Like all businesses, banks charge money for the services and financial products they provide. The two main offerings banks profit from are interest on loans and fees associated with their services. Banks make a significant amount of their money by charging customers fees to use their financial products and services. Among all, wire transfers generate significant profits to bank due to the fees. Wire transfers have become one of the most popular options for sending or receiving money domestically or internationally. The popularity of wire transfers can also be attributed to their speed and convenience. In fact, according to the big banks, quadrillion dollars are transferred via wire each year and small business customers are the most popular users of this service.
Today, the banking services allows customers to either use in-branch or online banking services to conduct wire transfers. Even though, most banks provide online banking services that allow customers to do wire transfers via web or mobile platforms, some banks still require customers to process wire transfers in branches to do transfer limitations via digital platforms. In-branch wire transfer have a significant impact on the bank's profit in terms of costs and profit margins.
Join this webinar to see how OSI Digital developed a unique solution to this problem with its data analytics expertise. OSI Digital experts helped the banks better understand their wire transfer customer behaviors and ultimately helped increase their overall profit margins. Enabling data-driven decisions helped the banks strategize and leverage their digital platforms and carefully envision their wire transfer solutions to meet customers needs while increasing profitability.