REMITTANCES
“ PEOPLE TODAY NEED MONEY TO ARRIVE WITH THE BENEFICIARY AS INSTANTLY AS POSSIBLE , MORE THAN THEY USED TO ”
ABID MUMTAZ GLOBAL HEAD , WISE PLATFORM
it comes to businesses and consumers ,” Mumtaz told us . “ Three or four things stand out to me . One is the speed at which money moves . People today need money to arrive with the beneficiary as fast as possible and as instantly as possible , more than they used to . “ Secondly , they want it to arrive as low cost as possible with as few fees as possible . Thirdly , [ they want it ] as transparent as possible ; they want to know when their money will arrive , how much will arrive , and they want a high level of accuracy .
“ The fourth thing really comes down to convenience – so moving money generally speaking is quite a cumbersome process , especially when it comes to doing that cross border . They want that to be as easy as possible , as convenient as possible , within a few steps or a few clicks – just as we ’ re seeing across most of the banking and financial journeys we ’ re seeing today .”
Maintaining that level of service when the picture on the ground is changing so rapidly , and to such an extent , is a dilemma that keeps remittances professionals awake at night .