All businesses need to focus on change at some stage in their life cycle. Some change is easier to implement than others but the basic premise is that for a company to succeed and thrive it is necessary to weather changes in market conditions and regenerate business through new strategies and business models. By utilising experience, understanding and technological acumen metaphorical business storms can be weathered using solutions that will help drive company sales, heighten company profile and presence in the marketplace and so boost revenue.
Regeneration is viewed as a positive strategy employed to improve outcomes. The Collins dictionary defines regeneration as: ‘The act or process of regeneration or the state of being regenerated; rebirth or renewal.’
The remittance industry is currently going through a period of enforced regeneration whereby current conditions have made it necessary for banks to change banking procedures. Banks are demanding information from remitters, the aim being to ensure transparency of data to expose corruption, thwart criminals, terrorists and other nefarious sections of society from profiting using our own industries against us. The crux of the problem is that the banks and remitters did not have the tools to facilitate such an exchange of information – and there was no plan b for the banks and remitters to engage.
In one quick step banks went from banking remittance clients to exiting them seemingly overnight, creating a plethora of problems from unemployment, job and industry uncertainty to poverty. This has the added side effect of triggering a loss of income both to the banks themselves, the remittance industries, Australia as a nation and globally to the beneficiaries of remittance transactions.
What is needed now is for the banks and remitters to tackle barriers to successful trading head on to enable both industries to prosper. It is important to start viewing the current remittance/banking situation as an opportunity for the economic regeneration and to strengthen the world against financial crime and terrorist funding. Regeneration is about closing knowledge gaps or regrowth. In the remittance and banking industry the regeneration will come through closing the information gaps.
Both banks and remittance agents need to embrace new roles to enable and improve the distribution of wealth and opportunity. If banks can facilitate remittance agents safely they can make the remittance industry and money transfers in general safer.
Governments need to become involved, the rationale for intervention being the need to overcome the market failure of both industries to bring benefit to society and savings in public expenditure.
At the moment both sides seem to be focusing on negatives, we can’t see, we can’t facilitate, we can’t……
What is needed is a change of focus to a positive outlook. Focus needs to shift to how banks and remitters can help each other and society to the benefit of all and to start implementing ways to say ‘we can’.
This is an opportunity to regenerate an industry and make it safer, stronger and united to keep providing income for Australia, jobs and overseas aid in a managed environment.