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Money Transfer Services on the Polish, Russian and Romanian Markets in the US
Global Advertising Strategies, July 2002, Pages: 31
The survey confirms that US immigrants of Eastern European origin are in need of the money transfer services primarily to support relatives and friends in their respective homelands. The majority of respondents have transferred funds to another location at least once however, about 30% (consistent across the three groups) do not utilize the services of money transfer companies, and prefer to use friends or relatives to send money back home. The major consideration behind this choice is the avoidance of service fees. Among the major money transfer service providers, Western Union was criticized the most for its high fees. The survey also measures consumer satisfaction with various aspects of performance of the leading money transfer service providers, such as:
- quality of customer service
- speed of transfer
- security
- service fees
- convenience of office locations to the sender and recipient Interestingly, different groups sometimes report dramatically divergent perceptions of a company's performance.
For example, the convenience of Money Gram’s locations was evaluated as below satisfactory by the Russian and Polish groups, but well above satisfactory by the Romanian group Money Gram’s speed of transfer was rated below satisfactory by Romanians, but above satisfactory by Russians and Poles. Such discrepancies in consumer perception are often explained by a lack of information, or inadequacy of information, that reaches the various ethnic groups.
The study report contains the data on:
- The current situation on the US Eastern European money transfer market, identifying the market leaders and assessing the market potential
- The patterns of consumer behavior, such as frequency and destination of transfers, reasons for transferring funds, typical amount transferred per transaction, and key considerations in choosing the service provider
- The level of consumer satisfaction with various aspects of performance of money transfer companies, such as quality of customer service, security, reliability, speed of transfer, convenience of office locations, and service fees
- The efficiency of various means of information delivery
- Opportunities for MTSPs within each community in focus
The survey evaluates the market potential and outlines opportunities for money transfer service providers (MTSPs) within each community in focus. This study is aimed at aiding marketers in choosing the right strategy for targeted ethnic campaigns.
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