Michael J. Brown, Euronet chairman and CEO, discusses consumer expectations that are driving the need for value-added services.

In recent years, banks have taken advantage of electronic transactions and automated systems to provide customers with convenient access to their accounts, while freeing up banking personnel to focus on other areas of the business. Consumers, who are busier and who travel more than ever before, have become accustomed to next-generation technologies and to immediate access to their accounts.

As a result, expectations on the customer side are rapidly changing. Customers want more than just a place to put their money. Quite simply, banking customers expect a partnership with their banks, and they want easy and convenient access to their funds at any time, from any place they may be.

These demands are leading financial institutions to finding ways to deliver "extra value" in its customer service offerings through what are known as value-added services. After studying the market, Euronet has developed and delivered a set of value-added services (VAS) that empower financial institutions to leverage systems already in place to provide solutions that build customer loyalty out of convenience-oriented offerings.

An example of a VAS would be Euronet's electronic recharge products. In a world where most prepaid mobile phone usage is growing at a faster rate than postpaid, those consumers need an easy method to replenish the airtime for their accounts. Most users recharge their prepaid accounts at least once a month. Now financial institutions can help their customers by providing this service from an ATM or directly from the mobile phone. Not only does the bank generate revenue from these transactions, they build loyalty from the consumers who appreciate the added convenience.

The whole idea behind the notion of VAS is to bridge the gap that exists between what customers are expecting and what companies are providing right now. In the coming years, the ability to meet growing expectations through the delivery of VAS will define the banking marketplace.

You can find other ways Euronet provides VAS in this newsletter, Transaction Talk. I hope you find that Transaction Talk serves as a valuable resource for all of your electronic financial transaction needs.

Best Regards,

Michael J. Brown,
Euronet Worldwide Chairman and CEO