Remittances: The Evolving Competitive Environment

Abstract:

Consumer pull and economics have resulted in remittance products becoming a prime focus for an increasing number of business correspondence network managers (BCNMs) and agents. This Brief examines the various facets of remittance product offerings, highlights some important aspects and issues around the different remittance models, agent economics, client protection and the way forward including recommendations on steps needed to make the increasingly competitive market for remittances more customer (and agent) friendly. Also, watch the videos (video 1 and video 2) where the business correspondent agents talk about the various service providers offering remittances and what is important for the agents as well as the customers.

Tags: Technology, Customer protection, Banking correspondent, Tatkal, Business correspondent, ANM, Agent network manager, Agent economics, MicroSave, FINO, Oxigen, Eko, Graham AN Wright, NEFT, Suvidhaa