Digital banking customer segments in Singapore. Find further groups on my profile.

1. Migrant Workers
Global trends
Context:
A bank based in Southeast Asia is seeking ways to provide an extensive suite
of financial services designed to meet the typical everyday needs of migrant
workers.
Opportunities: Worldwide, cross-border remittance has grown 600% in the last
two decades. The top global remittance country is India, where US$70 billion
flowed, with China second at US$64 billion. Developing countries received
over 75 per cent of US$636 billion remittances in 2017. The World Bank
estimates that if the cost of remittances could be reduced by 5 percentage
points relative to the value sent, recipients in developingcountries would
receive over US$16 billion more each year than they do now.
Recommended solution:
The bank has developed an all-in-one mobile banking solution which includes:
• Verification of salary disbursement, tracking of incoming and outgoing
transactions, and integration of digital payments and wallets into the app.
• Remittance services that allow migrant workers to transfer funds to
predefined recipients without having to go through a manual process.
• Other on-app services: Sales of telecommunicationservices, group
insurance for migrant workers, and discounted airfares back to their home
countries.
More demand for mobile solutions for migrant workers
Mobile and online P2P global remittances will exceed
$300 billion by 2021, a 33% increase from $225 billion
in 2018, forming 61.8% of all migrant worker
remittances in 2018.
Client impact:
• Increased efficiency with the removal of manual verification and physical
contracts.
• Increased customer satisfaction with streamlined payment system and
digital financial services.
There are almost 164,000,000 migrant
workers today, and numbers are projected
to increase.
As trends move towards embracing digital
lifestyles and open attitudes towards
migration, there is an increasing demand
for digital solutions catering to the
specific day-to-day financial needs of
migrant workers.
Professionals, managers and executives
White-collar
workers
Blue-collar
workers
PersonalLoans
Digitally-savvy migrant worker
populationsignifies increasing need
for mobile loan procedures that use
alternative credit scoring platforms.
Hassle-free, secure, and accurate on-
mobile microfinancing platform for
migrant workers that disburses loans
they qualify for via psychographic
digital footprint tracking.
Financial
Management
Rising necessity for time-efficient
deposit processes, with personalized
user-interfaces for migrant workers.
Capitalize on smart contracts that
accurately, securely, and
instantaneously credit the correct
salary into bank accounts on payday
itself.
Growth in the number of global migrant workers
2013
150,000,000
2017
164,000,000
Remittance
Growing need for cost-effective, and
process-efficient remittance
methods.
Digital, one-stop mobile solutions that
allow FIs to bypass agent-send networks
making remittance for migrant workers
instantaneous and cost-effective.
Varun Mittal
EY Global Emerging Markets
FinTech lead
varun.mittal@sg.ey.com
FinTech Hub
www.ey.com/sg/FinTechHub
Opportunities in the market segmentCustomer segment profile Case Study
How can FIs help?Addressable needs
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