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  5. > P2P: The Disruptive Potential; New tools and technologies are changing the face of domestic and international payments

Summary
RSA is a global insurer operating in over 40 countries and is one of the top 10 insurers in the UK, providing both commercial and personal lines insurance. This profile offers a review of the company, its business structure and strategy, its financial performance, and a SWOT analysis.

Key Findings
- RSA is withdrawing from unattractive areas of the personal motor market due to poor performance.

- It has ceased trading with the echoice product in the aggregator market and recently ended a five-year partnership with Ford.

- RSA is focusing on enhancing its presence in digital technology to ensure smooth service for customers across all channels.

- RSA is making investments to improve customers' online experience and is focusing on digital distribution.

- The insurer is enhancing its expertise in new areas such as digital and Telematics Centres of Excellence.

Synopsis
This profile provides a comprehensive review of RSA and its UK business. This includes its structure, its performance in both the commercial and personal lines market, as well as its marketing and distribution strategy.

Key questions answered include:

- What are RSA's brands within the group?

- What are RSA's strengths and weaknesses?

- What opportunities and challenges does the company face going forward?

Reasons To Buy
- Learn about RSA's organizational structure and its core business segments.

- Gain insight into RSA's underwriting strategy and co-insurers.

- Understand the group's advertising strategy.

Table Of Contents

P2P: The Disruptive Potential; New tools and technologies are changing the face of domestic and international payments
Table of Contents
EXECUTIVE SUMMARY
P2P is a wide and complex area of payments
Key findings
Critical success factors
DEFINING AND SIZING THE MARKET
P2P transactions fall into several overlapping categories
Digital technologies are blurring the boundaries and renewing interest in the P2P space
Proximity P2P is dominated by paper instruments - for now
Cash is universal and untraceable, but holds hidden costs
Cheques are gradually being phased out in developed markets
Remote P2P payment providers face numerous challenges
KEY TRENDS AND BEST PRACTICES IN P2P
Domestic P2P providers are focusing on convenient user experiences
Danske Bank's MobilePay is the P2P method of choice in Denmark
Bank transfers are increasingly being used to power new P2P services
Domestic remote P2P tools are increasingly focused on social media channels
Social media firms such as Face book are creating their own P2P services
PayPal.Me integrates P2P directly into social communication channels
Large, trusted third-party brands can leverage their existing scale effectively
Players without large systems already in place will struggle to build from scratch
Money agents such as Western Union are the biggest remittance players
These large firms are threatened by disruption at the fringes, due to their high fees
Cash-in, cash-out transfers are a key advantage for money transfer agents
Traditional P2P methods such as Hawala remain common in many markets
Hawala networks will remain a competitive threat
Newer remote players use technology and marketing to undercut the incumbents
Bitcoin and blockchain technology enable cheap transfers due to low costs
TransferWise uses software to reduce costs on international bank transfers
STRATEGIC RECOMMENDATIONS
Cash is ultimately the biggest competitor for domestic P2P services
To compete with cash, P2P tools must be as convenient and easy to use as possible
Regulation remains a huge challenge for would-be remittance disruptors
New technologies can challenge remittance incumbents, but only at the fringes
It will be difficult for challengers to build scale to take the place of the big players
APPENDIX
Abbreviations and acronyms
Definitions
Blockchain
Digital currency
Digital wallet
P2P payments
Methodology
Verdict Financial's annual Global Consumer Insight Surveys
Secondary research
Bibliography
Further reading
About Verdict Financial
Disclaimer

List of Figures

Figure 1: Cash accounts for just under half of all minimal-value P2P transfers globally
Figure 2: Almost two thirds of consumers who use cash for P2P transactions do so because using cash is easy
Figure 3: Mobile phone transfers are the most popular method of making low-value P2P payments in Denmark
Figure 4: Cheques are the most popular tool for high-value P2P transfers in the US
Figure 5: As of September 2015 MobilePay was registered on two in three smartphones in Denmark
Figure 6: Facebook is enabling P2P transactions via its Messenger app
Figure 7: Yandex offers a wide range of options for P2P transfers
Figure 8: Bitcoin has a low cost as "miners" are rewarded for processing transactions
Figure 9: TransferWise focuses on presenting an image of honesty and transparency

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