Expanding Global Busness Integration: Implementing International Money Transfer Services

Expanding Global Busness Integration: Implementing International Money Transfer Services

Expanding Global Busness Integration: Implementing International Money Transfer Services

How often do you send money to another country? For business, the concept of “state borders” does not exist; today, we can build and develop international partnerships while fully residing in our own country.

In recent years, there has been an increase in the number of international money transfers. According to data from the World Bank, in 2022, the volume of international money transfers reached 789 billion US dollars, which is 7.3% more than in 2021. The growth in money transfers is due to several factors: globalization as a trend; advancements in technologies that have simplified the transfer process; and reduction in costs due to high competition.

All of this makes the service of international transfer profitable and popular in the second decade of the twenty-first century.

Navigating Online Implementation  or  A Journey from Web to Mobile

Implementing an International Money Transfer service in banks is not just about the technical setup; the real challenge lies in devising a user-friendly approach and encouraging customers to regularly utilize this service. 

Just five years ago, 95% of international transactions were conducted through web versions of services, and not every bank had such tools.

Our experience with international transfers dates back to 2012, the dawn of the smartphone and mobile systems era. At that time, to expand their capabilities, banks used web applications and terminals for international transfers, but there were plans to harness mobile technologies.

A few years later, when smartphones became an integral part of everyone’s life, this opened up new possibilities for market growth.

Challenges of Adaptation

 

Introducing a novel solution always requires a period of adjustment and acceptance. When we implemented the smartphone-based feature for international transactions, we noticed a trend: rather than an immediate switch to this new method, users predominantly continued to visit bank branches for their transaction needs.

 

To facilitate a smoother transition to this digital innovation, a direct, hands-on approach proved to be the most effective. Bank staff played a pivotal role in this shift. They were not just instructors but advocates of the new technology. Positioned strategically at bank branches, these employees actively engaged with clients, providing step-by-step guidance on using the mobile transaction feature. Their approach went beyond mere instruction; they communicated the benefits of this new service, emphasizing convenience, speed, and security.

 

Experimentation with various methods to encourage adoption was key. While internal onboarding strategies like instructional videos and pop-up hints within the application were helpful, they paled in comparison to the impact of in-person assistance and real-time demonstrations by bank staff. This approach, blending technology with a human touch, ultimately emerged as the most effective pathway to familiarize and comfort clients with the mobile transaction service.

And it has results

The implementation of the new solution paid off completely by the 8th month of the bank’s operation. What changed:

  • The number of transfers quadrupled due to the simplified transfer procedure

  • There was a decrease in expenditure on checks, statements, and other documentation since it became entirely digital

  • Reduction in expenses for customer service staff since the entire procedure was conducted remotely

  • All profit goes directly to the bank without deduction of transaction expenses

Although the process of adaptation and full implementation of the new service took time and resources, the result truly exceeded expectations.

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