Lean Kanban Money Transfer Optimization
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The document provides an overview of Ria Money Transfer, the third largest money transfer company. It discusses Ria's role within its parent company Euronet Worldwide, its global network and services, customers and markets, regulatory environment, growth and highlights from 2014. It also covers Ria's operations including its distribution channels, transaction flows, and network growth. The document concludes with sections on culture, processes, IT systems and support, and communications.
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Lean Kanban Money Transfer Optimization
- 1. Jose Luis Soria Continuous Improvement Manager jsoriat@riafinancial.com @jlsoriat #lkse15 Lean Kanban at Ria Money Transfer Madrid, April 21st 2015
- 2. We are Ria… The third largest money transfer company in the world and part of an industry that moves more than $500 billion each year. Ria exists thanks to the dreams of some 232 million international migrants that left their homes in search of something more. Many don’t have access to traditional banking services, so we provide a secure, reliable and affordable way for them to send money home to their loved ones. 2
- 3. epay0 EURONET WORLDWIDE, Inc. (NASDAQ: EEFT) • Largest Independent ATM deployer in Central & Eastern Europe • Largest independent shared ATM network in India • Payment Systems Software licensed by 126 customers in 54 countries • Consumer-to-consumer and business-to- business money transfer services • Available in over 130 countries through a network of 243,000+ agent & store locations • Extensive global electronic payment and distribution network • 200+ agreements with mobile operators • 100+ agreements with non-mobile content providers RIA IS PART OF EURONET WORLDWIDE EFT Processing Money Transfer Payments & Prepaid
- 4. THE MONEY TRANSFER SEGMENT EFT Third largest global money transfer company Founded in 1987, 2,400+ employees Services in over 130 countries through a network of 243,000+ agent & store locations Serves migrant workers, unbanked and underbanked individuals Moved $12.2B principal in 2014 Provides foreign exchange and payment services Founded in the UK with operations in Australia, New Zealand, and Spain Acquired by Euronet in 2014 Serves corporates – typically SMEs - and individuals – typically white- collar workers Moved $8.2B principal in 2014
- 5. RIA HISTORY 1987 1993-2002 2005 2007 2010 2011 2012 2014 Ria launches in New York City Expands to Europe: Spain, France, Italy, UK & Germany Opens office in Australia Ria is acquired by Euronet Worldwide Inc. A hub in Dakar, Senegal is opened A hub in Mumbai, India is opened riamoneytransfer.com launches in the US launches in the US
- 6. Sources: United Nations www.unpopulation.org, www.financialaccess.org, World Bank • Our Target Customers: o Migrant Workers estimated at 232 million o Underbanked/Unbanked - 2.5 billion adults, over half of the world’s adult population, do not use formal financial services to save or borrow • Remittance flows to developing countries reached $435 billion in 2014, 7.8% growth over the previous year • Global remittances, including those to developed/high-income countries, estimated at $581 billion in 2014, will rise to $681 billion in 2016 THE CUSTOMERS WE SERVE
- 7. Migrant Supporters Sends for: regular support Looks for: value, speed, reliability Thoughtful Gifters Sends for: gifts on special occasions Looks for: convenience, reliability, speed Professional Achievers Sends for: gifts, payment, investment Looks for: simplicity, convenience, safety Education Sponsors Emergency Saviors Sends for: ongoing support, gifts, assistance Looks for: convenience, reliability, speed Established Immigrants Sends for: ongoing support, gifts, investment Looks for: convenience, simplicity, reliability OUR CUSTOMER NEEDS AND USE CASES Tenure in the Host Country FinancialAcculturation MoneyMovementOptions We strive to offer the most simple, reliable and friendly money transfer service. We go to great lengths to ensure people's hard-earned money is received by their families wherever they may be around the globe.
- 9. THE SERVICES WE PROVIDE Bill Payment Check Cashing Prepaid Airtime Products 9 Money Transfer
- 10. NETWORK OF GLOBAL STORES AND AGENTS Americas 66,000+ locations 151 stores Asia Pacific 125,000+ locations 3 stores Customer Service and Regional Offices: Call Centres in USA, Spain, El Salvador, India, Senegal, Philippines, China Global HQ, California, U.S.A EMEASA HQ, Madrid, Spain 243,000+ locations in 130+ countries 22 licensed money transfer countries 60 money transfer-originating countries Europe 38,000+ locations 74 stores Africa 14,000+ locations
- 11. 110.000 146.000 177.000 216.000 243.000 2010 2011 2012 2013 2014 Location Count CAGR 4Yrs: 22% NETWORK GROWTH Locations by Region 2014 18,8 20,7 23,7 27,8 40,4 2010 2011 2012 2013 2014 Money Transfer Transaction Growth Million transactions CAGR 4Yrs: 21% Africa + Oceania 6% N. America 10% Europe 16% LAC 17% ASIA 51%
- 12. DISTRIBUTION CHANNELS AGENT LOCATIONS COMPANY OWNED STORES SELF SERVICE ONLINE SEND AGENT LOCATIONS COMPANY OWNED STORES BANKS POST OFFICE RETAILERS ATMs PAYOUT
- 13. MONEY TRANSFER TRANSACTION FLOW
- 14. We take our responsibility seriously, and we’re proud of our record. With dedicated Compliance Officers and Certified Anti-Money Laundering Team, Ria regularly conducts: • Agent Verification, Documentation and Credit Review • Onsite and Offsite Agent Visits, Automated and Over-the-Phone Transaction Monitoring and Verification • In-depth Compliance Training “At Ria, compliance is everyone’s responsibility.”
