Apparently faced with challenges brought about by demands from its millennial client-base, a remittance company has been doubling down on its efforts to create new digital channels and augment existing ones.
This, as research shows the Generation Y – or millennials –want to be able to conduct financial transactions online through their smartphones.
“The millennials are holding their financial providers at arm’s length and want to consume services online and on mobile,” said Xpress Money COO Sudhesh Giriyan.
Offical sources, citing demographics, peg the number of millennial Pinoys in the UAE at almost a third of the approximately one million Filipinos.
Giriyan said this “creates tremendous opportunities for a slew of new services to cater for this market segment.”
“In parallel, many of our demographics continue seeking direct face-to-face contact and interpersonal connections. We are therefore innovating new digital channels while also investing in bolstering our physical presence through new outlets, collaborations, partnerships and round the clock support,” Giriyan said.
Traditional bonds between service providers and young consumers are loosening, with the millennials showing more willingness to switch providers for better service, Giriyan said. The millennial generation is also keen to consume financial services online and via smartphones – with some 43% of respondents globally listing online services as the most important aspect of their financial experience, he added.
Xpress Money is preparing for a digital future by seeking partnerships in the fintech space to boost service delivery and create new digital channels.
“The millennial experience is about first and last mile fulfilment, i.e. ease of requesting services, and ease in transaction fulfilment. This opens up the field for collaboration between fintech startups and conventional operators to enable a seamless end-to-end transaction that starts with the smartphone. The transactions in the middle of the value chain are still powered by the powerful treasury functions and well-regulated processes that remittance providers bring to the table,” Giriyan said.
