|
|
|
 |
|
Session Description:
One of
the most profound impacts of
globalization on individual consumers
has been the explosive growth of
international remittances sent by
migrant workers to family and friends
abroad. In 2006, $300 billion worth of
formal (i.e., tracked by central banks)
remittances was sent around the world.
Estimates for informal remittances are
about half that amount, adding up to a
total of roughly $450 billion in
cross-border, consumer-to-consumer
transactions.
Largely dominated by money transfer
operators (MTOs) such as Western Union
and MoneyGram, the sheer size of the
remittance market has attracted an
ever-growing number of new players,
replete with new technologies promising
to make remittances cheaper, safer and
more reliable. The list of new
technologies poised to disrupt the MTOs’
dominance is long, including mobile,
card-to-card, International ACH, SWIFT
remittances, kiosks, cross-border bill
pay and mobile prepaid funds conversion.
Listen in as Red Gillen of Celent
describes some of the various new
technologies that are being applied to
the ever-growing remittance space,
categorizing them by consumer-facing and
network technologies. Red will provide
an overview of each and his view on
which possesses the most disruptive
qualities.
This session is appropriate for senior financial services
executives with responsibility for Remittances,
Multi-Cultural Marketing, Market Research and Strategy groups.
About Red Gillen:
Red Gillen is a senior analyst in
Celent’s Banking group and is based in
the firm’s San Francisco office. His
research focuses on payment initiatives.
Mr. Gillen joined Celent from RedRock
Consultants, where he was a partner,
working with global institutions on
innovative payment projects. Prior to
that, he was vice president of business
development of Ratestream.com. He has
also held positions at Visa
International, the Coca-Cola Company,
and Panasonic.
Mr.
Gillen has a bachelor’s degree in
business administration from Georgetown
University and an MBA from Walter A.
Haas School of Business at the
University of California at Berkeley. He
also attended the Programme des Etudes
Françaises et Québecoises at Université
Laval.
About Celent:
Celent is a research and
consulting firm focused on the application of
information technology in the global financial services
industry.
The firm
has two basic offerings:
-
research, providing members with
continuous knowledge and advice,
-
consulting, working with clients on
specific strategy issues.
Founded in
1999 by veteran financial services
technology analysts, Celent is an
independent, self-financed, and
profitable firm dedicated to providing
unbiased information and advice to
financial services firms.
Celent's analyst team is organized by
financial services industry vertical:
Banking, Securities & Investments, as
well as Insurance. These analysts
produce monthly research reports for our
members, and are available to members to
further explore issues and questions
that may arise. This direct access to
Celent's analysts means that members can
immediately contact established experts
on a large variety of issues within
financial services technology.
In addition, these same analysts engage
in strategy and management consulting
projects for both members and non-member
firms. Our research and consulting teams
are one and the same, which means that
our strategy consulting clients have
direct access to the knowledge and
expertise gathered as part of our
research practice. This knowledge is
fully brought to bear on specific client
issues, providing Celent with a
significant head start on consulting
projects.
www.Celent.com
|
