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Future trends in FX and Money Transfers ?

A downloadable presentation taking a look at the Future trends in FX and Money Transfers

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Future trends in FX and Money Transfers ?

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  1. Hello. I’m Mark Crowson

  2. Future trends in FX and Money Transfers ?

  3. I’m not 57. I’m 17 with over 40 years of experience. Who am I to discuss this?

  4. Future of FX & Money Transfers ?

  5. Not a lot (apart from the last few years) What changes have we seen in the past 40 years ? Retail FX & Money Transfers have basically stayed the same process ! Travellers cheques have died and pre-paid cards/wallets have emerged However, the digital world is now finally catching up in these sectors (and catching-up quick)

  6. 1,854 MSBs registered with HMRC in the UK 44,471 High Street Bureau de Change/ Money Transfer Retail Locations Current market Facts and Figures (UK) +£12bln UK Outbound FX currency sales (estimated) +£6bln UK Remittances sent - P2P (estimated)

  7. UK – regulated outbound remittances – estimated market size & share by channel Circa £6bln pa sent from the UK Source:- MT-FX Consulting

  8. UK – outbound estimated FX market size & share by sector/channel Circa £12bln pa in Foreign currency purchased for outbound use Source:- MT-FX Consulting

  9. Industries already impacted by the digital world Data from Euromonitor International

  10. Online Bookings (direct with airline/hotel car hire companies) Travellers Cheques Online/Mobile App Banking Pre-Paid Cards/wallets Retail Banking Retail Travel Agents Digital impacts in our sectors so far Click & Collect/ Multi-Currency Cards/Currency dispense ATMs/ Overseas ATMs Online/Mobile Apps Retail Money Transfers Retail FX

  11. Mobile is now the leading platform for retail banking with consumers How will mobile feature in Money Transfers and Currency Exchange ?

  12. Rising Tide Digital remittance growth By year-end 2018 the world remittance market is expected to have risen 43 % in just two years. A switch to digital payments has fostered growth

  13. New (digital) market entrants

  14. Messaging Apps Telco Worlds Social Media Mobile Wallets What part will new technologies play in the future for FX & Money Transfers?

  15. Disruptor or Facilitator? Blockchain and Bitcoin in Global Remittance

  16. Will challenger banks replace physical branches? Challenger banks are attacking banks across sectors

  17. Challenger banks add fintech partnerships to grow Challenger banks are addingfintech partnerships to grow Partnering is the solution to growth APIs and enabled integrations are a cheaper faster way to launch products and acquire customers

  18. Future Challenges? Headwinds for Bricks & Mortar based Retail FX & MTO’s Increased Compliance / Regulatory processes/ Costs New/aggressiveCompetitors Differentiation/Diversification

  19. Never forget ! What do consumers generally want ? Trust / Reliability Good Price/Value Convenience Speed

  20. Therefore, The need to be relevant ! Is your business ?

  21. Thank You for listening ! Mark Crowson (markcrowson1962@gmail.co.uk)

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