SAN FRANCISCO—Western Union said it is focusing on the digital platforms that continue to revolutionize the remittances market.
The company stated during its Q4 2022 earnings call that it sees remittance volumes remaining resilient in 2023, and growing in line with a macro backdrop that it expects to be similar to last year’s, Pymnts.com reported.
“Remittance volume tends to track global GDP growth,” Western Union President and CEO Devin McGranahan said, adding that global money flows would likely grow around 2% in the new year, per economic projections from the World Bank.
“In order to capture this transaction flow growth, and reclaim what the money movement company sees as zero-sum market share stolen by competitors, Western Union is working to revitalize its core digital remittance services as well as build out a seamless, omnichannel digital experience for its global customer base,” Pymnts.com reported.
Making a Pivot
According to the report, the company told investors it is concentrating on pivoting from its historically transaction-focused business model, which primarily relied on maximizing value per transaction, toward a more account-based model that emphasizes lifetime customer value and drives sustainable business wins by providing customers with an integrated omnichannel experience that leverages Western Union’s native digital wallet.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com