MoneyGram (MGI) Collaborates To Enrich Customer Experience

MoneyGram International, Inc. (NASDAQ:MGI) is currently working with Google (NASDAQ:GOOGL) Cloud and Amazon (NASDAQ:AMZN) Web Services (AWS) to set up a multi-cloud strategy for optimizing capability benefits along with implementing other data-driven solutions to enrich overall customer experience.

Rationale Behind the Initiative

The company, which is a global leader in cross-border P2P payments and fund transfer, continues to perform well on robust growth in its digital payment arena. This move is yet another strategic effort to strengthen its digital efficiency. The company has been consistently investing in cutting-edge technologies to create a modern and API-driven platform that would facilitate customers in more ways than one.

With its second year of multi-cloud strategy deployment to enhance flexibility, it should be noted that the same is also helping the company cut down on costs.

This deal with AWS will add scale to its transaction processing engine. The usage of Google Cloud as its data and analytics engine will also enable it to gain a detailed and better understanding of customer behavior, which in turn, would aid in providing tailored experiences.

Several measures taken by the company for digital transformation are allowing it to streamline its operations as well. MoneyGram is also collaborating with Ripple Labs to leverage blockchain technology for smooth and a safe money transfer across the world.

MoneyGram’s solid digital platform has been contributing to growth for quite some time now. Digital transactions now account for 22% of total money transfers. MoneyGram has digital partnerships with leading companies around the world, allowing customers to send or receive money in more than 65 countries. Digital transactions now account for 22% of total money transfers.

The company’s new app, used in moving money digitally, is also getting a good response as evident from the addition of customers and solid retention rates. Its investment in digital space will make it a customer-centric organization, thereby enabling it to compete with other fintech companies in the remittance industry.

In a year's time, shares of this Zacks Rank #2 (Buy) company have lost 13.2% against its industry's increase of 1.2%.

Some other top-ranked stocks in the same space are PRA Group, Inc. (NASDAQ:PRAA) , Houlihan Lokey, Inc. (NYSE:HLI) and Moody's Corporation (NYSE:MCO) . While PRA Group currently sports a Zacks Rank #1 (Strong Buy), Houlihan and Moody’s carry a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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