If 2016 has been an interesting year in our sector, 2017 is set to be no different.
The Royal Mail is stressing that strikes in Post Offices this week will have little or no impact on deliveries and that the last posting dates for Christmas remain unchanged.
However the overseas money transfer market is one sector that is definitely delivering over the festive period for people sending Christmas presents of cash to friends and relatives.
75% of travel money transactions are conducted between April and September. Over 80% of consumers buy their currency in advance but 43% of consumers will buy it in the last few weeks before they travel. And when they do buy, 54% of consumers accept the first deal they are offered.
The response by international payments businesses to news that the UK had voted to leave the EU highlighted how fast some are to respond to changes - and how much others lag behind.
What’s your role at Consumer Intelligence?
As Key Account Director for the financial services division my role includes relationship management on key accounts, developing new business opportunities across both banking and travel sectors, introducing Consumer Intelligence and its capabilities to new markets, channels and services and developing the longer term business strategy.
Before joining Consumer Intelligence my roles included Head Of Accounts for MasterCard Prepaid (APW) and Head of Sales for IMX software, a leading provider in Retail and Wholesale banknote solutions.
The value proposition of a prepaid travel card whilst on holiday continues to fall short based upon research recently conducted by Consumer Intelligence.
In the third and final part of our series on how to maximise your share of the travel money market, we’ll be talking about digital visibility. In our previous posts, we focused on the value of convenience in your services and optimising what you could get out of your branch network.
This is part two of our series of how to maximise your share of the travel money market. Previously, we focused on the value of convenience. Specifically, we looked at the importance of: making information regarding your products clear; making your services easy to use, and training staff to handle customer queries.
This is first of three posts on the subject of maximising your share of the travel money market. They are meant as a snapshot of key insight that you can use to take stock and assess your business’ position as it stands in the eyes of the consumer. In this case, our insight comes from a survey of more than 1,300 consumers in October 2015. Our data is used and trusted by both the Office of National Statistics (ONS) for the Retail Price Index, and the Financial Conduct Authority (FCA) for monitoring the insurance market.