FinTech Solutions Explained: Mobetize’s Drive For Excellent Member Experience
The Fintech Solutions Xplained blog series features live interviews with fintech leaders on the credit union talk show, CUbroadcast, during the 2019 Celero DigitalX Conference.
International money transfers: An opportunity for credit unions
Ajay says that credit unions are well positioned to serve Canadians seeking affordable, easy international money transfers, yet they have a low market share.
As Canadians transfer about $25 billion+ a year to different countries, enabling credit unions to capture 10% of that market share will be very impactful for credit unions and position the credit union system to have a meaningful Canadian digital success story helping their members support their friends and families abroad.
That’s why Mobetize is working with credit unions to address pain points they recognised Canadians experience with traditional money transfer vendors:
- High price per transaction
- Lack of member convenience
- Speed of Transaction, most transfers are received within minutes not days
- Risk associated with cancelling transactions (members would not receive their money back for months, if it all)
- Security that is backed by a bank grade money transfer platform
Why Mobetize is different
Mobetize prides itself in being built specifically for financial institutions, empowering them to manage their own programs. With Mobetize, financial institutions can:
- Set their own fees
- Create their own FOREX spreads
- Integrate their brand through a white label solution
- Provide a new value proposition for members, not having to go outside their financial institution to do an international money transfer
Mobetize first attended Celero’s 2018 Fintech Conference as a competitor in the Fintech Innovator Awards. Since then, they formed a partnership with Celero, and launched their solution with four financial institutions.
The data from the launches demonstrates these financial institutions are experiencing success with Mobetize. Ajay says that there’s been 60 to 80 per cent growth quarter to quarter on the dollar volume.
Mobetize in 2020
Going into the new year, Mobetize is taking on a challenge for themselves that has been requested from their clients. Mobetize has had a success with peer-to-peer cross-border transactions — now they are looking to take the next step, B2B transactions.
Ajay mentions “B2B is predicted to grow to $75 trillion in transactions by 2024.” Mobetize is continuing to form new partnerships to be a part of this opportunity, including partnering with Celero.
“[We’ll be] increasing our coverage from 160 countries to 240, with larger volume transactions,” says Ajay. To read the original article, please go to Celero.ca’s Insights