Shares of Xoom Corporation (XOOM) have been on an uptrend since the company launched a text update service on Oct 14, 2013. People of the Philippines are relieved by the news from the San Francisco based digital money transfer provider, regarding the launch of the text update service by the company for money transfer recipients in the Philippines. Shares of Xoom Corporation shored up 3.1% to $34.70 on Oct 15, 2013.
The new text update service provides SMS text messages to the money recipients involved in a money transfer transaction, making money transfers more convenient and reliable. The texts would be sent stating whether the money is ready for pickup, delivery or even if it is on its way to their bank account. Thus the new feature allows recipients to track the money transfers from start to finish which in turn would help Xoom Corporation to retain customer confidence.
In the course of money transfer transactions, customers at the receiving end are often anxious as to whether their money has been dispatched or whether it is available at that point of time. In this regard, if they were to get notified by the money transferring entity, it becomes convenient for the recipients to know when to pickup the money and decide their necessary actions accordingly. To cater to this need of the customers in the Philippines, Xoom Corporation has introduced the new text update service.
Xoom Corporation consistently focuses on enhancing its customer service. Earlier in January this year, Xoom Corporation had launched a money transfer tracking center – StatusTrak. This tracking center was designed to help money senders to track their money transfers. Towards this, they were notified from time to time through emails and SMS text messages. Customers could also seek help through the 24x7 online and phone support. With the launch of the new text update service Xoom Corporation now intends to satisfy the money recipients through its convenient and enhanced services.
According to business reports, Filipinos use SMS text messages extensively to communicate back home, generating the largest SMS text volume in the world (more than 10% of global SMS texts). Owing to this large scale use of SMS text messages, Xoom Corporation recognizes that introducing a text update service would be extremely beneficial to the people of Philippines. We believe with the increasing number of money transfer transactions in Philippines, this new customer service enhancement would not only help Xoom Corporation to retain existing customers but also to procure more clients thereby improving market share.
Xoom Corporation currently carries a Zacks Rank #2 (Buy). Among other financial services companies, Fiserv Inc. (FISV) and Qiwi plc (QIWI) carry a favorable Zacks Rank #1 (Strong Buy) while MasterCard Incorporated (MA) share the same Zacks Rank as Xoom Corporation.