Factors Affecting To Enhance Foreign Inward Remittances to Sri Lankan Commercial Banks
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 2
Abstract
Remittances, which were more than twice as the size of international aid flows to Sri Lanka are the main foreign exchange earnings. These funds have a major contribution to reduce severity of poverty. It is largely the local banks that are taking the lead in the remittance service market. Investing heavily in various remittance application technologies, credit cards, debit cards, Internet banking, and telebanking the local banks are surely changing the nature of the remittance market. Some banks offer a range of products to migrants including insurance and pre-departure loans at concessional rates to be repaid from remittance proceeds. However, informal remittance services are also attractive to the immigrants to transfer their earnings to Sri Lanka and this was identifying as a main challenge to the Commercial Banks. As such the inward remittance market is too lucrative a segment for any commercial bank the bank need the awareness to capture a substantial share of the remittance market and enhance the deposit base. The research is to study how to enhance the market share of Commercial Bank with regards to the Foreign Inward Remittances to Sri Lanka The analysis of the 27 items comprising various aspects of remitting system, service quality, cost, time, brand name and technology features suggests that in retail banking, three dimensions namely service, time and technology are important to gain the competitive advantage over competitors.
Authors and Affiliations
Kumarasinghe P J
Keywords
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- EP ID EP409865
- DOI 10.9790/487X-2002095459.
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