“ In light of difficulties that banks have in acquiring new customers, the migrant market could become the next target for European banks, second only to the youth market. With nearly 32 million individuals in the European Union, migrants represent a considerable potential for banks, reflected in the €86 billion out flowing remittances from Western Europe in 2009.
Over the last few years, many banks in Europe have developed offers for migrants, with varying degrees of success. The majority of European banks was initially focused on money transfer, and has hence developed wide and competitive offers. Nevertheless, the competition with informal networks and historical operators is not easy, and initiatives in this direction have proved rather disappointing. However, other initiatives for migrants have been much more successful…
Our approach has therefore been to propose clues in order to understand the particularities of these fully-fledged customers and to help answer the question: “Why should we show interest in a relatively low income component of the population?”
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