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Finance

Big Data and the Digital Remittance Market

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Big data has been a buzzword for going on a decade now and it is through that data collection, storage, and processing that we have been able to glean insights and create develop new technologies and offerings that serve needs of consumers around the world.

It is also this big data that is leading growth decision that digital remittance companies of the world are making. Big data is influencing expansion both in their global presence and their digital offerings. Big data is fueling connections with technology companies and financial institutions that lead to connected rails around the world to make money  transfers easier than ever before.

One such example to note is Western Union, a money transfer company that has adapted to meet the needs of its customers over time using insights from data collected over its more than 150 years in business. It was founded in the mid 1800’s and has relied heavily on big data in recent decades to make strategic business growth decisions and truly analyze what its global customer base needs based on data.

Using data insights, the company is now using innovative technology and partnerships with other tech and financial giants to take their next steps. There are countless other examples of companies using data collected over time to make key decisions for growth and expansion.

Leaders in Digital Remittance Field

Western Union has proven its strategy of relying on big data has led to its emergence as a leader in the field of global digital remittance. It has a huge digital platform and nowa free mobile app, another business decision that was made possible by pulling insights from customer and consumer behavior data.

The data-backed decision to pursue digital over its traditional retail model, has led to staggering revenues from digital money transfers. As earning data from Q1 show, the global digital market of Western Union increased more than 45% in the first quarter of 2021 alone, and it continues on track to exceed $1 billion in revenue this year alone.

Using Data to Go Digital

Big data has been one of the largest contributors to the world’s digital transformation, and this follows suit with individual businesses as well. The last year and a half accelerated digital transformation in nearly ever industry in every part of the world, but this migration online started long before the virus.

According to the Global IT Services Market Outlook, the IT market is expected to increase to $316 billion by 2021. This is driven by digital transformation and are growing reliance on big data. It’s enterprise companies like Western Union, big tech companies like Google, and everyday SMBs that are driving big data to the forefront of the company decision maker minds.

If we again look at quarter one data from our example company, we see it’s not only organizations that are flocking to digital outlets. Consumers are also moving more of their business and personal dealings online.

Westernunion.com saw an increase of users more than 46 percent and this trend has repeated itself quarter over quarter – a trend that kicked off before the pandemic. If the company continues on its current track, it is scheduled to exceed $1 billion in revenue this year alone and its one of many companies that are experiencing massive revenue growth from embracing big data and digital transformation.

Growth All Around the World

When it comes to digital growth countries on every continent are increasing their online presence. Specifically, the largest growth has been seen in the United States, France, United Kingdom, Australia and Germany in the digital remittance market.

According to Bornfight in just the last couple of years nearly 90 percent of the world’s data has been created and businesses are spending more than $180 billion a year on big data analysis. In the last couple of years is also when the majority of businesses and people have transitioned their dealings online. One example is whereas someone before may have called their bank to report fraud, now you can go into the mobile app and submit a fraud notification. Data is also bringing the world closer together, an example is something as simple as a video chat that allows you to connect with people in different countries face to face.

Where will big data take us in the next decade?

Whether you want to send money to a friend who lives nearby or you want to transform your legacy company to a fully online D2C brand, one thing is true. Big data is the greatest asset to understanding your customers, current trends at play, and where your business should go once it is online.

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