How Will Money Transfer Look Like In 5 Years?

With time, everything is changing in the blink of the eye. If we go back five years, we will see significant changes in our lifestyles and the gadgets that we use in our daily routines. Simultaneously, in the upcoming years, there will be more tremendous changes due to more modernization. Many Money Transfer companies enable its customers to send money to Bangladesh and other countries within a few minutes only.

If we talk about online money transfer servicethen here are some things that we will surely notice in the near future.

1. Will There Be No Money Laundering?

Back in previous decades, money laundering was not a difficult thing for people because of the massive utilisation of informal channels for transferring payments overseas. The Governments of every state and country has been making different rules and regulations to stop this illegal act from incurring. Even in the present, money laundering is quite a handful, but in the near future, it will be impossible to slip cash amidst the security’s eyes. Let’s say someone wants a quick money transfer to Bangladesh, the ratio of money laundering would be almost none.

2. Will Companies Know Their Customers Through KYC (Know Your Customer)?

In the future, organisations will be more inclined towards the KYC policy. It allows companies to target potential customers only. Not only it saves extra expenditures, but it also increases the chances of an increase in customer ratio. The organisations will make strategies after keeping their customer’s needs, requirements and demographics in mind. Although KYC is currently accepted by a huge number of companies too. But in the future, all of the missions and goals of an organisation will be settled in a way to have the greatest customer satisfaction.

Another strategy of KYC is to store your customer’s information. For instance, many companies make accounts for their customers in which their information is stored, so that the consumer does not have to enter its data again and again. It also helps the company to keep a record of its frequent customers. Currently, half of the organisations in the market are doing this, but there is still a half-way to go.

3. Will There Be More Mobile Money?

Its no wonder to assume that the trend of mobile money will increase even more in the upcoming years. According to a multitude of researches, customers find it the most feasible to access the market digitally. No one likes to physically visit a bank or IMT provider solely to transfer some bucks. The people of the era are conscious of their time consumption.

4. Will There Be High Trends of Remittances in South-Asia?

The top-remittance receivers of the world belong from Asia mostly. A huge number of migrants work in the US and UAE for different reasons. In 2018, a total of 689$ billion were transferred internationally, out of which 587$ were sent to developing and under-developed countries. Thanks to globalization, this figure has been assumed to increase up to threefold in the next 5–10 years.

No matter it would be online money transfer to Bangladesh or any other country, the trend doesn’t look to be stopped.