A cross-border payments platform can be a growth engine for banks in several ways:
Increased revenue streams: By offering cross-border payments services, banks can generate additional revenue streams from transaction fees, foreign exchange margins, and other value-added services.
Increased customer base: A cross-border payments platform can attract new customers, including individuals and businesses who need to make international payments, as well as existing customers who require cross-border payment services. This can lead to an expansion of the bank's customer base and a potential increase in customer loyalty.
Improved customer retention: By offering a reliable and efficient cross-border payments platform, banks can improve customer satisfaction and retention. Customers who are able to make international payments easily and securely are more likely to stay with their bank and use other services offered by the bank.
Enhanced reputation: A cross-border payments platform can enhance a bank's reputation as a reliable and trustworthy financial institution. This can help to attract new customers and retain existing ones, leading to increased revenue and growth.
Competitive advantage: By offering a cross-border payments platform, banks can differentiate themselves from their competitors and gain a competitive advantage. This can lead to increased market share and revenue growth.
A cross-border payments platform can help banks to diversify their revenue streams, increase their customer base, improve customer retention, enhance their reputation, and gain a competitive advantage in the market.
Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog