MoneyGram’s Anna Greenwald On How They Are Helping To Promote Financial Inclusion
An Interview With Jason Hartman
Be worthy of customer trust. Trust is everything in the financial marketplace, and our customers are often immigrants who work incredibly hard to send funds home to their loved ones. Reliability is paramount for them, so it’s critical to ensure their transfer is safe, that they are protected from fraudsters, and that our customer service is easy to navigate when it’s needed.
Most of us take it for granted that we can open a bank or a credit card. But the truth is, according to the World Bank, close to one-third of adults — 1.7 billion — are still unbanked, and have no access to a transaction account. About half of unbanked people include women in poor households in rural areas or out of the workforce. What can be done and what is being done to promote more financial inclusion? To address this Authority Magazine started a new series about Companies Helping to Promote Financial Inclusion.
As part of this series, I had the pleasure of interviewing Anna Greenwald, Chief Readiness Officer at MoneyGram, the leader in cross-border P2P payments and money transfers.
Thank you so much for doing this with us! Before we dig in, our readers would like to ‘get to know you’. Can you tell us a bit about your background?
Before joining MoneyGram 10 years ago, I worked at startups and medical device companies in roles where I led organizational change, such as Chief of Staff and Head of Strategy. Now, I serve as Chief Readiness Officer at MoneyGram, a leader in global cross-border payments. In this role, I oversee all agent operations, lead the deployment of new products and services to our global agent network, and work to deliver strategic change while constantly finding ways to further transform the business to better serve our customers and agents.
How do you define “Leadership”? Can you explain what you mean or give an example?
I’ve been fortunate that at MoneyGram every leader I’ve had has empowered me, removed obstacles, recognized what I was good at, and showed me a path that took advantage of my strengths.
Leadership to me is leaning on those examples and doing those same things for people. I strive to provide a vision and an environment where people are allowed to be human while doing good work. I am fortunate to have a strong team — the most important thing I can provide them is room to operate and succeed.
Is there a particular book that made a significant impact on you as a leader? Do you have a favorite “Life Lesson Quote”?
One of my favorite quotes is from Coach John Wooden, and I’ll paraphrase: The team that makes the most mistakes usually wins because doers make mistakes.
The quote speaks to the importance of providing an environment where people are allowed to experiment, fail, learn, and move on. Environments that provide grace for mistakes create strong teams with a bias for action. In a dynamic and fast-paced industry, this is essential for successful execution.
What led you to a career in Financial Services / promoting Financial Inclusion?
You might say I came for the technology and stayed for the customers. MoneyGram is leading the charge in evolving the global P2P payments field, serving over 150 million customers worldwide with cross-border payments services, and consistently innovating new fintech solutions that expand their reach for greater financial inclusion. When I was recruited to MoneyGram, I was enthralled by the technology it takes to ensure global financial inclusion. It was and still is the most complex and cutting-edge technology I’ve ever worked with.
What’s kept me at MoneyGram is the constant change of what’s required to meet customer needs and to fulfill our goal of promoting financial inclusion. Every day there is a new country, new currency, new “receive” method, or a new support channel that best meets the needs of our customers in moments that matter. This enduring challenge excites me every day.
Ok, thank you for all that. Now let’s move to the main focus of our interview. Let’s start with a basic definition so that all of our readers are on the same page. What exactly is Financial Inclusion?
According to the World Bank, “financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered responsibly and sustainably.”
The organization notes that “being able to have access to a transaction account is a first step toward broader financial inclusion since a transaction account allows people to store money and send and receive payments.”
MoneyGram is proud to be the financial inclusion connector for many across the globe. One of our key goals as a company is to create more equitable financial access by enhancing the existing financial system and bringing new opportunities to global customers.
What does it mean to be “unbanked”?
Unbanked are those individuals who are not served by a bank or similar financial institution. Globally, Findex World Bank data estimates close to one-third of adults — 1.7 billion — are unbanked.
For the benefit of our readers, can you explain some of the typical reasons why a person might be unbanked? Why can’t they just walk into the local bank and open an account? Why can’t they simply open an account online?
There are many reasons that vary by person. Some may not have the cash flow to open an account or only have access to basic financial opportunities. Some may not have an ID or be registered as a citizen in the country they’re living in, which would prevent them from being able to open an account.
To use a recent example — In the case of Ukrainian refugees, many left their homes with nothing and are now in a new country perhaps without ID or proof of residency. In this type of situation, MoneyGram offers critical services to people in need.
Can you tell our readers a bit about your work to promote Financial Inclusion? Without saying names, can you share a story about a person who was helped by your initiative?
In my role at MoneyGram, I oversee our global agent network. I visit our agents in markets around the world to understand their business and the needs of our shared customers, then partner with Sales, Product, and IT design and deliver solutions that ensure financial inclusion. For example, I recently visited the operations center of our largest digital partner in Qatar, Ooredoo. This helped me better understand their customer onboarding process and the products that are most important for our customers — then lead internal teams to deliver.
My favorite place to be is in the field at our agent locations talking with our customers. I recently had the opportunity to visit Athens, which is home to many immigrants and refugees. It is life-changing to hear directly from customers about the critical role that MoneyGram plays in getting funds to their loved ones who are in need.
This may be obvious to you, but it will be helpful to spell this out. Can you articulate to our readers a few reasons why it is so important for businesses to promote financial inclusion?
Participation in the global economy is a basic human need and right. For some, resources like bank accounts, mobile app services, or even credit cards are hard to come by. Without access to funds, many of our customers have difficulty affording food, paying rent or accessing medical care — not to mention other important building blocks for sustained economic stability, such as paying for education, developing a retirement account, or sending money to their own or their family’s bank account back home.
Ok. Here is the main question of our discussion. You are an influential business leader. Can you please share your “5 Steps to Promote Financial Inclusion”? Kindly share a story or example for each.
- Recognize the need for financial inclusion. It’s easy to take for granted the convenience of the financial systems that we use every day, but not everyone has a bank account or credit card (or even access to Wi-Fi). Many of our customers live in remote areas where a MoneyGram agent location is their lifeline to funds, and it’s vital that we continue to spread awareness for others in the financial community and abroad.
- Be willing to learn what financial inclusion means for other regions, countries, and cultures. In Vietnam, for example, we have a product called ‘Home Delivery’ where funds are delivered to the receiver’s home. This product is often a surprise to Americans but is standard in Vietnam. The introduction of digital offerings also needs to take into account regional preferences. While about 50% of transactions in India today are received digitally, our transactions in Mexico are still 95% cash-based.
- Once you learn, educate others with compassion. Educating others leads to a shared understanding of and appreciation for ways of being that are not like our own. This understanding will drive our ability to build products, compliance controls, and operational processes that best address the realities of the customer.
- Have a great product that meets the customer where they are — the right delivery method (mobile wallet, account, card, cash, home delivery) in the right country, in the right currency. As mentioned in my second point, financial inclusion is all about understanding what works where, and it’s the financial institution’s responsibility to bridge any existing gaps between themselves and the customers.
- Be worthy of customer trust. Trust is everything in the financial marketplace, and our customers are often immigrants who work incredibly hard to send funds home to their loved ones. Reliability is paramount for them, so it’s critical to ensure their transfer is safe, that they are protected from fraudsters, and that our customer service is easy to navigate when it’s needed.
How can our readers further follow your work online?
Follow MoneyGram on Twitter, Facebook, and LinkedIn for more information.
This was very meaningful, thank you so much. We wish you only continued success on your great work!
