If you wanted to thrive in the growing industry of cross-border money movement, how would you do it? Would you start a new cryptocurrency? Or invent an all-mobile service.
Both ideas might grow nicely, but, quite simply, they wouldn’t be enough to compete.
In this new Reuters Plus video, of Western Union Global Money Transfer President Odilon Almeida explains that there are three realities to cross-border money movement today. Cash continues to grow. digital transfers continue to grow. The total amount of money being transferred across borders continues to grow.
Therefore, he adds: “The winning combination of the future is not the company that chooses to play in one segment, but the company that plays in every segment.”
When Western Union says we are omnichannel, we mean it. We are eliminating the barriers between digital and physical financial services so if a customer wants to deliver cash at a retail site and have it arrive instantaneously on a relative’s phone across the globe, we can do that. Whether it is cash, or mobile wallet, or website or kiosk, we are offering ever-proliferating options to meet our customers’ needs.
Because as Almeida lays out in this video: “The ultimate competitive advantage in cross-border money movement will be to empower the consumer to move money the way they want and the time they want.”