Fast Market Research recommends "2020 Foresight Report: Post Office Financial Services" from Timetric, now available
Boston, MA -- (SBWIRE) -- 05/30/2013 -- Globally, postal services play a key role in providing access to basic communication and transaction services. The worldwide postal infrastructure has been shrinking for over two decades, in terms of both outlets and numbers of full-time staff. At the end of 2011, the total number of post offices stood at 662,701, of which 439,376 were staffed by officials of the designated operator and 223,325 were managed by people from outside the designated operator. The traditional letter post service is under pressure from new technology, including the internet and (increasingly mobile) telephone services. Rising numbers of consumers and businesses are sending and receiving bills and invoices via the internet and making payments online or by telephone, instead of using post office service. Capitalizing on its large network, easy accessibility and trust among customers, postal operators across the globe are targeting unbanked and rural populations, SMEs, self-employed professionals, young consumers and senior citizens with financial products such as savings accounts, insurance, pension payment services, remittances services, loans and wealth management products. The financial services sector represents a significant opportunity for much-needed additional revenue for postal operators, either directly or through alliances with financial institutions. Many postal operators are also being urged to offer basic financial services such as payments, savings and microfinance to combat social and financial exclusion, particularly in poorer countries, or to better serve more remote geographical areas and isolated social groups. There is a significant potential for partnerships between postal operators and financial institutions, even in markets where postal operators and postal banks already offer a range of financial services. Alliances such as these could produce major financial rewards and deliver social dividends. For instance major banks in the UK such as Bank of Ireland, Barclays, Halifax, HSBC and Lloyds have formed partnerships with the UK Post Office to offer financial services.
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- The post office is one of the largest, most widespread and trusted retail networks, with around 670,000 outlets worldwide.
- The traditional letter post service is under pressure from new technology, including the internet and (increasingly mobile) telephone services.
- With the decline in traditional mail volumes and postal operators scaling down their branch networks and workforces, market liberalization is gathering pace. Many governments favor increased competition in the postal sector, signaling the end of many postal monopolies.
Companies Mentioned in this Report: Canada Post, La Poste, Deutsche Post World Net, Poste Italiane SpA, Japan Post Holding Group, Korea Post, Swiss Post, Royal Mail Group, Australia Post, Correios, China Post, India Post, SAPO
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