How collaboration is driving MoneyGram’s DX journey
THE AGE OF digital transformation (DX) is upon us, and many businesses, regardless of their industries, have made digitalization as their top strategic priority.
But for the global money transfer and payment services company MoneyGram International, investments in digital technology is not just about acquiring the hottest tools in the market, but a means to serve its customers better.
“Technology should be an enabler. MoneyGram does not believe in [deploying] technology just for the sake of it, but to make the process of transferring money easier,” said MoneyGram Head of APAC, Middle East, and South Asia, Yogesh Sangle in a recent interview with Tech Wire Asia.
According to Sangle, improving the process of sending money has multiple facets to it, and MoneyGram relies on technology to get the job done while also being cost-effective.
Technology to enhance customer experience
In addition to speeding up transactions and offering instant transfers, MoneyGram also needs to ensure funds are transferred safely and securely.
To achieve that, MoneyGram has, in recent times, invested in compliance tech, to alleviate the customers’, and regulators’ anxiety alike, Sangle said.
“At the end of the day, when you move money across borders, any regulator or customers are always concerned if the monies will be delivered to the intended recipients.”
Beyond that, MoneyGram also deploys technology to combat scams and fraudulent syndicates that use its platform to prey on unsuspecting consumers.
“I really hate it when anybody uses MoneyGram to carry out illicit activities and perpetuate any kind of crimes. So we have invested a lot in technology to curb that. As a result, our fraud rate is by far the best in the industry.”
As part of its transformation drive, MoneyGram also has launched 28 country-specific websites and mobile apps which allow customers to remit money efficiently and quickly, online, in addition to its traditional agent facilitated transactions.
Collaborative model keeps innovation on track
Aside from developing its own solutions, MoneyGram has also adopted and embraced a partnership model, where it works with regional partners and technology companies to help deliver better service based on consumer demand and market forecasts.
For example, when digital wallets were taking off in China, MoneyGram was quick to partner with Alipay, in order to capitalize on that segment. It did the same in the Phillippines, tying up with country’s digital payment app GCash.
“Whenever we are working with these partners, we are ensuring that we are solving customers need, and not just about launching a digital wallet.”
“Our partners are our strength, and we rarely compete with our partners,” Sangle said, adding that whenever possible, MoneyGram enables and empowers its partners to grow and expand in their respective markets.
This is possible because MoneyGram has a robust engine and APIs which allow it to perform trans-continental money transfers within minutes, on which smaller regional partners can build on, according to Sangle.
“And partners bring in deep expertise in local markets, something which we cannot afford to develop in 200 countries that we operate in,” he said.
Sangle also stated that emerging fintech players such as Alipay are more capable of developing technology that provides better UI/UX for consumers.
“Ultimately, we want to serve the customer better, and we are open to any innovation that helps us achieve that. Which is why this model works for us.”
Recently, MoneyGram renewed its partnership for another five years with EZ Money, its largest agent partner in Malaysia, ensuring the former’s services continue to be offered across the latter’s network.