Getting Remittances Right

Abstract:

This Note discusses the features of two agent-based remittance models introduced by banks:

1. Direct remote deposit into a bank account from business correspondent agent (BC agent) location (referred as direct deposit); and
2. Money transfer between two no-frills savings accounts (NFA).

It concludes that with a well explored and researched strategy focussing on customer service and agent satisfaction, banks can service significantly higher number of remitters and receivers with a safe, fast and trusted remittance product/channel.

Tags: BC, Banking correspondent, State Bank of India, SBI, Informal channel, Hundi, Courier, Bus company, IFN 91, IFN91, South Asia, India, MicroSave, MicroSave india, Retail banks , Remittance, Supply side assessment, Process analysis, Customer service, Money transfer, ATM Card, ATM, Product attributes, Core banking, Business correspondent