Making and receiving cross-border payments has simplified significantly since the turn of the last century, mainly because of technological advances. While sending money to a foreign country is no longer a time-consuming or expensive proposition, multiple factors are at play behind every overseas-funds transfer.

 

FinTech companies from this realm such as TransferWise and WorldFirst can gain an accurate and deep understanding of their customer-base by exploring the big data they have on their hands, addressing aspects such as how often someone uses their services, the reasons behind transfers, and preferred payment and transfer methods.

 

Using Big Data

Carrying out an overseas fund transfer brings with it a host of information, which may or may not be used to good effect. Not only does the service provider know how much money is sent, it is also aware of the sender’s identity, the identity of the recipient, the destination country, and the preferred mode of payment. It will, in all likelihood, know of the reason behind the transfer too.

International fund transfer companies can benefit by learning why their customers keep using particular services, whether they send money to one or more recipients, and how much they transfer on an average. This would serve the basic purpose of turning to big data – identifying patterns that are not visible otherwise.

 

Big data aggregation can also give these companies valuable insight by relying on aspects such as device information, time stamps, and locations. For example, do customers carry out transfers mainly from homes or offices?

 

Using big data to collect different kinds of information might not seem appropriate at first. After all, why should a business invest in the aggregation of big data if it has a sizeable chunk of repeat customers? While this seems like the case, an increasing number of companies now strive to create personal relationships with their clients, and this is where analyzing big data smartly can prove to be beneficial.

The Smart Way of Looking at Big Data

Given the large volumes of information that comes with big data, it is important to distinguish the useful from the not. Ideally, the information that fund transfer companies get should come with specific points of focus, enabling personal connections between them and their customers. Going forward, while companies will act according to the trends they see, customers will feel more empowered when they’re given the ability to express their needs and carrying on as before.

 

Conclusion

It will be unwise if overseas fund transfer companies don’t turn to using big data to give their customers better experiences. Not only can this exercise result in increased customer retention, it may also help lower operational costs in the long run.

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