Bridging the 'gap‘ between migrants and the banking system: an innovative business model promoting financial integration, financial stability, and profitability
The thesis probes a specific area - the banking system and the business niche concerned with migrants' remittances - and considers the flows of these people and their money in today‘s global economy (over 3% of the world's population). It argues that the banking system has failed to understand the changing "paradigm" of the migrant market and thus has not updated its business plan or business model for this business segment in response. In failing to harness the liquidity of the migrant market, the author argues, the banking industry is missing out on a potentially profitable business segment that could create financial stability within the industry and the world's economies. Furthermore, by ignoring the "gap" that exists between the financial products on offer to the migrant sector and their needs in this respect in both the host and origin countries - providing a service at "both ends of the corridor" - the industry is also in danger of losing site of its commitment to social responsibility and the financial integration of migrants. At the heart of the argument for financial stability and financial integration is the proposition that there is a lack of communication among stakeholders, namely academic and financial institutions, governments, Diaspora associations and other decision makers
