Globally Local
Having worked in international consumer finance with a focus on emerging markets for the past seven years, I know international money transfers are big business. A great number of Mexicans and Filipinos working outside of their home countries, for instance, will send billions of U.S. Dollars to relatives in their home countries annually via transfers. <br />
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According to the company, \"Omnex has grown globally by stra...
More >>Having worked in international consumer finance with a focus on emerging markets for the past seven years, I know international money transfers are big business. A great number of Mexicans and Filipinos working outside of their home countries, for instance, will send billions of U.S. Dollars to relatives in their home countries annually via transfers. <br />
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According to the company, \"Omnex has grown globally by strategically acquiring established money transfer companies with trusted ethnic brands and integrating these brands into the Omnex Group Network. Omnex\'s strategy is to achieve a leadership position by offering consumers superior value for their money and by being a low cost provider of financial services.\"<br />
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Their strategy of \"acquiring established money transfer companies with trusted ethnic brands\" is smart and distinct, as many of their potential customers find greater comfort, real or not, in dealing with local brands. This strategy puts competitors such as MoneyGram and Western Union at a disadvantage with regard to competing for certain segments, however, they remain formidable.<br />
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Their target market is clear and large. The company operates in over 105 countries with 40,000+ locations. My sense is there is plenty of room in the space for a company such as this, again, one that differentiates itself locally, on a country-by-country basis. As I mention in another review, retail financial services can differentiate themselves on very few dimensions, namely service and brand, as the products are commoditized. Omnex seems to be successfully playing both the brand and service cards.
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