- 15. REGULATORY AUTHORITIES United States of America: Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). States and Local Governments States Licenses: Ria holds licenses to conduct the services of money transmission and the sale of checks (e.g., money orders) in all 48 states regulating these services, plus the District of Columbia (D.C.), Puerto Rico and the US Virgin Islands. Europe: Financial Conduct Authority (FCA) United Kingdom, EPS Countries (France, Germany, Finland, Netherlands, Luxembourg, Cyprus, Norway, Denmark, Poland) Australia: Licensed by Australian Securities & Investments Commission (“ASIC”).
- 16. Launched riamoneytransfer.com Went live with Walmart2Walmart Acquired HiFX Named Supplier of the Year by Walmart Added 30k+ locations Obtained money transfer license in India Euronet (EEFT) stock price has gained ~50% in the last 15 months 2014 HIGHLIGHTS
- 18. Culture
- 19. Culture
- 20. Processes
- 22. Larman's Laws Of Organizational Behavior • Organizations are implicitly optimized to avoid changing the status quo middle- and first-level manager and “specialist” positions & power structures. • Corollary: any change initiative will be reduced to redefining or overloading the new terminology to mean basically the same as status quo. • Corollary: any change initiative will be derided as “purist”, “theoretical”, “revolutionary”, and “needing pragmatic customization for local concerns” - which deflects from addressing weaknesses and manager/specialist status quo. • Culture follows structure. Continuous improvement?
- 24. Operations
- 25. MONEY TRANSFER TRANSACTION FLOW
- 26. DISTRIBUTION CHANNELS AGENT LOCATIONS COMPANY OWNED STORES SELF SERVICE ONLINE SEND AGENT LOCATIONS COMPANY OWNED STORES BANKS POST OFFICE RETAILERS ATMs PAYOUT
- 27. 110.000 146.000 177.000 216.000 243.000 2010 2011 2012 2013 2014 Location Count CAGR 4Yrs: 22% NETWORK GROWTH Locations by Region 2014 18,8 20,7 23,7 27,8 40,4 2010 2011 2012 2013 2014 Money Transfer Transaction Growth Million transactions CAGR 4Yrs: 21% Africa + Oceania 6% N. America 10% Europe 16% LAC 17% ASIA 51%
- 28. Start with what you know Pursue incremental, evolutionary change Respect the current process, roles, responsibilities Kanban principles
- 29. Visualize workflow Limit WIP Manage flow Make policies explicit Improve collaboratively Kanban core properties
- 30. Start with what you know Pursue incremental, evolutionary change Respect the current process, roles, responsibilities Kanban principles
- 31. Visualize workflow Limit WIP Manage flow Make policies explicit Improve collaboratively Kanban core properties
- 32. How is it going?
- 33. IT
- 34. IT
- 35. DISTRIBUTION CHANNELS AGENT LOCATIONS COMPANY OWNED STORES SELF SERVICE ONLINE SEND AGENT LOCATIONS COMPANY OWNED STORES BANKS POST OFFICE RETAILERS ATMs PAYOUT
- 36. MONEY TRANSFER TRANSACTION FLOW
- 38. NETWORK OF GLOBAL STORES AND AGENTS Americas 66,000+ locations 151 stores Asia Pacific 125,000+ locations 3 stores Customer Service and Regional Offices: Call Centres in USA, Spain, El Salvador, India, Senegal, Philippines, China Global HQ, California, U.S.A EMEASA HQ, Madrid, Spain 243,000+ locations in 130+ countries 22 licensed money transfer countries 60 money transfer-originating countries Europe 38,000+ locations 74 stores Africa 14,000+ locations
- 40. Cycle time = WIP / Throughput Little’s Law
- 41. Reducing WIP: Portfolio management
- 42. Reducing WIP: Portfolio management
- 43. • By cost of delay • Weighted Shortest Job First Priority = (Value + Criticality + Risk Reduction) / Size Prioritization Business Value Time Criticality Risk Reduction Size Priority Index L S XS XL 1000 S S S S 333 XL L XL XS 59
- 46. Communication PROJECT HIGH-LEVEL BUSINESS GOAL IN SCOPE FOR EXPECTED DELIVERY BUSINESS HOLDERS IT OWNERS THIS MONTH NEXT MONTH LATER UNKNOWN Project 1 Goal 1 X Compliance Team 1, Team 2 Goal 2 X Operations Team 2 Goal 3 X Late June Compliance PO 1 Project 2 Goal 1 X May Operations, Sales Team 3 Goal 2 X Marketing PO 2
- 48. Identify the constraint Exploit the constraint Subordinate to the constraint Elevate the constraint Repeat Theory of constraints
- 52. Lean principles • Eliminate waste • Amplify learning Exploit the constraint
- 53. Lean principles • Decide as late as possible • Deliver as fast as possible • Empower the team • Build integrity in • See the whole Subordinate to the constraint
- 54. Lean principles • Deliver as fast as possible • Empower the team • Build integrity in • See the whole Elevate the constraint
- 55. Support levels
- 56. Support levels
- 57. Repeat
- 58. • Evolutionary change. A small improvement is way better that no improvement at all. • Backlogs/queues are waste. Be very selective about what you put in the backlog. • Be very selective about the work you address next. • Take care of communication. • Use your toolbox! Some takeaways
- 59. We are hiring! http://bit.ly/1Dwn0Ha Get the slides: http://slideshare.net/jlsoria Free ebook: http://aka.ms/releasepipeline jsoriat@riafinancial.com @jlsoriat #lkse15 Questions? – Thanks!