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jerryking : remittances   13

The inexorable two-edged sword : Kaieteur News
December 20, 2013 | By KNews | Filed Under Editorial
december 2013 by jerryking
Immigrants Make Up Big, But Ignored, Niche
Nov 2002 | American Banker | Davenport, Todd Davenport.

Bank of America Corp. and Wells Fargo & Co. are among the banking companies that now let Mexican immigrants open bank accounts with a matricula consular, a form of basic identification offered by the Mexican consulate. Bank of America's pilot program to accept the matricula was so well received that it extended the program to all states on June 1. "The word is definitely out there among the immigrant communities," said Gillian Breidenbach, a spokeswoman for the Charlotte company.

Wells Fargo said it has opened 60,000 accounts since it started accepting the matricula a year ago. It now recognizes a similar card from the Guatemalan consulate and is "in conversations with other Latin American countries" to expand the program, said Wells spokeswoman Miriam Galicia Duarte. The San Francisco company is also talking with officials in the Philippines about the program, she said

The programs are popular, but it may be too early to say if they are profitable. Maintaining low-balance accounts is a costly proposition for a bank, and the means to recoup those expenses could deter consumers. Checking accounts with limited transactions, perhaps tied to a remittance product, could be a solution. Banks apparently need to be creative (in providing services) and patient.
immigrants  remittances  ProQuest  Mexican  niches  underserved  unbanked  pilot_programs 
june 2012 by jerryking
Consumer banking: Counter revolution
May 19th 2012 | | The Economist | Anonymous

the growth of internet usage on smartphones, the rise of “big data” computer processing and the increasing willingness of customers to do complicated things online. These developments have long promised to transform the way banks do business and organise themselves....If this was just a more convenient way of paying, the banks would probably shrug. But it also promises to overturn your existing financial relationships. Instead of reaching for the first card that happens to be in your wallet to pay for a $2 cup of coffee (and risk being charged a $35 penalty by your bank for exceeding your overdraft limit), your phone will choose the best method of payment.
banking  disruption  massive_data_sets  Google  judgment  Paypal  Square  smartphones  data_mining  immigrants  migrants  remittances  mobile_phones 
may 2012 by jerryking
No Rice, No Water-- Can You Hear Me Now?
By: Marjorie Valbrun | Posted: May 21, 2008.

Mobile phones are helping people climb out of poverty, spurring small-scale entrepreneurship, promoting development and even helping farmers and market women work more efficiently and earn more money.

The story of what is happening in Haiti is part of a larger trend taking place in developing countries around the globe, particularly in Asia and Africa. The world is witnessing a seismic social, cultural and technological shift that is changing how people work, live and thrive – all because of cell phones.
Haiti  mobile_phones  economic_development  tools  remittances  ZoomPesa  seismic_shifts  developing_countries 
october 2011 by jerryking
To Help Africa, Sell Diaspora Bonds -
Homeward Bond
Published: March 11, 2011
Africa  Diaspora  remittances  debt  bonds 
march 2011 by jerryking
Do Believe the Hype -
Nov. 2, 2010 |NYT| Tom FRIEDMAN..."the single most important
trend in the world today: globalization — the distn of cheap tools of
comm. & innovation that are wiring together the world’s citizens,
govts., biz, terrorists — is going to a whole new level."....EKO India
Fin Services' founders, Abhishek & Abhinav Sinha , began with an
insight — that low-wage migrant workers flocking to Delhi from poorer
states like Bihar had no place to put their savings & no secure way
to remit $ home to their families. India has relatively few bank
branches for a country its size, so many migrants stuff $ in their
mattresses or send $ home through traditional “hawala,” or hand-to-hand
networks...The brothers' idea: In every neighborhood there’s a
mom-and-pop kiosk selling drinks, cigs, candy & groceries. Why not
turn each one into a virtual bank? They created a s/ware prgrm allowing
a migrant in Delhi using his cellphone, & proof of identity, to
open a bank acct. registered on his cellphone txt system.
India  entrepreneurship  start_ups  Tom_Friedman  banking  mobile_phones  low-wage  globalization  flat_world  insights  text_messages  urbanization  remittances  microfinance  fin-tech  underserved  unbanked  kiosks  neighbourhoods  internal_migration  mom-and-pop  the_single_most_important 
november 2010 by jerryking
Cash advances
Apr 27, 2007 (May 2007) | Report on Business Magazine. pg. 68| by Tavia Grant.
remittances  Tavia_Grant 
february 2010 by jerryking
What World Migration Means for Business
5/19/2003 | HBS Working Knowledge | by Marcelo M.
Suárez-Orozco. Transnational immigrants are just "the tip of the
iceberg," he said. China probably has more than 100 million internal
immigrants moving from rural areas into the cities. The greatest
dynamics today are often within nation-states like China or within
regions of the world, he said. The largest flow of refugees today is
within Africa.

Whether they are moving from one continent to another or from a village
to a city, immigrants may experience the same sorts of upheaval:
political, legal, cultural, and linguistic. "These are not unlike the
processes of moving from Montego Bay to Boston, because [often] they're
coming from completely different linguistic and cultural groups," he
mass_migrations  migrants  immigration  globalization  remittances  internal_migration  dislocations  refugees  Africa  China 
november 2009 by jerryking
The HBR List 2009 - Western Union World
Feb. 2009 HBR by Marcelo Suarez-Orozco.

In a recession, where can you go to find an untapped and eager customer
base? Look to the approximately 200 million migrants worldwide and
their relatives back home – a pool of about half a billion potential
customers. Immigrants who send money and products home are powerful
agents of influence in their own lands. One company that understands
this is Western Union.
marketing  globalization  remittances  Western_Union  immigrants  recessions 
february 2009 by jerryking

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