The global foreign exchange market is changing and banks and other financial organisations that were once the leaders have now fallen way behind the new market disrupters. New regulatory rules are released annually with a great deal more focus on ensuring customers are well treated and provided with an open transparent service. Regulatory investigations and fines continue to grow in both frequency and value. It’s time for financial services companies to start listening to customers.
The latest Consumer Intelligence foreign exchange benchmarking data reveals a market poised for change. With an ever-increasing number of Fintech providers in the space and a growing appetite for innovation, it has never been more important for transfer providers to fully understand their market and customers in order to drive and retain a competitive advantage.
Western Union and PayPal lead the specialist providers to dominate the space in terms of both market share and awareness despite not necessarily offering the most competitive rates. Although most people choose a provider on the basis of who they already hold an account with, the ‘retail’ banks (including the Post Office, John Lewis and Tesco Bank) have a limited penetration with only 9% market share as a group. Levels of switching and consideration of switching are relatively low, particularly among older age groups, yet this is not a static market. Younger age groups show higher levels of app and smartphone usage and also a higher propensity to consider new service innovations – both of which represent valuable opportunities for brands.
Consumer Intelligence provides market-leading data and commercially impactful insights into financial products markets to help our clients gain a competitive edge. Our analysts use a blend of consulting, mystery shopping, qualitative and quantitative research to deliver market insights, performance benchmarking and support our clients in developing market-leading propositions.
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