Where is my money??
  14. 14. Social for Beneficiary Engagement and Exception Reduction 11% Agent inputs details from Sender 2% dsdsdsd Beneficiary inputs payout details
  15. 15. Social for Broadcast
  16. 16. Social to provide Proof and Reassurance High Trust and Advocacy
  17. 17. Social Amplification of Word-of-Mouth • Amplify traditional communication • Service • Value • Speed • Customer get customer
  18. 18. Engage with Social, Retain with Love Acquire and Engage Retain >$300 (LTV) (CAC / CPA) <$35

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