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The rise of diaspora banking: Best banking practices on a global scale
Journal of Digital Banking,
7
(4),
309-316
(2023)
Abstract
How will the future of diaspora banking be delivered? An answer to this question necessitates examining the current best banking practices on a global scale that are spearheading the rise of diaspora banking. Although there has been a rapid rise in digital banking innovations, diaspora communities have historically remained underserved by FinTech products, but that is changing. This paper begins by providing historical context around the obstacles faced and explains how advanced technological innovations in diaspora banking bring new opportunities. Through detailed case studies from multiple corners of the world — from the Philippines to the Caribbean to Europe — the author explains how new FinTech products and services are achieving new levels of financial inclusion. Helping to solve the availability of money as well as the security of international transfers, these new products and services represent a more dedicated proposition targeting the growing segment of people moving between countries. It concludes that the essential elements of next-generation payment services include transaction speed alongside top levels of online safety and security.
Keywords: diaspora banking; digital banking innovations; technological innovations; next-generation payment services
The full article is available to subscribers to the journal.
Author's Biography
Jane Loginova is SVP, Chief Strategy Officer at BPC, a leading payment solution company headquartered in Switzerland. Jane wears multiple hats within the company, where she has been working for almost 10 years, and has global responsibility for corporate strategy, marketing and business growth. She is successfully leading the development of BPC through the rapidly changing landscape of payments, banking, commerce and mobility, as well as a strong focus on financial inclusion globally. Ever since she joined BPC, Jane has spearheaded the creation of new ventures that contribute positively to its growth. She was instrumental in transforming BPC’s vision from a software company to a leading SaaS player. As a result of this strategy, BPC extended its offering with white-label payment processing services for banks, PSPs and FinTechs, giving them a wider choice to adopt technology, on-premise, in the cloud or as managed services. BPC expects that its SaaS business will generate the major part of its revenue as the company becomes a leading digital enabler for new economy players. Jane previously held executive director positions at Goldman Sachs. She studied management at the London School of Economics and is based in London.
